Build run rate from the Hyrax Budget Review, 4 September 2026: engineering above $2M a year plus the time of Tristan, Allan, Carlos and Kayla. Marketing spend is measured, not estimated: Google Ads billed $12,274 across the 30 days to 4 September, pulled from the account today. The $2,000 a day figure is the sum of daily budgets on the eight enabled Google campaigns as of today, live since 30 August, which annualises to $730K if held. Spend on Reddit, LinkedIn and X in the same window was immaterial. Agency and contractor spend is not in the ad platforms and is not included here.

Allocation bands for a seed-stage company deploying $500K to $3M+ are from Startup Budget Template by Stage, 11 March 2026, compiled from Scale Venture Partners and Glencoyne benchmark data: engineering and R&D 45-55%, sales and marketing 15-25%, G&A 8-12%. Cross-checked against the 15-25% of deployed capital rule for pre-revenue companies in Scalix, Seed-Stage Marketing Budget Guide, 9 April 2026. First Round Capital's average initial cheque is $3.5M, which is the same order as the engineering already committed here.

Blueprint shares from Scalix, Seed-Stage Marketing Budget Guide, 9 April 2026, and Directive, The Seed Stage Budget Allocation Guide, 28 August 2026. Our column maps our line items onto those categories: paid search and social to high-intent capture, organic social and docs to content, contractors and PR to team and agency, out of home and new channels to experimentation, software and analytics to measurement.

US dollars. Fiscal year runs 1 February to 31 January. Q1 is February to April, Q2 May to July, Q3 August to October, Q4 November to January. Revenue is the cohort build in Appendix G: 151 new companies a month, 95% monthly retention, seats rising from 8 to 20 per company over six months. Revenue lags spend because customers arrive through the year and expand after they arrive. Line item detail in Appendix H.

All three cases run the same 95% monthly retention and the same seat ramp from 8 to 20 per company at $30 a seat. Free-to-paid benchmarks from ProductLed, survey of 600+ B2B SaaS companies: 9% average, and roughly 3x that where product-qualified leads are worked by a person. Freemium with usage limits, which is our free plan, benchmarks at 7-12% per acceleroi, June 2026. Our 4% base case sits below all of them.

Months to $100M is the gap between the last reported figure under $10M and the first at or above $100M. Cursor $4M April 2024 to $100M January 2025 per SaaStr and Sacra. CodeRabbit $5M April 2025 to $100M August 2026 per Sacra. Replit $10M Q4 2024 to $100M June 2025 per ARR Club. Cognition from reported 50% monthly growth through May 2026. All figures third-party estimates, unaudited, collected 4 September 2026.

Quarterly figures are the ramp on slide 4. The account manager assumed in the bull case is headcount and sits outside this budget.

Paid signups are allocated by budget share at the $36 per signup the account currently achieves; 2,070 paid plus 1,705 organic is 3,775 a month. Conferences are sized from the Hyrax Conference Plan in Notion: GitHub Universe booths start at $40K, LDX3 New York runs $15K to $40K, KubeCon Silver is $18K, plus travel, staffing and booth build across five events. Every line item, month by month, is in Appendix H.

Price per company is 20 seats at $30 a seat a month, so $7,200 a year. Companies required is target monthly revenue divided by $600 a company. GitHub Copilot organisation count and Greptile customer count are company statements. Vendor revenue is third-party estimate and company statement, unaudited: Sonar ARR passed $430M on 2 July 2026 per Caplight; Augment Code $20M per GetLatka; Cursor, Cognition, Replit, CodeRabbit and Factory per the sources on slide 3. Market estimates: Mordor Intelligence $9.35B for 2026, Precedence Research $10.12B, 360iResearch $34.58B. Collected 4 September 2026.

Google and X are set at current account spend. Google $658 a day, measured 31 August to 2 September in account 8518001543. X $4K, its August total in account 18ce55vw38i. Google cost per signup over the 14 days to 2 September was $21.49, calculated against account_created in PostHog project 436309.

The launch kit pairs with the $5K Product Hunt sponsored slot carried in Paid Media.

No full-time hires. SEO documentation is written in-house, so it costs nothing here.

Function notes: Perplexity Sonar checks how the category is described online, Parallel pulls raw web data, Exa maps developer links, Jina turns pages into clean text for crawlers, Vercel hosts the site, the LinkedIn tool handles cold outreach. Published pricing: PostHog, Vercel, Loops, Perplexity, Exa, Jina, Parallel.

Source: Hyrax Ideal Customer Profile, Notion, 2026-09-01.

Other paid social and search covers LinkedIn, X, Meta, Reddit, ChatGPT, TikTok and Bing. SEO docs are written in-house. AI answer engines are handled by the software stack. Direct and private community signups come from repository merge tags, engineers inviting teammates, and links shared in private Slack and Discord groups. Out of home at $20K a month is not allocated to a channel row because it has no measurable signup path; the blended cost per signup of $26.12 is the full $129.9K budget divided by 3,775 signups, so it carries that spend.

Budget is flat at $129.9K a month. Total customers carry forward at 95% a month and add 151 new. Average seats rise from 8 to 20 over six months per customer, so the blended average lags. Revenue is total seats at $30. The fiscal year runs 1 February to 31 January. The $10M run-rate is reached in month 16, four months past this table.

US dollars. Every line ramps by quarter on the same schedule as the summary sheet on slide 10, so the two tie. Fiscal year runs 1 February to 31 January. Q1 is February to April, Q2 May to July, Q3 August to October, Q4 November to January.