Bastille Networks

bastille.net →

+91%

est. 2Y upside i

CybersecuritySeries C

Rank

#479

Sector

Cybersecurity

Est. Liquidity

~3Y

Data Quality

Data: Medium

Bastille presents a high-risk, high-reward opportunity for an employee.

Last updated: July 19, 2026

Bull (30%)+147%

Revenue reaches ~$48M by Aug 2028, exit multiple expands to 15x on category leadership and potential IPO, implying $720M exit; net of 20% dilution, common returns 147%.

Base (50%)+82%

Revenue grows to ~$48M, multiple converges to 12x in line with public comps, implying $576M exit; net of 20% dilution, common returns 82%.

Bear (20%)+31%

Revenue growth slows further, multiple contracts to 6x due to competitive pressure, implying $288M exit; net of 20% dilution and preference stack (exit above total funding), common returns 31%.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

5530%

Total funding of $97.3M represents 55% of the estimated entry valuation, giving preferred shareholders a large liquidation preference ahead of common.

Dilution Risk

high

With $44M raised in Jan 2024 and high burn rate from growth, an additional round within 24 months is probable, causing 20% dilution for common holders.

Secondary Liquidity

none

No secondary market transactions reported; employee shares have no liquidity path beyond an exit event.

Questions to Ask at the Interview

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

  • 1

    “How does Bastille's technology differentiate from Palo Alto's IoT security offering?”

  • 2

    “What is the unit economics and customer lifetime value for a typical deployment?”

  • 3

    “Given the preference stack, what is the current common stock strike price and what is the expected dilution from future raises?”

Community

Valuation Sentiment

Our model estimates +91% upside. What do you think?

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