What are the most valuable climate tech startups?

Top startups in the climate tech market ranked by valuation

Here is an updated table that ranks the top startups in the climate tech market based on their latest reported or estimated valuations.

If you need to dig deeper and get more detailed data, please check our report covering the climate tech market.

Which climate tech startups are worth the most today?

The biggest climate tech startup valuations today belong to Crusoe Energy Systems, Octopus Energy and Helion Energy, and there is already a large gap between those three and most of the market.

Crusoe sits at $30.9 billion after its latest financing, while Octopus Energy is estimated at $17 billion to $20 billion and Helion is valued at $15.5 billion. After that, the ranking drops quickly. Commonwealth Fusion Systems is in an estimated $6.7 billion to $12.5 billion range, and the next group clusters around $5 billion to $6 billion.

The gap is more revealing than the headline numbers. Climate tech has produced several very large companies, but there is no broad layer of $10 billion startups. Instead, three companies clearly separate themselves, followed by a much denser group spanning batteries, electric aviation, green steel, geothermal power and home-energy finance.

The mix has also changed. The names at the top these days are heavily exposed to electricity, computing infrastructure and new forms of energy generation. Consumer-facing climate brands are much harder to find near the top.

Rank	Startup	Main business	Current valuation
1	Crusoe Energy Systems	AI data centers and cloud	$30.9B
2	Octopus Energy	Energy supply and technology	$17.0B–$20.0B
3	Helion Energy	Fusion power	$15.5B
4	Commonwealth Fusion Systems	Fusion power	$6.7B–$12.5B
5	ROX Motor	Range-extended electric SUVs	$5.0B–$7.0B
6	GoodLeap	Home-energy financing	$4.0B–$7.0B
7	Stegra	Green steel	$4.5B–$6.5B
8	BETA Technologies	Electric aviation	$5.5B
9	Redwood Materials	Battery recycling and materials	$4.8B–$5.8B
10	SVOLT	EV and storage batteries	$4.5B–$6.0B

Is Crusoe really a climate tech startup anymore?

Crusoe still belongs in a broad climate-tech ranking, but today it looks much more like an AI infrastructure company built around energy than a conventional clean-tech startup.

The company originally became known for using otherwise wasted energy, including stranded natural gas, to power computing infrastructure. Its business has since moved much further into data centers, AI cloud services and large-scale power-backed computing.

That change is now visible in the valuation. Crusoe's latest Series F raised $3.9 billion at a $30.9 billion post-money valuation. The company also disclosed more than $140 billion in total contracted value across its platform. Those numbers are difficult to explain through a traditional climate-tech lens alone.

AI data centers need enormous amounts of electricity, and access to power has become one of the limiting factors in AI infrastructure. Crusoe happens to sit directly on that bottleneck.

We would still include the company because energy sourcing and power infrastructure remain central to its model. But readers should understand what is driving the valuation: investors are currently paying for AI infrastructure growth as much as, and probably more than, for the climate angle.

How many climate tech unicorns are there now?

There are roughly 45 clear climate tech unicorns in our ranking today, with another small group sitting close enough to $1 billion that the practical number can move into the high forties.

The first 44 companies in the ranking have lower-bound valuations of at least $1 billion. Mainspring Energy, further down the table, also sits between $1 billion and $1.1 billion. Climeworks, Oxford PV, Palmetto and Sunfire straddle the threshold.

So climate tech has no shortage of billion-dollar companies. What is much rarer is becoming genuinely huge.

Only a handful of companies reach the $5 billion level, while the number clearly above $10 billion is tiny. The typical climate-tech unicorn is therefore much closer to $1 billion or $2 billion than to Crusoe or Helion.

That is the problem with the word “unicorn.” A $1.1 billion company and a $30.9 billion company carry the same label even though they occupy completely different financial worlds.

Which parts of climate tech get the biggest valuations?

Power infrastructure, fusion, batteries and industrial decarbonization currently produce the biggest climate tech valuations.

The top 40 make the pattern fairly obvious. Fusion puts two companies in the top four. Battery companies and battery-material suppliers appear repeatedly from roughly $2 billion to more than $5 billion. Stegra brings green steel into the top ten, Fervo has pushed geothermal into the multibillion-dollar range, and TerraPower gives advanced nuclear another large valuation.

Carbon removal, green hydrogen and alternative food still attract serious money, but their valuations tend to sit lower. Solar also has several billion-dollar businesses, although none currently approach the leaders.

The market is concentrating around technologies tied to physical infrastructure and enormous energy flows. The largest valuations are showing up where the potential end market can reach tens or hundreds of billions of dollars and where energy security has become strategically important.

Area	Examples	Where valuations currently cluster
AI and power infrastructure	Crusoe	$30B+ at the top
Fusion	Helion, Commonwealth Fusion Systems, TAE	$3B to $15B+
Batteries and materials	Redwood, SVOLT, Group14, Hithium	$2B to $6B
Industrial decarbonization	Stegra, TerraPower	$4B to $6B
Distributed energy	Octopus, GoodLeap, Enpal	$2B to $20B
Solar equipment and platforms	Gokin, 1Komma5°, Huasun	$1B to $2B
Carbon management	Twelve, Svante, Climeworks	Around $1B
Alternative food	Impossible, NotCo, Perfect Day	Mostly below $1B

Is fusion suddenly one of the biggest climate tech markets?

Fusion has become one of the biggest climate-tech valuation stories, even though the industry still has to prove that commercial fusion power can work at scale.

Helion is now valued at $15.5 billion after raising another $500 million in its latest Series G. Commonwealth Fusion Systems recently raised another $1 billion, taking its total capital raised to roughly $4 billion. CFS says that alone represents around 30% of all capital ever raised by the fusion industry.

The money is also moving beyond venture funds. CFS has brought in industrial and institutional investors, including Hyundai Motor Group, and previously signed a power agreement with Eni worth more than $1 billion. Helion has Microsoft as a future electricity customer and has continued expanding manufacturing capacity.

Those are stronger commercial signals than another laboratory milestone. Companies and investors are already behaving as though fusion could become a meaningful power business.

Commercial risk remains huge. No private fusion company is currently operating the kind of grid-scale power fleet implied by these valuations. Investors are paying years ahead for the chance that one or two technical approaches finally cross that line.

Fusion now belongs in the main climate-tech capital market, not in a small experimental corner of deep tech.

Are battery startups still among the biggest climate tech winners?

Battery startups are still one of the strongest groups in climate tech today, and the category has much more depth than almost any other part of the ranking.

Redwood Materials sits around $4.8 billion to $5.8 billion in our current estimate. SVOLT reaches $4.5 billion to $6 billion, Group14 Technologies $4.4 billion to $5.2 billion, Hithium $3.5 billion to $4.5 billion and ProLogium roughly $3.6 billion to $4 billion.

ProLogium recently agreed to go public through a transaction built around an approximately $3.8 billion pre-money enterprise value. Form Energy, meanwhile, raised another $750 million to expand production of its iron-air grid batteries. Its latest round is especially interesting because it comes as the company moves from building factories toward actual commercial deployment.

The sector also covers very different businesses. Redwood recycles and refines materials. Group14 and Sila work on silicon-based anodes. Form Energy is building long-duration grid storage. ProLogium is pursuing solid-state batteries.

That breadth is why batteries keep producing large companies. The value is spread across multiple layers of the supply chain instead of depending on one winning battery manufacturer.

Does raising more money make a climate tech startup worth more?

Raising billions does not automatically make a climate tech startup valuable, and some of the most capital-hungry companies in the ranking show exactly the opposite.

Stegra has attracted an extraordinary amount of capital because building a large green-steel plant is expensive. Its total financing in our dataset reaches roughly $14.1 billion, while our current equity valuation estimate sits around $4.5 billion to $6.5 billion.

Verkor shows a similar pattern at a smaller scale. The battery manufacturer has raised roughly $3.4 billion across different forms of financing while its estimated valuation is around $1.8 billion to $2.4 billion.

Compare those companies with a software-heavy or infrastructure-platform business. A startup can sometimes create several dollars of equity value for every dollar raised because much less capital is required to build each incremental unit of revenue.

Industrial climate tech often works the other way around. Factories, equipment, land and project finance absorb billions before the company reaches its intended production volume.

So cumulative funding is a useful measure of financial scale, but it is a poor shortcut for valuation.

Company	Total funding in dataset	Current valuation midpoint	Funding / valuation
Stegra	$14.1B	~$5.5B	~2.6x
Enpal	~$4.8B	~$2.55B	~1.9x
Verkor	~$3.4B	~$2.1B	~1.6x
Monolith	$1.65B	~$575M	~2.9x
Impossible Foods	~$2.0B	~$430M	~4.7x
Our Next Energy	$610M	~$25M	~24x
Northvolt	~$14.3B	~$50M	~286x

Which climate tech startups have lost the most value?

Some of the worst climate-tech outcomes have wiped out nearly all the value once attached to heavily funded battery, EV and agricultural startups.

Northvolt is the clearest case. The Swedish battery company raised more than $10 billion across equity, debt and other financing before filing for bankruptcy. Our current ranking therefore puts its remaining standalone value close to zero compared with the billions once attached to the business.

Our Next Energy shows how quickly battery sentiment can reverse even without a failure on Northvolt's scale. The company raised more than $600 million but now sits at an estimated $22 million to $28 million in our dataset.

Several Chinese EV startups show the same pattern. WM Motor raised roughly $6.6 billion and is now estimated at just $20 million to $80 million. Enovate Motors raised around $1 billion and sits between $10 million and $40 million.

These declines are worth keeping in mind when reading the top of the ranking. Manufacturing companies can burn through capital very quickly when production targets, demand or financing conditions disappoint.

A $5 billion private valuation should never be confused with $5 billion of value that has already been proven.

Are carbon removal startups still worth billions?

Carbon removal still supports billion-dollar valuations, but the category currently sits well below fusion, batteries and large energy platforms.

Twelve is valued at roughly $1.2 billion to $1.5 billion, although its model goes beyond pure carbon removal by turning captured CO₂ into fuels and chemicals. Svante sits around $1 billion to $1.3 billion, while Climeworks is around the $1 billion mark in our ranking.

Further down, Heirloom is worth an estimated $650 million to $800 million, Charm Industrial $600 million to $700 million and CarbonCapture roughly $100 million to $180 million.

The important number here is the ceiling. Carbon-management companies have attracted hundreds of millions in financing, yet none in our ranking comes close to the $5 billion tier.

Climeworks recently raised another $162 million and has now attracted roughly $1 billion of capital since inception. That keeps direct air capture financially relevant, but it also underlines how expensive the scale-up remains relative to current valuations.

For now, carbon removal looks like a serious climate-tech market with several valuable companies rather than one of the sectors producing the biggest venture outcomes.

Is green hydrogen still attracting huge climate tech valuations?

Green hydrogen remains well funded, but investors currently value most pure hydrogen technology companies much lower than the biggest fusion, battery or power-infrastructure startups.

Electric Hydrogen sits around $1.2 billion to $1.5 billion in our estimate. Sunfire is valued between roughly $800 million and $1.2 billion, while H2Pro lands around $350 million to $550 million. Monolith, which produces hydrogen alongside carbon black, is estimated at $460 million to $690 million.

Stegra reaches a much higher $4.5 billion to $6.5 billion, but green hydrogen there is part of a larger green-steel business rather than the final product being sold.

That difference shows where investors currently see more defensible value. Electrolyzer technology alone can struggle to command the same valuation as a company controlling a much larger downstream industrial project.

Hydrogen has not disappeared from climate investing. It has simply moved away from the valuation frenzy that surrounded the category a few years ago.

Are electric vehicle startups still among the most valuable climate tech companies?

Pure EV startups have lost a lot of their old valuation advantage, and today several battery suppliers are worth more than many electric-car companies.

ROX Motor is the strongest exception in our dataset at an estimated $5 billion to $7 billion. Ola Electric, which is publicly listed, is much lower at roughly $1.8 billion.

Below that, valuations fall sharply. AIWAYS sits around $269 million to $448 million. Hozon Auto is estimated at $150 million to $350 million. WM Motor and Enovate Motors are worth only a fraction of the billions they once raised.

Meanwhile, Redwood Materials, SVOLT, Group14, Hithium and ProLogium all sit in multibillion-dollar territory.

Investors are much more selective about EV brands now. Building another vehicle company requires huge capital, brutal pricing competition and constant manufacturing execution.

Selling an important battery material, storage technology or component to many manufacturers can offer a broader route to value.

Are industrial climate startups becoming more valuable than consumer climate brands?

Industrial climate startups currently occupy far more of the top valuation slots than consumer-facing climate brands.

Stegra is worth roughly $4.5 billion to $6.5 billion. TerraPower sits around $4 billion. Group14 is around $4.4 billion to $5.2 billion. KoBold Metals approaches $3 billion. These companies work on steel, nuclear power, battery materials and mineral exploration.

Most recognizable consumer climate names sit much lower. Impossible Foods is currently around $380 million to $480 million in our ranking. NotCo sits around $350 million to $500 million. Rad Power Bikes ended up at an acquisition value of roughly $13 million.

There are exceptions, particularly Octopus Energy, which has a direct consumer utility business. But Octopus also owns substantial technology, energy-management and generation capabilities, so its economics extend well beyond selling a greener product to households.

The money today is concentrating around companies that can become part of industrial supply chains, power systems or infrastructure.

That is a very different climate-tech market from the period when electric scooters, plant-based burgers and direct-to-consumer sustainability brands attracted much of the attention.

Why are critical-mineral startups worth billions now?

Critical minerals have become a multibillion-dollar climate-tech business because electricity, batteries and data centers ultimately depend on physical materials that cannot be created with software.

KoBold Metals is the cleanest example. The company combines geology with machine learning to search for deposits of metals such as copper, lithium, nickel and cobalt. We currently value it at roughly $2.8 billion to $3.3 billion.

As seen above, Redwood Materials reaches an even higher valuation through recycling and refining. OCSiAl, which produces industrial graphene nanotubes, sits around $1.7 billion to $2.3 billion.

These companies benefit from the same basic pressure: electrification requires huge quantities of material, while new mines and processing facilities can take years to build.

A company that helps unlock more supply, extracts more value from existing materials or improves battery performance can become strategically important long before it reaches the revenue scale of a mature industrial company.

Critical minerals are one of the clearest bottlenecks in the market right now.

Which climate tech sectors have fallen the hardest?

Vertical farming and alternative protein have suffered some of the sharpest valuation resets in climate tech.

Plenty once raised roughly $1 billion before going through Chapter 11 restructuring. Bowery Farming raised more than $700 million and was once valued above $2 billion before shutting down. Infarm also raised hundreds of millions before entering administration.

Alternative protein has held up better operationally, but valuations have still fallen hard. Impossible Foods is now worth roughly $400 million in our ranking after once discussing a possible public-market valuation around $10 billion. Perfect Day sits around $350 million to $550 million despite having raised about $768 million.

Meati Foods shows an even harsher outcome, with more than $400 million raised and an estimated acquisition value of only a few million dollars.

The shared problem was never a lack of climate relevance. Indoor agriculture promised less land use, shorter supply chains and controlled production. Alternative proteins promised lower-emission food.

The problem was economics: high capital costs, difficult production scale-ups, expensive products and weaker-than-expected consumer demand eventually outweighed the original story.

Company	Category	Funding in dataset	Current valuation
Plenty	Vertical farming	~$1.0B	$50M–$100M
Bowery Farming	Vertical farming	~$725M	$0M–$10M
Infarm	Vertical farming	$602M	$0M–$2M
Impossible Foods	Plant-based food	~$2.0B	$380M–$480M
Perfect Day	Fermented dairy	$768M	$350M–$550M
LIVEKINDLY Collective	Plant-based food	$535M	$150M–$300M
Meati Foods	Mycelium protein	$407M	$3M–$6M

Which climate tech startups have gained the most momentum lately?

Crusoe, Helion, Commonwealth Fusion Systems, Form Energy and Fervo stand out among the climate companies with the strongest fresh financing or market signals.

As pointed out above, Crusoe's latest $3.9 billion financing established a $30.9 billion valuation. That is one of the clearest recent upward resets anywhere in climate-related infrastructure.

Helion also raised again at a $15.5 billion post-money valuation, while Commonwealth Fusion Systems brought in another $1 billion and pushed cumulative capital raised to roughly $4 billion.

Form Energy raised $750 million to scale iron-air battery manufacturing and commercial deployments, followed by a new $270 million credit facility. Those transactions do not automatically mean its equity valuation rose, but they show that the company can still attract large amounts of capital as it moves deeper into manufacturing.

Fervo offers a different kind of evidence. The geothermal company completed a large IPO, raised roughly $2.2 billion in gross proceeds and entered the public market. It has also signed a framework with Google covering up to 3 gigawatts of geothermal capacity through 2033.

These are useful current signals because they involve actual capital, customers or public-market transactions rather than another pilot announcement.

Are public markets valuing climate tech differently from private investors?

Public markets currently give us a useful reality check on climate tech, because several companies that recently listed are now priced every day rather than only when a new funding round happens.

Fervo completed its IPO after pricing an upsized offering at $27 per share and raised roughly $2.2 billion. The company now sits around a $4.9 billion market capitalization in our ranking.

BETA Technologies is another useful comparison. It entered the public market after selling shares at $34 and currently carries a market value around $5.5 billion.

Ola Electric sits closer to $1.8 billion, while Einride is around $535 million.

Those figures give the sector a broader range of observable valuations. Private-market companies can sometimes go a year or two without a transaction that resets their price. Public companies cannot.

Public climate companies are not universally cheap. BETA and Fervo both support multibillion-dollar valuations. But the very largest numbers in the ranking still come from private companies such as Crusoe and Helion.

Is climate tech basically becoming an energy market?

Climate tech is increasingly becoming an energy-and-industrial-infrastructure market, especially when we look at where the largest valuations are now concentrated.

Crusoe's computing infrastructure depends heavily on securing power. Octopus operates electricity businesses and energy software. Helion and Commonwealth Fusion Systems want to produce electricity. Fervo develops geothermal power. Form Energy stores electricity for days. Redwood increasingly supplies materials and storage infrastructure.

Stegra needs huge amounts of clean power and hydrogen to make steel. ProLogium and Group14 exist because electrification needs better batteries. KoBold searches for the minerals behind that electrification.

Once those companies are grouped together, the market starts looking less like a collection of unrelated “green startups” and more like an attempt to rebuild parts of the world's energy and industrial system.

Carbon capture, food technology and consumer products still belong in climate tech. They simply account for much less of the value near the top right now.

That shift also helps explain why so much capital is required. The climate startups receiving the highest valuations these days are often building factories, power plants, mines, grids, data centers or other physical infrastructure.

So what does the climate tech valuation ranking really tell us?

The climate tech valuation boom is real today, but it is concentrated rather than broad, and the companies benefiting most are increasingly tied to power, industrial infrastructure and physical bottlenecks.

Crusoe stands on its own at $30.9 billion. Octopus Energy and Helion make up a second very large tier. After that, valuations drop into the mid-single-digit billions and then gradually toward a much larger population of $1 billion to $3 billion companies.

The ranking also shows how much the center of gravity has moved. Fusion, geothermal, batteries, green steel, critical minerals and electricity infrastructure sit high in the table. Vertical farming, alternative proteins and many standalone EV brands have moved sharply down.

Recent financing reinforces the pattern. Large amounts of fresh capital are still reaching companies such as Crusoe, Helion, Commonwealth Fusion Systems, Form Energy and Stegra. Public investors are also willing to back companies such as Fervo and BETA at multibillion-dollar values.

At the same time, Northvolt, Plenty, Bowery Farming and several EV startups remind us how quickly an exciting climate market can turn into an expensive industrial failure.

Climate tech is producing large companies again, but investors are no longer rewarding every business carrying a decarbonization story. The strongest valuations now go to companies that can control scarce power, materials, manufacturing capacity or infrastructure that other industries cannot easily avoid.