-4%

est. 2Y upside i

FinTechClimate Tech

Crux is the capital markets technology company changing the way clean energy and manufacturing projects are financed in the US. Crux’s platform, market intelligence, and expert team help developers and manufacturers raise capital through all stages of project development and operation. The company’s first offering is the leading platform for tax credit transfers.

Rank

#2379

Sector

Fintech, Climate Tech

Est. Liquidity

~3Y

Data Quality

Data: Low

Crux has strong business fundamentals in a huge market, but common equity valuation is uncertain due to stale mark and large debt facility.

Last updated: July 19, 2026

Bull (30%)+76%

Strong IPO window and category leadership drive multiple to 10x on $48.9M revenue, yielding $489M exit. Net of 20% dilution, upside ~75.6%.

Base (45%)-3%

Multiple converges to 6x comp average, exit $293M. After dilution, slight negative return.

Bear (25%)-100%

Recession or regulatory headwinds compress multiple to 3x, exit $147M below $577M total claims, common equity wiped out.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

23080%

Total preferred equity ~$77M (Series B + seed) vs entry valuation $250M, but total claims including debt are $577M, creating severe preference overhang.

Dilution Risk

high

Last equity round Apr 2025; 20% dilution assumed over 2 years from potential Series C.

Secondary Liquidity

none

No secondary market activity; illiquid until exit.

Other — 2 roles

View all 2 open roles at Crux →

Last updated: February 18, 2026

Questions to Ask at the Interview

Strategic questions based on Crux's data — designed to show you've done your homework.

  • 1

    “Tax credit market: How does Crux differentiate from large bank platforms like Citi?”

  • 2

    “Business model: What's the gross margin expansion path beyond 75%?”

  • 3

    “Equity/career: How do you think about dilution risk given the $500M debt facility and likely future equity raises?”

Community

Valuation Sentiment

Our model estimates -4% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.