RapidAI
ConvictionContext
B2B enterprise software sold to hospitals, not payers. Per-site/per-module annual subscription for the Rapid Enterprise Platform (CTP, LVO, LMVO, ASPECTS, ICH, Aneurysm, MLS, DeltaFuse, Aortic, Lumina 3D), on-prem or via Rapid Edge Cloud into the radiology workflow, PACS and mobile alerting. Land the stroke hub, expand across its transfer network, cross-sell modules. Revenue is hospital opex, not a payer annuity.
Revenue
Not disclosednot audited. Aggregators disagree ~3x — an ARR tracker ~$14.9M (2023), a headcount estimator ~$47.3M (2026); neither company-sourced, NEITHER ASSERTED. Company figures are operational: 2,500+ hospitals in 100+ countries and 700+ peer-reviewed studies (2025-26), from 2,200+ hospitals and 10M+ scans at the Jul 2023 financing.Rev growth
Not disclosed. Proxies are modules and geography: five 510k) clearances announced 25 Nov 2025 (Rapid Aortic separately 18 Nov 2025); hospitals 2,200+ to 2,500+; a 20-cluster Saudi agreement (11 Nov 2025). Breadth, not a rate.Gross margin
Not disclosed. Software-likevariable cost is per-study inference plus edge/cloud hosting. Comparator HeartFlow guides FY2026 non-GAAP gross margin to ~81% (canon) — the class's order of magnitude, NOT a RapidAI figure.Op margin
Not disclosed. ASSUMED negative-to-thin: ~250-300 people carrying 17 authorisations and a 100+-country footprint on an undisclosedlikely sub-$100M base. Labelled an assumption.Capex intensity
Low and structurally so. Asset-light SaMD: no owned scanners or data centerscompute is cloud/edge opex. The capitalised-equivalent spend is regulatory and clinical, and it sits in the income statement.Valuation
n/aprivate) — no post-money mark exists to quote. The last disclosed capital was a $75M growth investment LED BY A CREDIT FUND (Vista Credit Partners), 27 Jul 2023, with no valuation disclosed by any participant; trade press styled it 'Series C', the companies a 'growth investment'. There is not even a negotiated mark to caveat, and none is inferred from the raise size. Board: 'No valuation exists on this board and none should be added.'The read
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Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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