The value of SSH is very difficult to define, and perhaps the stock market is not the right place for the company as a whole. That is why Tatu in the past, and now later Leonardo, has wanted to buy it out completely.
In their latest PAM (Privileged Access Management) report, KuppingerCole highlights that AI agents and other non-human identities (NHI) are the largest user group of the future. They cannot be “managed” in the traditional way, where a few super-users are given “usernames and passwords.”
SSH’s PrivX should be very functional and advanced in such AI agent and NHI use cases (due to their short-lived certificates—no permanent “usernames and passwords”).
A company called Neon is an example from the database sector. They were able to solve a somewhat similar challenge: how to start (and stop) an (open source) Postgres database in about 0.5 seconds when AI agents need them.
Databricks bought Neon a year ago for about $1 billion. Neon has about 140 employees and probably very little revenue, but it possesses a highly functional, important, and valuable technology needed in the era of AI agents.
Let us hope that SSH PrivX is at least partially as functional, important, and valuable a technology for the AI agent era. And that the valuation emerges, either through SSH being bought off the stock exchange or through customers starting to buy PrivX significantly more.
Here is a link regarding the Neon & Databricks matter. There is a lot in common between Neon and SSH & PrivX (headcount, advanced technology for a new need, negligible revenue).