Spiko

+24%

est. 2Y upside i

FinTechSeries A

Rank

#1526

Sector

Fintech

Est. Liquidity

~3Y

Data Quality

Data: Low

Spiko offers moderate expected upside (24%) but with significant downside risk from preference overhang and missing valuation data.

Last updated: July 19, 2026

Bull (25%)+148%

IPO window opens; revenue hits $6.2M by mid-2028; exit multiple expands to 20x on tokenization leadership, yielding $124M exit (2.5x entry).

Base (50%)+24%

Revenue grows to $6.2M with moderate multiple compression to 10x, yielding $62M exit (1.24x entry).

Bear (25%)-100%

Revenue stalls at $3M, multiple drops to 3x; exit value $12M below $26.3M liquidation preference, common stock recovers near zero.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

53%

Total preferred funding of $26.3M equals 53% of estimated entry valuation, creating a large liquidation overhang.

Dilution Risk

low

With $22M raised recently and moderate burn, no near-term dilutive round expected within 2 years.

Secondary Liquidity

none

No secondary market activity reported; shares are illiquid until a liquidity event.

Questions to Ask at the Interview

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

1
“How does Spiko plan to defend against incumbents like BlackRock tokenizing their own funds?”
2
“What is the unit economics (CAC, LTV) for acquiring new deposit customers?”
3
“What is the current cap table dilution and what is the expected option pool reserve?”

Our model estimates +24% 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.