+4%

est. 2Y upside i

Climate TechSeries C

Last Energy is a full-service developer of 20 MWe micro modular nuclear power plants. By significantly reducing the time and cost of deployment, they are decarbonizing global energy production, increasing access to 24/7 baseload power, and creating a scalable clean energy future for humanity.

Rank

#1979

Sector

Nuclear Energy

Est. Liquidity

~4Y

Data Quality

Data: Low

For a job candidate, the potential upside is limited by the company's pre-revenue status and high risk.

Last updated: July 3, 2026

Bull (10%)+140%

If Last Energy achieves significant regulatory milestones and commercial partnerships by 2028, and goes public in a favorable nuclear IPO window, valuation could reach 3x current (approx $1.85B), net of 20% dilution.

Base (50%)+60%

Progress on pilot project and additional contracts, but slower commercialization; valuation increases to 2x current ($1.23B) as market recognizes potential, net of dilution.

Bear (40%)-100%

Regulatory delays, cost overruns, or inability to secure additional funding leads to restructuring; common equity wiped out as preferred stack of $324M consumes all value at exit below that threshold.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

53%

Total preferred funding of $324M represents 52.5% of the current $617M valuation, meaning common shareholders are heavily underwater on a liquidation preference basis.

Dilution Risk

high

With very high capital intensity and no revenue, additional fundraises are highly likely, potentially diluting common stock by 15-25% per round.

Secondary Liquidity

limited

There is a secondary market implied valuation equal to the last round, but secondary liquidity for employees is not mentioned; likely limited.

Other — 2 roles

Questions to Ask at the Interview

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

  • 1

    “How does Last Energy's regulatory strategy differ from larger competitors like NuScale and TerraPower, and what is the timeline to first revenue?”

  • 2

    “The company relies on long-term PPAs. How are these contracts structured to mitigate nuclear off-take risk?”

  • 3

    “Given the company is pre-revenue and has a high preference stack, how does the leadership think about equity compensation and the path to liquidity for employees?”

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.