+65%

est. 2Y upside i

CybersecuritySeries D+

Semgrep makes tools for software and security engineers to find bugs, detect vulnerabilities in third-party dependencies, and enforce code standards.

Rank

#1431

Sector

Cybersecurity

Est. Liquidity

~3Y

Data Quality

Data: Medium

Fast-growing in a massive, yet competitive, application security market, Semgrep's AI-driven differentiation and recent Gartner recognition position it for continued expansion.

Last updated: March 10, 2026

Bull (30%)+200%

Semgrep's AI-powered platform and developer-first approach enable it to capture significant market share from legacy SAST solutions and integrated cloud offerings, driving revenue to over $160M by 2028 and justifying a valuation of ~$2.16B (3x current) at a 13.5x revenue multiple.

Base (40%)+50%

Semgrep maintains its strong position in the mid-market and expands into larger enterprises, growing revenue to ~$65M by 2028. This steady growth, coupled with continued product innovation, leads to an exit valuation of ~$1.08B (1.5x current) at a 16.6x revenue multiple.

Bear (30%)-50%

Intensified competition from well-funded players like Snyk and integrated offerings from GitHub/GitLab, combined with slower-than-expected enterprise adoption, causes growth to decelerate. Revenue reaches only ~$40M by 2028, leading to a down round or exit at ~$360M (0.5x current), significantly impacting common stock value due to the $204M liquidation preference.

Est. time to liquidity~2.5 years

Preference Stack Risk

high

Investors hold $204M in liquidation preferences, representing 28.25% of the current $722.02M valuation. In an exit at or below $204M, common stockholders would receive nothing. In an exit at $722.02M, common stockholders would receive $518.02M, or approximately 71.7% of the exit value.

Dilution Risk

moderate

As a Series D company, future funding rounds or employee stock option grants will likely lead to further dilution of existing equity.

Secondary Liquidity

none

There is no public information indicating an active secondary market or tender offers for Semgrep's equity.

Questions to Ask at the Interview

Strategic questions based on Semgrep's data — designed to show you've done your homework.

  • 1

    “How is Semgrep planning to differentiate and compete effectively against integrated offerings from large cloud providers like GitHub CodeQL and GitLab, especially as they enhance their security features?”

  • 2

    “With an estimated current revenue of ~$33.6M, what are the key strategies and milestones for scaling revenue to hundreds of millions over the next 2-3 years, particularly in new enterprise segments?”

  • 3

    “Given the Series D funding round at a $722M valuation and $204M in total funding, what is the company's anticipated timeline for a liquidity event, and how does the current equity structure impact potential returns for common stockholders?”

Community

Valuation Sentiment

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.