-25%

est. 2Y upside i

Climate TechSeries B

Mitigating the worst impacts of climate change by developing the world’s most cost-effective DAC technology to permanently remove CO2 from the atmosphere. Our technology rapidly accelerates the natural processes that enable limestone to absorb carbon dioxide from the air from a timespan of years to days.

Rank

#379

Sector

Direct Air Capture / Climate Technology

Est. Liquidity

~4Y

Data Quality

Data: Medium

Heirloom presents a moderate upside opportunity driven by its differentiated DAC technology in a rapidly expanding market with significant tailwinds.

Last updated: March 10, 2026

Bull (25%)+300%

Heirloom successfully scales its low-cost DAC technology, rapidly deploying new facilities and securing major carbon removal contracts, potentially leveraging partnerships with entities like DBJ and Chiyoda to access new markets like Japan's GX-ETS. Revenue surges to over $250M by 2028, maintaining a strong valuation multiple of 14x due to market leadership and cost efficiency, leading to a $3.6B valuation.

Base (45%)+145%

Heirloom continues to grow at a strong pace, aligning with the DAC market's projected 60-80% CAGR. Revenue reaches approximately $185M by 2028, and the company maintains a solid 12x revenue multiple, resulting in a $2.22B valuation as it solidifies its position in the emerging carbon removal market.

Bear (30%)-50%

High capital intensity and operational costs, coupled with increased competition or slower-than-expected market adoption, hinder Heirloom's scaling efforts. Revenue growth slows to 30% YoY, reaching around $108M by 2028, and the valuation multiple contracts to 4.1x, leading to a $450M valuation and a significant loss for common stock holders due to liquidation preferences.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Investors hold $208M in liquidation preferences. In an exit at the current $900M valuation, common shareholders would receive value only after the $208M preference is paid, leaving $692M for common. At a $450M bear case exit, common stock would be worth $242M.

Dilution Risk

high

The company's high capital intensity and ambitious scaling goals suggest further significant funding rounds will be required, leading to additional dilution for existing equity holders.

Secondary Liquidity

limited

While some private market platforms like Forge exist, secondary liquidity for a Series B company is typically limited and not guaranteed.

Other — 2 roles

View all 2 open roles at Heirloom →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “Heirloom's limestone-based DAC technology offers a differentiated approach. How do you see this competitive moat evolving as other well-funded competitors like Climeworks and Carbon Engineering continue to scale their own technologies, and what are the key strategies to maintain cost leadership?”

  • 2

    “With the DAC market projected to grow significantly but also facing challenges like high capital intensity and operational costs, how does Heirloom plan to manage its burn rate and secure future funding rounds to reach gigaton-scale removal without excessive dilution for employees?”

  • 3

    “Given the Series B funding at a $900M valuation and $208M in total funding, what is the company's anticipated timeline and strategy for a liquidity event (e.g., IPO or acquisition), and how does the company plan to ensure meaningful returns for common stock holders, especially considering the preference stack?”

Community

Valuation Sentiment

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