-43%

est. 2Y upside i

Climate TechSeries A

Rank

#182

Sector

Climate Technology

Est. Liquidity

~5Y

Data Quality

Data: Medium

Spiritus presents a strong upside opportunity driven by its disruptive DAC technology aiming for a 90% cost reduction in a massive and growing climate tech market.

Last updated: March 10, 2026

Bull (35%)+350%

Spiritus successfully scales its proprietary DAC technology, achieving the sub-$100/ton cost target and securing megaton-scale contracts for industrial decarbonization and carbon credits. Strategic partnerships with Aramco and Prometheus Hyperscale accelerate global deployment and data center integration, pushing valuation to over $560M, a 4.5x increase from current levels.

Base (40%)+100%

Spiritus makes steady progress on its pilot and Orchard One projects, demonstrating technical viability and attracting further funding. Market penetration is moderate, with some delays in achieving full cost reduction targets and navigating regulatory complexities. The company reaches a $250M+ valuation, a 2x return, as it solidifies its position in a growing but competitive market.

Bear (25%)-75%

Spiritus faces significant challenges in scaling its technology, with costs remaining higher than projected or regulatory hurdles delaying major projects like Orchard One. Increased competition from well-funded incumbents or alternative carbon removal technologies erodes market share, leading to a down round and a valuation of approximately $30M, wiping out most common stock value due to liquidation preferences.

Est. time to liquidity~5.0 years

Preference Stack Risk

severe

Funding Intensity

33%

Investors hold $41M in liquidation preferences ahead of common stock, meaning common shareholders would only see returns after the initial $41M is returned to preferred shareholders in an exit at or below the current $126M valuation.

Dilution Risk

high

As a Series A company in a capital-intensive sector, Spiritus will likely require additional significant funding rounds, leading to further dilution for existing common shareholders.

Secondary Liquidity

none

There is currently no active secondary market for Spiritus equity, and tender offers are unlikely for a company at this stage.

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

    “How is Spiritus planning to maintain its projected 90% cost advantage against established players like Climeworks and Carbon Engineering as the DAC market matures and competition intensifies?”

  • 2

    “Given the ambitious timelines for the New Mexico pilot and the 2-megaton Orchard One project, what are the critical milestones and potential bottlenecks the team anticipates in scaling these facilities, and how will their success impact future funding needs?”

  • 3

    “With $41M in total funding on a $126M valuation, indicating a severe preference stack, what is Spiritus's strategy for ensuring that common stock holders, particularly employees, will realize meaningful value in potential liquidity events over the next 2-5 years?”

Community

Valuation Sentiment

Our model estimates -43% 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.