+20%

est. 2Y upside i

AI & MLSeries B

Zama is an open source cryptography company that builds state-of-the-art Fully Homomorphic Encryption (FHE) solutions for blockchain. The Zama Confidential Blockchain Protocol enables confidential smart contracts on any L1 or L2.

Rank

#1606

Sector

Cryptography, Blockchain, Artificial Intelligence

Est. Liquidity

~4Y

Data Quality

Data: Medium

Zama offers a high-risk, moderate-return equity opportunity over a 2-year horizon.

Last updated: July 19, 2026

Bull (30%)+66%

Revenue grows to $93M driven by token ecosystem and enterprise adoption. Multiple holds at 20x due to category leadership in FHE, implying $1.86B exit. Net of 20% dilution yields 66% upside.

Base (50%)+20%

Revenue reaches $93M but multiple compresses to 15x (in line with high-growth public comps), yielding $1.395B exit. 20% dilution reduces net upside to 19.5%.

Bear (20%)-46%

Revenue still reaches $93M but multiple collapses to 8x due to competition or market disinterest, giving $744M exit. After 20% dilution, downside is -45.6%.

Est. time to liquidity~4.0 years

Preference Stack Risk

moderate

Funding Intensity

66400%

Total preferred stock ($176M) represents 17.6% of the $1B valuation, so common stock retains meaningful residual value even in downside scenarios above $176M.

Dilution Risk

moderate

Assuming a 20% dilution from future fundraising, as the company may need additional capital to fund growth given high capital intensity and early stage.

Secondary Liquidity

none

No secondary market activity reported for equity; token liquidity exists but is not equity.

Other — 1 role

View all 1 open roles at Zama →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Zama's FHE compare to alternatives like secure enclaves or trusted execution environments in terms of cost and performance?”

  • 2

    “What is the unit economics of token-based revenue vs licensing fees, and how does the token model affect recurring revenue visibility?”

  • 3

    “Given the high valuation, what is the expected timeline to liquidity for employees, and are there secondary market opportunities for equity?”

Community

Valuation Sentiment

Our model estimates +20% 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.