Energy — sector dashboard · fobi

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Funding & analysis

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Total Raised

Round sizes
Mega-rounds ($500M+) dominate 2026–2025: CFS $4.0B Series C, Form Energy $750M Series G, Base Power $1.0B Series D, Crusoe $1.4B Series E. Seed-stage activity collapsed since 2024; median round size for late-stage deals now exceeds $300M. Growth rounds increasingly bridge toward IPO.
Stage mix
Late-stage capital concentration intensified. Series D+ accounts for 68% of total 2025–2026 volume by count. Post-IPO and growth rounds proliferate (Eos, Kairos, TAE, TerraPower); Series A–B activity sparse. Convertibles and debt rounds emerge as bridges for mature portfolio companies.
Lead investors
Samsung C&T, Lightspeed Venture Partners, and B Capital lead recent syndications. SoftBank Vision Fund 2 and Mubadala Capital re-entered after dormancy. Breakthrough Energy Ventures, Khosla, and early-stage arms faded; traditional tech VCs (Andreessen Horowitz, Coatue) retreated from energy post-2022.