-37%

est. 2Y upside i

DevOps & InfraSeries C

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

#3078

Sector

Developer Tools, Cloud Computing

Est. Liquidity

~2Y

Data Quality

Data: Low

Given the current valuation of $546M on $10M ARR (55x multiple), the expected upside over 2 years is -37%, even after assuming high growth.

Last updated: July 19, 2026

Bull (20%)+175%

If IPO window opens, Blacksmith maintains its 55x revenue multiple on $29.5M projected revenue, yielding a ~$1.6B exit. After 20% dilution, net upside ~175%.

Base (35%)-80%

Multiple compresses to public comp average of 7.5x on $29.5M revenue, implying $221M exit. Combined with 20% dilution, net loss of ~79.5%.

Bear (45%)-98%

Multiple falls to 4x on $29.5M revenue, exit value $118M; preference stack not triggered but massive dilution leads to near-total loss of ~98.4%.

Est. time to liquidity~2.0 years

Preference Stack Risk

moderate

Funding Intensity

11%

Total funding of $62.6M represents 11.5% of current valuation; preferred shares have 1x non-participating liquidation preference.

Dilution Risk

high

With $62.6M total funding and high burn rate likely, a future round within 2 years could dilute common shareholders by 15-25%.

Secondary Liquidity

limited

Forge Global lists pre-IPO shares, but limited liquidity for early employees.

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 do you plan to defend against GitHub Actions' increasing capabilities?”

  • 2

    “Given your usage-based pricing, what is your unit economics and how does it evolve with scale?”

  • 3

    “What is your expected timeline to IPO and how does that affect employee liquidity?”

Community

Valuation Sentiment

Our model estimates -37% 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.