-31%

est. 2Y upside i

InsurTechCybersecuritySeries B

Rank

#2860

Sector

InsurTech, Cybersecurity

Est. Liquidity

~3Y

Data Quality

Data: Medium

At-Bay presents a moderate upside opportunity for a job seeker.

Last updated: March 10, 2026

Bull (30%)+100%

At-Bay successfully leverages its full-stack carrier status to expand into new specialty lines and further integrate its InsurSec offerings, driving annual recurring gross written premium (GWP) to over $750M and revenue to $300M+ by 2028. This strong execution, coupled with a favorable cyber insurance market, justifies a $2.8B+ valuation, representing a 2x return from the current valuation.

Base (45%)+20%

At-Bay continues its steady growth, maintaining its competitive position in the cyber insurance market with ~20% YoY revenue growth, reaching approximately $225M in revenue by 2028. The company achieves near break-even profitability, and its InsurSec model continues to differentiate it. This leads to a modest valuation increase to around $1.7B, offering a 20% upside.

Bear (25%)-40%

Increased competition from well-funded incumbents or new entrants, coupled with challenges in achieving sustained profitability and further layoffs, leads to slower-than-expected growth and a down round. Revenue growth stagnates, and the company struggles to expand its market share, resulting in a valuation decline to $840M, wiping out a significant portion of common stock value given the existing liquidation preferences.

Est. time to liquidity~3.0 years

Preference Stack Risk

high

Funding Intensity

22%

Investors hold $292M in total funding, representing 20.86% of the $1.4B valuation, indicating a meaningful liquidation preference ahead of common stock holders.

Dilution Risk

moderate

While the company is pushing for profitability, further funding rounds are possible if profitability targets are not met, leading to additional dilution.

Secondary Liquidity

limited

At-Bay shares are privately held and can be traded on secondary markets for accredited investors, but market activity is currently low.

Questions to Ask at the Interview

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

  • 1

    “How does At-Bay plan to leverage its new full-stack carrier status to accelerate product expansion and differentiate further in the competitive InsurTech landscape, particularly against incumbents like Coalition?”

  • 2

    “Given the recent layoffs and the strategic decision to close the Relay platform, what are the key operational and financial milestones At-Bay is focused on to achieve sustained profitability and how will these impact growth initiatives?”

  • 3

    “With a current valuation of $1.4B and a significant preference stack, what is the company's anticipated timeline and strategy for a liquidity event (e.g., IPO or acquisition) that would provide meaningful returns for common stock holders?”

Community

Valuation Sentiment

Our model estimates -31% 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.