+71%

est. 2Y upside i

AerospaceSeries A

Small unmanned hydrogen airships for long range monitoring

Rank

#1112

Sector

Aerospace

Est. Liquidity

~7Y

Data Quality

Data: Low

HyLight is a high-risk, long-patience bet: the $6.4M valuation is modest relative to the $125.9B TAM and YC backing, but the 2-year horizon offers zero realistic liquidity, and $3.99M in liquidation preferences consume 62% of the current valuation before common shareholders see a single dollar.

Last updated: May 5, 2026

Bull (20%)+280%

Hydrogen inspection achieves commercial scale with Enedis expansion and new European utility contracts, driving revenue past $8M by 2026 and enabling a Series B at $45-55M (~7-8x the current $6.4M valuation); common equity appreciates ~280% on paper after accounting for ~25% dilution from new shares issued in the next round.

Base (50%)+75%

HyLight secures 2-3 additional pilot contracts and grows revenue toward $4-5M by 2026, raising a Series B at $20-25M (~3-4x current valuation); common equity gains ~75% on paper after a typical 20-25% dilution from the next funding round, remaining entirely illiquid.

Bear (30%)-75%

Hardware development delays, EASA certification setbacks, or failure to convert pilots to recurring contracts forces a flat or down-round Series B; with $4M in liquidation preferences sitting ahead of common shareholders against only a $6.4M valuation, employee equity loses approximately 75% of its grant-date value.

Est. time to liquidity~7.0 years

Preference Stack Risk

severe

Funding Intensity

62%

$3.99M in total liquidation preferences sits against a $6.4M current valuation, meaning preferred investors absorb 62% of any exit proceeds before common shareholders receive anything.

Dilution Risk

high

As a capital-intensive Series A hardware company, HyLight will require at least 2-3 additional funding rounds, each diluting existing common equity by an estimated 15-25% per round.

Secondary Liquidity

none

No secondary market exists for a 18-person French aerospace startup at this stage; employee shares are entirely illiquid until a qualifying acquisition or IPO.

Other — 2 roles

View all 2 open roles at HyLight →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “What is your EASA certification roadmap for commercial operations, and which specific milestones do you need to hit in the next 18 months to stay on schedule?”

  • 2

    “What are the fully-loaded unit economics per kilometer inspected at single-airship utilization versus fleet scale, and at what revenue run-rate does the business reach cash flow breakeven?”

  • 3

    “What is the planned Series B timeline and target post-money valuation, and how large an option pool refresh should employees expect when that round closes?”

Community

Valuation Sentiment

Our model estimates +71% 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.