Beyond Aero

Beyond Aero converts Luxaviation and other LOIs into firm orders for the BYA-1, hits TRL8+ certification milestones, and raises a Series B at ~$150M valuation — a ~7.8x step-up from today's $19.2M analyst estimate. First-mover hydrogen-electric moat attracts a strategic acquirer (Embraer, Dassault) or enables a 2030–2031 IPO, delivering ~+250% on current valuation for employees who hold through liquidity.

Company completes PDR follow-on and experimental validations but first delivery stays on the pre-2030 track, requiring a dilutive Series B at $50–70M with an additional ~30–40% dilution round. The $44M preference overhang means common equity appreciates only ~+20% in nominal terms despite the headline valuation step-up, as preferred liquidation claims consume most of any modest exit.

EASA/FAA hydrogen-storage certification encounters multi-year additional delays beyond the already 3-year-slipped schedule, Series B funding materializes at a down-round valuation or collapses, and common shares are wiped near zero. With $44M raised against only $19.2M in current estimated equity value, further capital needs deepen the preference overhang and leave common holders with illiquid, effectively worthless instruments (-85%).