-8%

est. 2Y upside i

HardwareSeries B

Nominal builds the essential software stack that enables hardware teams to test and iterate as rapidly as software teams. Nominal empowers engineers to continuously monitor, validate, and deploy innovations, transforming how mission-critical hardware is built and operated.

Rank

#52

Sector

Industrial SaaS / Hardware Testing

Est. Liquidity

~4Y

Data Quality

Data: Medium

Exceptional early traction (7x growth, major defense customers) in a genuinely underserved market. $1B at Series B-2 with Founders Fund backing.

Last updated: March 22, 2026

Bull (28%)+400%

Becomes de facto data OS for hardware programs; $150M+ ARR; $2.5-3B exit.

Base (45%)+180%

Steady defense expansion; $80-100M ARR; acquisition at 10-12x.

Bear (27%)-65%

Defense budget cuts; Palantir undercuts; down round.

Est. time to liquidity~4.0 years

Preference Stack Risk

moderate

Funding Intensity

18%

$182M on $1B (18.2%).

Dilution Risk

moderate

Series C likely within 18-24 months.

Secondary Liquidity

limited

Defense-tech companies often restrict secondary for compliance.

Questions to Ask at the Interview

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

  • 1

    “Current ARR — is 7x from small or material base?”

  • 2

    “Liquidation preference terms?”

  • 3

    “Gov vs commercial revenue mix?”

Community

Valuation Sentiment

Our model estimates -8% 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.