+40%

est. 2Y upside i

CybersecuritySeries A

Spruce is building a future where users own their identity and data across all digital interactions. Our open-source credentialing infrastructure is standards-compliant, production-ready, and extensible into typical enterprise and government IT systems.

Rank

#1171

Sector

Decentralized Identity, Cybersecurity, GovTech

Est. Liquidity

~5Y

Data Quality

Data: Low

SpruceID offers a high-risk, high-reward equity opportunity for a job candidate.

Last updated: July 19, 2026

Bull (15%)+300%

SpruceID gains category leadership in decentralized identity, with major government contracts driving a $500M exit. Impressive but low probability given early stage and competition.

Base (50%)+60%

Steady growth in government and enterprise contracts leads to a $200M exit. Moderate upside after dilution, reflecting a plausible outcome.

Bear (35%)-100%

Failure to scale or secure follow-on funding leads to exit below $41.8M total funding, wiping out common equity. Preference stack severe.

Est. time to liquidity~5.0 years

Preference Stack Risk

severe

Funding Intensity

42%

Total funding of $41.8M against an assumed $100M valuation creates a 42% preference overhang, putting common equity at high risk.

Dilution Risk

high

Likely need a new round soon, which could dilute current equity by 15-25%.

Secondary Liquidity

none

No secondary market activity; shares are illiquid until exit.

Questions to Ask at the Interview

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

  • 1

    “How does SpruceID plan to convert government contracts into recurring revenue and what is the current annual recurring revenue?”

  • 2

    “What is the company's burn rate and how long until the next funding round?”

  • 3

    “What is the expected timeline to liquidity and how does the equity package align with that?”

Community

Valuation Sentiment

Our model estimates +40% 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.