-53%

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

#1446

Sector

Nuclear Energy

Est. Liquidity

~4Y

Data Quality

Data: Medium

Last Energy offers a moderate upside opportunity for a job seeker, with an estimated expected upside of 67.1% over a two-year horizon.

Last updated: March 10, 2026

Bull (25%)+200%

Last Energy successfully deploys its PWR-5 pilot by mid-2026 and rapidly scales PWR-20 commercialization, securing major contracts with data centers and heavy industry. This execution, combined with favorable regulatory tailwinds, pushes revenue significantly beyond current projections and justifies a valuation of approximately $1.93B, a 3x increase from the current $643M valuation.

Base (46%)+75%

Last Energy makes steady progress on its pilot and initial commercial deployments, navigating regulatory hurdles with some delays. The company secures a few key customer contracts, demonstrating its business model. This leads to a valuation of approximately $1.125B, representing a 75% upside, as the market recognizes its potential but remains cautious about the long-term scalability and competitive landscape.

Bear (29%)-60%

Significant regulatory delays, unforeseen technical challenges in scaling production, or aggressive competition from incumbents like GE Vernova and Rolls-Royce impede Last Energy's progress. This results in slower-than-expected revenue growth and a down round or flat exit, leading to a valuation of approximately $257.2M, wiping out a substantial portion of common stock value given the existing liquidation preferences.

Est. time to liquidity~3.5 years

Preference Stack Risk

high

Investors hold $164M in liquidation preferences ahead of common stock, representing 25.5% of the current $643M valuation. In a bear case exit at $257.2M, common shareholders would receive only $93.2M after preferences.

Dilution Risk

high

Given the very high capital intensity of nuclear energy development and the company's early commercialization stage, further significant funding rounds are highly likely, posing a substantial risk of future dilution.

Secondary Liquidity

none

As a private company in early commercialization, there are currently no active secondary markets or tender offers for Last Energy shares.

Other — 2 roles

View all 2 open roles at Last Energy →

Last updated: February 17, 2026

Questions to Ask at the Interview

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

  • 1

    “Given the 'medium' incumbent threat from players like GE Vernova and Rolls-Royce, how does Last Energy plan to maintain its competitive edge and market share as these larger entities advance their SMR programs?”

  • 2

    “With the PWR-5 pilot targeting criticality by mid-2026 and PWR-20 commercialization planned, what are the key operational and supply chain challenges the company anticipates in scaling from pilot to fleet-scale deployment, especially concerning the 'very_high' capital intensity?”

  • 3

    “Considering the $164M in total funding and a current valuation of $643M, what is the company's strategy for future funding rounds, and how does it plan to manage potential dilution for employees holding equity?”

Community

Valuation Sentiment

Our model estimates -53% 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.