-51%

est. 2Y upside i

Vertical SaaSSeries A

AI platform for unifying codes, assemblies, products, and specs

Rank

#582

Sector

Construction Technology

Est. Liquidity

~4Y

Data Quality

Data: Medium

UpCodes presents a strong upside opportunity driven by its innovative AI-powered platform in a large and growing construction technology market.

Last updated: March 10, 2026

Bull (30%)+400%

Successful resolution of the ICC lawsuit, combined with rapid adoption of Copilot Intelligence and expansion into the product discovery platform, drives revenue to over $25M by 2028, justifying a $100M+ valuation at a healthy multiple as a market leader in AI-powered code compliance.

Base (35%)+50%

UpCodes continues to grow steadily in its core building code compliance market, reaching ~$15M in revenue by 2028, and successfully navigates the ICC lawsuit, leading to a modest valuation increase to $30M as it solidifies its niche.

Bear (35%)-80%

An unfavorable outcome in the ICC lawsuit or significant competitive pressure from incumbents like Procore and enhanced ICC offerings severely limits market access and growth. Revenue stalls at ~$10M, leading to a down round or acquisition at a valuation of $4M or less, effectively wiping out common stock value due to $8M in liquidation preferences.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

38%

Investors hold $8M in liquidation preferences ahead of common stock. In an exit at or below the current $20M valuation, common stock holders may receive little or nothing until the $8M preference is paid out.

Dilution Risk

high

As a Series A company, UpCodes will likely require additional funding rounds (Series B, C, etc.) before a liquidity event, which will lead to further dilution of common stock.

Secondary Liquidity

none

There is currently no active secondary market or tender offer for UpCodes' common stock.

Sales — 3 roles

View all 3 open roles at UpCodes →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “Given the ongoing legal challenges with the International Code Council and the proposed Pro Codes Act, how is UpCodes strategically positioning itself to ensure long-term data access and protect its business model?”

  • 2

    “With the launch of Copilot Intelligence and the expansion into construction product discovery, what are the key metrics the company is focused on to drive revenue growth and market penetration over the next 12-24 months?”

  • 3

    “Considering the Series A funding and the current valuation, what is the anticipated timeline and strategy for future funding rounds or a potential liquidity event for employees?”

Community

Valuation Sentiment

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