Financial summary

The model that gets the first minds into buildings.

The price book, once

Trinity Sky’s planning model is a path, not a chant. The company sells organizational memory the buyer owns. The offer it walks into a first room is three proposed annual-contract widths of that same archive. They are named here, once, so the rest of the page can follow the motion those tickets are meant to fund.

The only contrast that matters sits beside that table, not inside it. A CIO already defends a rented token stack that forgets Monday and bills again to remember it. These tickets are sized to take that invoice. The check is for an archive that remains on the buyer’s hardware when the relationship ends.

Seat titles are the buyer’s to name. Money and legal stay with humans. Later planning bands, as logos accumulate, sit at $4–12 million commercial and $15–40 million sovereign. Year one is the first lands. It is not two $40 million flags.

The sequence the model is built on

The product launch is not a site. It is the first named committee that lets the archive run on its own machines. The sequence is short enough to underwrite: a Fortune 100 or government committee signs an NDA; a six-, ten-, or sixteen-week proof then runs on their floor, with their data; the recall protocol runs; fail-closed shows itself when the system is not sure; the proof fee credits against the land; they sign; they own it.

NDA. Proof on their floor. Credit. Sign. The install stays on their hardware.

Seed pays for the factory that can repeat those weeks, and for credits on their side of the table so a CIO does not open a science line to start. Sales dollars open the named conversation. Proof-of-value engineering, air-gap deploy, and enterprise hygiene make the weeks real. A modeled conversion sits at about 40 percent on the first two widths and 35 percent on the flagship — a planning analog from early-pilot bands in this category, not a Trinity cohort already measured.

The operating scoreboard is four columns: NDAs opened, proofs started, logos signed, annual value booked. The gate that says the market will pay is three signed logos or $15 million booked. Either prong. Waitlists and press do not substitute. Their install is the launch. Their expansion is the traction.

How the seed is spent

The seed that stands that factory is a $20 million ask. Eighty-five percent is product, deploy, evidence, and customer-side credits. Five percent is the sales desk. The raise builds a repeatable install, not a public campaign.

The $7.0 million line staffs the engineers who can put the archive on customer hardware in six to sixteen weeks and keep the memory stack maintainable. The $3.0 million air-gap line is Trinity’s own disconnected path, so a proof never sends the buyer’s data through a public cloud. The $3.0 million enterprise line is single sign-on, SIEM, access control, and restore — Fortune 100 hygiene. The $2.0 million validation line pays an independent party to re-run the recall clocks. The $2.0 million in pilot credits sits on the customer side of the table.

Sales is $1.0 million — two account executives and legal. Security and IP is $1.5 million. Reserve is $0.5 million, intentionally thin. Use of funds is a stock. The Year-1 operating plan is a period. On the base path the company consumes $8 million of cash at 42 heads. On the downside path it consumes $14 million at 28 heads. The ask is sized so a miss still leaves a factory that can run a proof.

How year one books and recognizes

If those proofs convert, year one is the arithmetic those widths produce. First signatures sit around month five. Recognition is partial-year by design: a blended half of booked annual value in the twelve months after close. Booked is the contract. Recognized is the slice of that contract that lands in the first year.

The base plan is $96 million booked and $48 million recognized, on eight logos — six commercial cells and two government cells. Four commercial lands at the middle width. Two commercial lands at $12 million. One government vehicle at $15 million. One flagship at the top of the book. Year-one base also prints planned EBITDA of $2.8 million.

The downside plan recognizes $10 million on four logos. The upside plan recognizes $80 million. The underwriting case is the base mix. None of those rows is a named customer. They are the mix the model uses until a CRM exists.

What the later columns assume

Years three and five are not a second company. They assume the archive compounds after the first installs exist. Year-three base recognized revenue is $320 million on 32 logos, with a 140 percent net-revenue-retention analog. Year-five base is $1.0 billion on 62 logos. Planning net revenue retention is 140 percent. Palantir printed 157 percent. This cohort has not been run.

They do not back the cap table. They back the product — and that book is what unlocks Series A.

The first logos expand: more divisions, more seats, more of the same archive. Those later columns are the company the first installs become once a mind is already on their floor.

What unlocks the next raise

Seed buys the factory and the first proofs. Series A is a $250 million target in a $200–300 million size band after either $80 million of recognized run-rate, or fifteen logos plus one government task order of $15 million or more. A high run-rate means the mix table became a book. Fifteen logos plus a government task order means both the commercial motion and the sovereign motion exist. Either prong is a company that can take a quarter-billion raise. Neither prong is a date.

That later capital is land-and-expand on the first installs, the flagship factory at volume, and the public brand this seed does not start. If the expand gate misses, unused pilot credit stays as runway. The factory stays. If the Series A trigger does not trip, the next conversation is a bridge and a rewritten sales plan.

Forecasts are a plan. $20 million is an ask, not cash in hand. The three widths in the table are proposed SKUs. There are no signed logos on this page. The raise exists to put the first minds into buildings and let those installs become the book.

Next in the catalog: The $20 million and Series A.