Bastille Networks

bastille.net →

-43%

est. 2Y upside i

CybersecuritySeries C

Rank

#1345

Sector

Cybersecurity

Est. Liquidity

~3Y

Data Quality

Data: Medium

Bastille Networks presents a strong upside opportunity driven by its exceptional growth (implied 2024 ARR of ~$26.4M, growing rapidly) and a robust competitive moat in the specialized wireless threat intelligence space.

Last updated: March 10, 2026

Bull (35%)+200%

Bastille Networks leverages its proprietary technology and strong customer relationships, including the recent Oracle deployment, to become a dominant player in wireless threat intelligence. Aggressive market expansion and continued high ARR growth (e.g., reaching $100M+ ARR by 2027) justify an acquisition by a major cybersecurity or enterprise tech firm at a $840M+ valuation, representing a 3x return.

Base (30%)+75%

Bastille maintains its strong position in niche wireless and RF security, growing steadily at 50-70% YoY. While facing competition from incumbents, its patented technology allows it to secure key enterprise and government contracts. An acquisition occurs in 3-4 years at a valuation of approximately $490M, providing a solid 1.75x return on the current valuation.

Bear (35%)-60%

Dominant incumbents like Palo Alto Networks and Microsoft aggressively expand their IoT/OT security offerings, commoditizing parts of Bastille's market. Growth slows significantly, and the company struggles to raise a subsequent round at a higher valuation. An exit at $112M, or a down round, results in common stock holders receiving little to no return due to the substantial liquidation preferences from $89M in prior funding.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Investors have put in $89M. In a liquidation event at or below the estimated $280M valuation, the first $89M would likely go to preferred shareholders before common stock holders receive any proceeds.

Dilution Risk

moderate

As a Series C company, Bastille Networks will likely undergo at least one to two more funding rounds before a liquidity event, which will result in further dilution for existing equity holders.

Secondary Liquidity

limited

While platforms like EquityZen may offer limited secondary opportunities for accredited investors, active and broad secondary markets for Bastille Networks' shares are not publicly available.

Questions to Ask at the Interview

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

  • 1

    “How is Bastille Networks planning to maintain its rapid ARR growth trajectory and defend its market share against the expanding IoT/OT security offerings from major cloud providers and cybersecurity giants like Microsoft and Palo Alto Networks?”

  • 2

    “Given the recent Series C funding and the company's current stage, what are the key milestones and strategic initiatives Bastille Networks aims to achieve over the next 2-3 years to prepare for a potential liquidity event?”

  • 3

    “With a significant amount of capital raised, how does the company plan to manage future dilution, and what is the current thinking around providing liquidity options for employees prior to a full exit?”

Community

Valuation Sentiment

Our model estimates -43% 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.