-77%

est. 2Y upside i

DevOps & Infra

A revolutionary storage network built on Sui, weWalrus is an application development platform that allows builders to store, read, manage, and program large data and media files, like video, images, and PDFs.

Rank

#2978

Sector

Decentralized Data Infrastructure

Est. Liquidity

~3Y

Data Quality

Data: Medium

Walrus operates in a high-growth, high-potential sector (decentralized data infrastructure for AI and blockchain) with a compelling technology proposition.

Last updated: March 10, 2026

Bull (10%)+300%

Walrus successfully captures significant market share in verifiable AI data infrastructure and decentralized storage, driven by its unique Red Stuff encoding and deep Sui integration. This leads to substantial WAL token adoption and usage, pushing the Fully Diluted Valuation (FDV) to $1.45B (4x current FDV) within two years.

Base (50%)+50%

Walrus maintains its niche in decentralized data infrastructure, growing steadily but facing intense competition from both centralized cloud providers and established Web3 protocols. Revenue grows to approximately $1M by 2028, and the FDV reaches ~$546M (1.5x current FDV), reflecting moderate token appreciation.

Bear (40%)-70%

Dominant incumbents like Filecoin or AWS launch more competitive offerings, or regulatory headwinds severely impact the crypto market. Walrus struggles with user stickiness and token price declines, leading to a down round or significant token value erosion, with FDV dropping to ~$109M (70% down from current FDV), severely impacting common equity value.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Investors have contributed $140M, which represents 38.4% of the current fully diluted valuation of $364.3M, indicating a severe liquidation preference for common equity holders in a downside scenario.

Dilution Risk

high

With 43% of tokens allocated to community reserves and ecosystem expansion, and 10% for storage nodes, significant future token emissions are expected, leading to high dilution risk for existing token holders.

Secondary Liquidity

active

The WAL token is listed on major exchanges like Coinbase, providing active secondary market liquidity.

Questions to Ask at the Interview

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

  • 1

    “Given the high incumbent threat from AWS, Google Cloud, Filecoin, and Arweave, what specific strategies is Walrus employing to differentiate beyond its Red Stuff encoding and Sui integration to capture and retain market share?”

  • 2

    “With current revenue around $223k and a fully diluted valuation of ~$364.3M, what is the realistic path to scaling revenue significantly over the next two years to justify the current valuation, and what are the key milestones for achieving this?”

  • 3

    “Considering the $140M raised through token sales and the significant allocations for community and node incentives, how does the company plan to manage future token emissions to mitigate dilution risk for equity holders, and what is the anticipated timeline for a traditional equity liquidity event (e.g., IPO or acquisition) for employees?”

Community

Valuation Sentiment

Our model estimates -77% 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.