-35%

est. 2Y upside i

CybersecuritySeries B

Rank

#335

Sector

Cybersecurity

Est. Liquidity

~3Y

Data Quality

Data: High

Astrix operates in the high-growth ($290.2B TAM, 23% YoY weighted growth) and critical cybersecurity segments of Non-Human Identity and AI Agent Security, demonstrating impressive current revenue growth (~$25M revenue, 400% YoY).

Last updated: March 10, 2026

Bull (35%)+300%

Astrix leverages its first-mover advantage and AI Agent Control Plane to become a dominant player in the rapidly expanding AI agent security market. Revenue reaches $125M by 2028, justifying a $768M valuation at 6.1x revenue.

Base (45%)+75%

Astrix maintains strong growth in its core NHI and AI agent security markets, securing key enterprise customers. Revenue reaches $75M by 2028, leading to a $336M valuation at 4.5x revenue.

Bear (20%)-50%

Intense competition from large incumbents like CyberArk and new entrants in the AI agent security space erodes market share and pricing power. Growth slows significantly, and a down round or flat exit at $96M results in substantial loss for common shareholders due to liquidation preferences.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

44%

Investors hold $85M in liquidation preferences, meaning common shareholders would be behind this amount in an exit at or below $192M.

Dilution Risk

high

As a Series B company, Astrix will likely require additional significant funding rounds before an exit, leading to further dilution for existing equity holders.

Secondary Liquidity

limited

While secondary market valuations are tracked, active and broad secondary liquidity for employee common stock or options is likely limited for a Series B company.

Questions to Ask at the Interview

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

  • 1

    “Given the rapid entry of large incumbents like CyberArk into the AI agent security space, how is Astrix planning to maintain its competitive moat and differentiate its AI Agent Control Plane against these well-resourced players?”

  • 2

    “With current revenue at ~$25M and 400% YoY growth, what are the specific milestones and growth strategies Astrix is targeting to reach $75M-$125M in revenue over the next two years, and how will this impact the path to profitability?”

  • 3

    “Considering the significant liquidation preference stack ($85M on a $192M valuation), what is the company's strategy for achieving a liquidity event that provides meaningful returns for common stock holders, and what is the anticipated timeline for such an event?”

Community

Valuation Sentiment

Our model estimates -35% upside. What do you think?

Anonymous. Do not share material non-public information.

Community Discussion

Comments are reviewed before they appear publicly.

0/2000

Loading comments...

Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.