0%

est. 2Y upside i

Climate TechSeries A

Rank

#2164

Sector

Climate Tech

Est. Liquidity

~7Y

Data Quality

Data: Low

Spiritus is a high-risk, high-reward opportunity in a nascent market.

Last updated: July 19, 2026

Bull (15%)+300%

Spiritus scales to $50M annual revenue via the $500M partnership and government contracts. Valuation expands to $500M, yielding 4x on entry (net of 20% dilution: ~3.2x).

Base (60%)+50%

Moderate progress with pilot projects and initial revenue of $10M. Valuation grows to $150M, 1.5x entry (net dilution ~1.2x).

Bear (25%)-100%

Technology fails to scale or funding dries up. Exit below $41M liquidation preference, common stock zeroed out (-100%).

Est. time to liquidity~7.0 years

Preference Stack Risk

high

Funding Intensity

41%

Total funding $41M vs. estimated entry valuation $100M, giving a preference overhang of 41% — severe for common equity.

Dilution Risk

high

Pre-revenue and capital-intensive company will likely need multiple rounds before exit, diluting common equity significantly.

Secondary Liquidity

none

No secondary market activity reported; illiquid until exit.

KC - Manufacturing — 1 role

View all 1 open roles at Spiritus →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “What are the key milestones to reach revenue and how does the $500M partnership translate into cash flow?”

  • 2

    “How does your sorbent compare to Climeworks or Carbon Engineering on cost and energy consumption?”

  • 3

    “What is the expected dilution from future rounds and what is the target liquidity timeline?”

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.