{
  "schema": "cain42.reappraisal.v1",
  "as_of": "2026-10-14",
  "category": "agent trust fabric / governance control plane for autonomous AI",
  "category_correction": "mis-framed as an AI security scanner / security tool; corrected to agent-governance and trust infrastructure. Peers are agent control-plane / agent-identity / MCP-governance companies, not AI-security scanners.",
  "figures": {
    "ip_register_scenario_v55": {
      "base_usd": 16337650,
      "low_usd": 6342460,
      "high_usd": 28898500,
      "note": "bottom-up worth of 168 built invention families at engineering/replacement cost; a register scenario, not what a buyer pays"
    },
    "fair_market_value": {
      "point_usd": 470000,
      "low_usd": 260000,
      "high_usd": 1000000,
      "note": "arm's-length fair market value today: no verified revenue, no incorporation, no audit, no patent, one person"
    }
  },
  "owner_range_usd": {
    "low": 10000000,
    "high": 30000000,
    "is": "the IP register scenario band AND the Stage-3 target; NOT today's fair market value"
  },
  "comparables_agent_governance": [
    "Guild.ai",
    "Beltic",
    "Entro",
    "Natoma",
    "Zenity",
    "Credo AI"
  ],
  "stage_gated_ladder": [
    {
      "stage": 0,
      "milestone": "today, pre-incorporation",
      "fmv_usd": "470000"
    },
    {
      "stage": 1,
      "milestone": "incorporated + IP assigned (~24h)",
      "fmv_usd": "1000000-3000000"
    },
    {
      "stage": 2,
      "milestone": "priced pre-seed on agent-governance comps",
      "fmv_usd": "6000000-15000000 post-money"
    },
    {
      "stage": 3,
      "milestone": "verified revenue + audit + soak passed + PP-03 filed + small team",
      "fmv_usd": "10000000-30000000"
    },
    {
      "stage": 4,
      "milestone": "roadmap $113M ARR",
      "fmv_usd": "1000000000+"
    }
  ],
  "honesty_invariants": [
    "Two labelled numbers only: IP register scenario vs fair market value; never one merged headline.",
    "Revenue is founder-attested and unverified; incorporation not yet filed; no patent; no third-party audit; same-project tests only.",
    "$10M-$30M is the register band and a stage-gated scenario; not today's FMV."
  ],
  "disclaimer": "Internal analytical estimate, NOT an appraisal, NOT a financing valuation, NOT a guarantee. Paper equity, not cash."
}