+31%

est. 2Y upside i

FinTechSeries B

AI for corporate R&D tax credits

Rank

#1926

Sector

Fintech

Est. Liquidity

~5Y

Data Quality

Data: Low

SPRX (now Onshore) offers a potential 30.9% expected upside over 2 years, but the analysis is low confidence due to missing valuation and growth data.

Last updated: July 3, 2026

Bull (10%)+153%

Exit multiple expands to 10x forward revenue due to IPO window and category leadership, yielding $273M exit; net of 20% dilution gives 153% upside.

Base (50%)+98%

Exit multiple converges to public comp median of 8x forward revenue, yielding $218.4M exit; net of 20% dilution gives 98.4% upside.

Bear (40%)-84%

Exit multiple compresses to 3x forward revenue due to legal and competitive pressures, yielding $81.9M exit; after 1x preference ($46M) common recovery is -64.1%, further reduced by dilution to -84.1%.

Est. time to liquidity~4.5 years

Preference Stack Risk

severe

Funding Intensity

4600%

Total funding of $46M vs estimated $100M valuation implies 46% preference overhang, significantly diluting common returns in down scenarios.

Dilution Risk

moderate

A future raise within 2 years is likely to support growth, assumed 20% dilution from current shares.

Secondary Liquidity

none

No secondary market activity reported; employees are dependent on IPO or acquisition for liquidity.

Questions to Ask at the Interview

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

  • 1

    “How does SPRX differentiate from alliantgroup and traditional CPA firms?”

  • 2

    “What is the unit economics and customer acquisition cost?”

  • 3

    “Given the recent lawsuit, what is the potential liability and impact on growth?”

Community

Valuation Sentiment

Our model estimates +31% 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.