For informational purposes only. Not financial advice, not a recommendation to buy or sell any security. Standing Order is a directory and research project, not an advisory service.
Thesis
Dragos is the leading pure-play in industrial-control-system (ICS) and OT cybersecurity — threat detection, intelligence, and incident response purpose-built for the protocols and constraints of power grids, pipelines, manufacturing, and water systems. Its threat-intelligence on industrial adversaries is a recognized standard in the field.
The investment case is deep specialization in defending critical infrastructure, a category with rising regulatory and geopolitical urgency. As a private name it has no market cap here; coverage conviction reflects category leadership in OT threat detection. Risks: longer infrastructure sales cycles, competition from Claroty/Nozomi and IT-security majors moving into OT, and dependence on critical-infrastructure security budgets.
Catalysts
- Critical-infrastructure customer wins
- Regulatory drivers (e.g. utility / pipeline mandates)
- Threat-intelligence subscription growth
- Competitive position vs. Claroty / Nozomi