Research
One research practice, four formats.
Everything El Dorado Capital publishes comes from one body of work: the cybersecurity industry read as an economy. Who builds, who buys, who funds, who consolidates, who attacks and who regulates. It appears in four formats, each with its own cadence.
The four formats
Atlas of Cybersecurity
64 plates in 8 chapters: industry structure, market map, vendors, deals, valuation, breaches, regulation and outlook. Every figure sourced; public comps rebuilt from SEC filings. Updated as plates are added or revised.
Cyber Security Wiki
13 sections covering the market, vendors, services and channel, AI, capital, deals and valuation, threat, regulation and people. Maintained daily, with the update time printed on every page.
Insights
Long-form analysis of specific companies and transactions, including the Bending Spoons screen applied to public security vendors. Published when the analysis is ready, not on a calendar.
Weekly Market Update
Deals, capital, regulation and the AI turn. 1 issue a week, every claim sourced to a primary document.
Also from this practice
- Value creation in the AI age — where the value lands for cybersecurity companies: multiples, margins and pricing. Read the analysis
- What value creation looked like when it worked — seven completed public transactions read for mechanism. Read the seven cases
- AI-First Acquirer Models — four acquirer models built on Bending Spoons' audited record, with the security read-across. Read the models
- Security Catalyst Tracker — six regulatory catalysts, dated, with what each means for a plan. Open the tracker
From the wider field: AI Native Enterprise Playbook (Ethical AI Governance Group with BGV, Fourth Edition, Fall 2026), a third-party publication. Read the introduction
The research is the evidence behind the advice
If it raises a question about your company, write to us.