Diligence memo · auto-generated · as of July 2, 2026
Rarestep, Inc.
Rarestep, Inc. looks fair against its niche peers and is active on financing cadence.
Businessfiled
Rarestep, Inc. operates in Other Technology, based in BIRMINGHAM.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Rarestep, Inc. has raised $623M in disclosed capital across 4 recorded rounds, aggregated from public filings. Its latest round is modeled as Growth/Late (a round over $400M).
Largest single filing: $454M on 2025-03-20.
Most recent recorded round closed around 2025-03-20.
Valuation (modeled)modeled
Provath models Rarestep, Inc. at approximately $5.3B (range $3.5B–$6.4B). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Fair. Modeled value is 1.05× the median modeled value of Growth/Late Other Technology companies in 2025–2027 (9 peers) — value vs value, same stage and era. Within the normal band (105% of peer median) for its niche.
Financing rhythm & timingmixed
Historic cadence: a new round about every 24 months.
Last raise 15 mo ago; this sector typically re-raises about every 13 months.
Raising on or ahead of the sector's normal rhythm.
The last round stepped up 3.1× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 100% of Other Technology peers (21302 compared).
Modeled value ranks above 99% of those peers.
Closest niche peers: EssentaTor Inc., Kalshi Inc., nFusz, Inc., MatX Inc., Fluidstack Ltd.
Peoplefiled
11 named people on file across officers, directors and signatories.
Risks & flagsmixed
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.