+31%

est. 2Y upside i

CybersecuritySeries C

Halcyon is a cybersecurity company building products that stop ransomware from impacting enterprise customers. The Halcyon Anti-Ransomware and Cyber Resilience Platform offers layered ransomware protection that combines pre-execution detection, behavioral modeling, deception techniques and, if all else fails, resiliency, recovery and isolation of impacted nodes.

Rank

#1338

Sector

Cybersecurity

Est. Liquidity

~3Y

Data Quality

Data: Low

Halcyon offers a specialized anti-ransomware solution with strong competitive advantages, but faces intense competition from established players and has a stale valuation mark.

Last updated: July 19, 2026

Bull (10%)+96%

Strong IPO market and category leadership push multiple to 12x forward revenue, yielding exit ~$2.16B; net of ~20% dilution.

Base (45%)+60%

Exit multiple converges to ~10x (mid-comp range) on projected revenue $180M, exit ~$1.8B; net of dilution.

Bear (45%)-12%

Multiple compresses to 6x on competitive pressure, exit ~$1.08B; net of dilution, common stock still above preference, but low return.

Est. time to liquidity~3.0 years

Preference Stack Risk

moderate

Funding Intensity

19%

Total preferred funding of $190M represents 19% of current valuation, a moderate overhang that could dilute common in downside scenarios.

Dilution Risk

high

Given $190M total funding and $79.5M revenue, the company likely needs additional capital within 24 months, causing 15-25% dilution.

Secondary Liquidity

none

No secondary implied value or recent tender offers mentioned.

Other — 2 roles

View all 2 open roles at Halycon →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Halcyon plan to maintain its technological edge as incumbents integrate similar ransomware features?”

  • 2

    “What is the current annual recurring revenue and growth trajectory, given the company has been valued at $1B for over 18 months?”

  • 3

    “What is the expected timeline to profitability or next funding round, and how does that affect employee equity?”

Community

Valuation Sentiment

Our model estimates +31% 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.