-70%

est. 2Y upside i

DevOps & InfraSeries A

At Blacksmith, we provide cloud infra to help companies run their CI (GitHub Actions) substantially faster and cheaper. Our mission is to build a CI cloud. Our bet is that CI, as a class of workloads, is ready to be unbundled from the hyperscaler clouds (AWS/GCP/Azure).

Rank

#1633

Sector

Developer Tools

Est. Liquidity

~4Y

Data Quality

Data: Medium

Blacksmith, with $5M ARR and a recent Series A at an estimated $75M valuation, operates in a high-growth developer tools market.

Last updated: March 10, 2026

Bull (20%)+350%

Blacksmith successfully leverages its specialized hardware and software stack to maintain a significant cost and speed advantage, even against GitHub's platform fee changes. It expands its customer base rapidly, reaching $35M+ ARR by 2028 and attracting a strategic acquisition at a $300M-$350M valuation, representing a 4x+ return.

Base (35%)+75%

Blacksmith continues to grow, but faces increasing pressure from incumbents like GitHub and AWS, limiting its market share expansion and pricing power. It reaches $15M-$20M ARR by 2028, leading to a modest Series B or C round at a $120M-$150M valuation, offering a ~1.5x-2x return.

Bear (45%)-80%

GitHub or AWS launch directly competing, optimized CI solutions, eroding Blacksmith's cost advantage and market differentiation. Growth stalls, and the company struggles to raise further capital, leading to a down round or acquisition at or below its total funding of $17.6M, effectively wiping out common stock value.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Investors hold $17.6M in liquidation preferences ahead of common shareholders.

Dilution Risk

high

As an early-stage company, Blacksmith will likely undergo several more funding rounds, leading to significant future dilution for common shareholders.

Secondary Liquidity

none

There is no active secondary market for Blacksmith's shares at this early stage.

Engineering — 3 roles

Sales — 3 roles

General — 1 role

Marketing — 1 role

Operations — 1 role

View all 9 open roles at Blacksmith →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How is Blacksmith planning to maintain its cost advantage and differentiation against direct competition from GitHub and AWS, especially given GitHub's recent platform fee changes for Actions usage?”

  • 2

    “With $5M ARR, what are the key strategies for scaling customer acquisition and expanding into new segments beyond your current notable customers, particularly in a $4.6B Serviceable Available Market?”

  • 3

    “Given the Series A funding and the competitive landscape, what is the company's anticipated timeline for the next funding round or a potential liquidity event, and how does that impact employee equity?”

Community

Valuation Sentiment

Our model estimates -70% 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.