Armada

Armada becomes the dominant edge AI infrastructure layer for defense and sovereign energy verticals, scaling revenue to $200M+ by 2028 via large DoD and NATO-aligned contracts, attracting a strategic acquisition by a defense prime or hyperscaler at $3B+ (15x forward revenue). From the $250M grant-price baseline this implies ~13x gross return, capped at +300% per Series B stage norms given two-year horizon constraints.

Armada grows revenue to $120–130M by 2028 through continued defense, energy, and enterprise edge wins, supported by Microsoft Azure Local and NVIDIA partnerships, reaching a $1.0–1.2B valuation at an 8–10x revenue multiple. From the $250M grant price, common equity captures approximately +150% after accounting for the $273.3M preference stack absorbing roughly 23–27% of exit proceeds.

Defense procurement cycles slow, hyperscalers bundle edge capabilities into existing Azure/AWS contracts commoditizing Armada's software layer, and high hardware capex forces a dilutive down-round; revenue stalls near $90M with valuation compressing to $300–400M. The $273.3M liquidation preference stack absorbs the majority of proceeds in a sub-$400M outcome, leaving common equity with approximately -55% loss on the grant-price basis.