Hex operates in a large, growing market with a differentiated collaborative data workspace, evidenced by its $50M 2025 revenue and recent $70M Series C funding at a ~$620M valuation.Read more

Preset's equity carries a negative probability-weighted expected upside of approximately -17%, driven primarily by a severe preference stack — $55.7M in total funding almost certainly exceeds the company's current market value (estimated ~$48M based on Series C implied terms) — which eliminates common equity participation in any exit below ~$55.7M.Read more