+48%

est. 2Y upside i

Series A

Making all ships robots.

Rank

#1748

Sector

Marine Technology

Est. Liquidity

~7Y

Data Quality

Data: Low

Fleetzero is a mission-compelling but financially opaque Series A hardware bet: the January 2026 $43M raise backed by Breakthrough Energy Ventures and Maersk Growth is a strong credentialing signal, but with no revenue disclosed, only 40 employees, and $60.2M in liquidation preferences against an estimated ~$180M post-money valuation (a severe 33% preference stack), common equity is deeply subordinated.

Last updated: May 14, 2026

Bull (20%)+280%

Maersk and 2-3 additional Tier-1 shippers deploy Leviathan battery systems at scale, enabling a Series B/C at ~$500-700M valuation by 2028 and validating the swappable-battery model at commercial ports. The $29.1B TAM growing at 16.4% YoY rewards the first defensible marine-hardware IP stack, with acquisition by a large energy or shipping conglomerate as a plausible exit path.

Base (38%)+55%

Fleetzero completes 2-3 commercial pilot deployments and raises a Series B at approximately $280-320M (~1.7x the estimated $180M Series A post-money), with the majority of value creation deferred to later rounds. Common equity sees modest paper appreciation over the 2-year window but no liquidity event; dilution from the next round partially offsets valuation gains.

Bear (42%)-70%

Hardware production delays, lengthy IMO/classification-society certification cycles, or a tightening capital market forces a flat or down-round financing, compressing common equity toward zero. With $60.2M in liquidation preferences ahead of common and no revenue disclosed, a distressed scenario leaves employee equity holders with near-total loss before preferred investors are made whole.

Est. time to liquidity~7.0 years

Preference Stack Risk

severe

Funding Intensity

33%

$60.2M in total liquidation preferences sits senior to common stock against an estimated Series A post-money valuation of approximately $180M, representing roughly 33% of the inferred cap table — firmly in the severe (>30%) range.

Dilution Risk

high

High capital intensity in marine hardware manufacturing means Fleetzero will almost certainly require 2-3 additional financing rounds before reaching commercial scale, with cumulative dilution to current common equity likely in the 40-60%+ range.

Secondary Liquidity

none

No secondary market activity is expected for a 40-person pre-revenue Series A hardware company; employee liquidity is entirely contingent on an IPO or strategic acquisition estimated 6-8+ years from today.

Commercial — 2 roles

Electrical, Hardware, & Embedded — 2 roles

ME & Naval Architecture — 1 role

View all 5 open roles at Fleetzero →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “Beyond the Maersk pilot, what executed commercial contracts or binding LOIs exist today, and what is the precise revenue model — outright hardware sale, battery lease, or usage-based swap subscription?”

  • 2

    “What are the specific IMO and classification-society certification milestones required before Leviathan systems can operate on ocean-going commercial vessels, and what is management's realistic timeline and cost estimate for each?”

  • 3

    “What is the current cash runway from the $43M Series A, when does the company expect to need its next round, and what are the vesting schedule, cliff, and post-termination exercise window on the equity package being offered?”

Community

Valuation Sentiment

Our model estimates +48% 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.