-20%

est. 2Y upside i

CybersecuritySeries A

Keycard is on a mission to redefine machine identity for the Internet—helping developers seamlessly connect people, agents, and services across networks, clouds, and applications. As AI-driven workflows grow more complex, Keycard’s dynamic, identity-based credentials ensure every agent and service operates with precise, contextual permissions.

Rank

#2747

Sector

Cybersecurity

Est. Liquidity

~5Y

Data Quality

Data: Low

Due to the absence of revenue and valuation data, a quantitative upside analysis is not meaningful.

Last updated: July 3, 2026

Bull (10%)+200%

Keycard achieves significant revenue traction and category leadership, leading to a 3x+ valuation on an IPO or acquisition by a major tech player within 2 years. Estimated exit valuation >$300M.

Base (50%)0%

Company continues to develop but revenue materializes slowly; valuation remains flat due to lack of liquidity and no secondary market. Common stock value unchanged.

Bear (40%)-100%

Failure to achieve product-market fit or competitive pressure from incumbents leads to a down round or shutdown; preferred stock overhang wipes out common equity entirely.

Est. time to liquidity~5.0 years

Preference Stack Risk

high

Funding Intensity

25%

Total funding of $38M represents a significant overhang relative to estimated valuation (~$150M), subordinating common stock.

Dilution Risk

high

Likely to raise additional capital within 24 months, further diluting common equity.

Secondary Liquidity

none

No secondary market activity reported.

Questions to Ask at the Interview

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

  • 1

    “What is your current monthly recurring revenue (MRR) and customer count?”

  • 2

    “How do you differentiate from Okta's identity solutions being extended to AI agents?”

  • 3

    “What is your burn rate and how long before you need to raise a Series B?”

Community

Valuation Sentiment

Our model estimates -20% 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.