Spline
+36%
est. 2Y upside i
Spline is a free 3D design software with real-time collaboration to create web interactive experiences in the browser. Easy 3d modeling, animation, textures, and more.
Rank
#1740
Sector
Multimedia and Design Software
Est. Liquidity
~5Y
Data Quality
Data: MediumSpline offers moderate expected upside (36%) over 2 years, but with high risk from incumbents and uncertain growth.
Last updated: July 3, 2026
IPO or category leadership allows exit multiple to expand to 8x, yielding 106% upside after 20% dilution. Requires $148M exit with $18.5M ARR.
Exit multiple converges to 6x, in line with public comps, yielding 50% upside after 20% dilution. Requires $111M exit with $18.5M ARR.
Multiple compresses to 4x due to competition, yielding -7% upside after dilution. $74M exit still above $32M preference, so common sees slight loss.
Preference Stack Risk
severeFunding Intensity
4890%Preferred holders have $32M liquidation preference, representing 49% of entry valuation.
Dilution Risk
highA future raise within 24 months is likely given $10M raised 22 months ago; estimated 20% dilution.
Secondary Liquidity
noneNo secondary trading activity or liquidity programs identified.
Questions to Ask at the Interview
Strategic questions based on Spline's data — designed to show you've done your homework.
- 1
“How does Spline plan to differentiate its 3D design platform as Figma expands into 3D?”
- 2
“What is the current customer acquisition cost and lifetime value per user segment?”
- 3
“How does the equity structure handle future financing rounds and what is the current pool dilution?”
Community
Valuation Sentiment
Our model estimates +36% 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.