-27%

est. 2Y upside i

Series D+

Decarbonizing the chemicals industry.

Rank

#3435

Sector

Biomanufacturing

Est. Liquidity

~3Y

Data Quality

Data: Low

Solugen's secondary valuation of $625M and heavy preference stack ($870M) imply common equity is deeply underwater.

Last updated: July 3, 2026

Bull (10%)+55%

IPO window opens and defense contracts scale revenue faster; exit multiple holds at 7x on $156M revenue for a $1.09B exit (74.7% before 20% dilution).

Base (55%)+5%

Growth continues but multiple converges to public comp median of 5x, yielding $780M exit (24.8% before 20% dilution); equity barely positive.

Bear (35%)-100%

Revenue underperforms, multiple compresses to 3x, exit value $468M below $870M preferred stack; common stock worthless.

Est. time to liquidity~2.5 years

Preference Stack Risk

severe

Funding Intensity

13920%

Total funding of $870M exceeds secondary valuation of $625M by 39%, implying preferred holders take all proceeds in a downside exit.

Dilution Risk

high

With only $2B round mark in 2022 and significant cash burn, another large equity raise within 24 months is likely, diluting common by ~20%.

Secondary Liquidity

limited

Secondary market exists (implied $625M valuation) but with limited volume and wide bid-ask spreads.

Questions to Ask at the Interview

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

  • 1

    “How does Solugen's unit economics compare to incumbent petrochemicals at scale?”

  • 2

    “What is the roadmap to profitability given the high capital intensity?”

  • 3

    “How does the DOE loan affect dilution and your equity's path to liquidity?”

Community

Valuation Sentiment

Our model estimates -27% upside. What do you think?

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