Unicorns & thoroughbreds
Energy unicorns
Dealroom tracks 117 unicorns in Energy — companies that reached a verified $1B+ valuation — worth $479.9B combined, plus 56 thoroughbreds generating $100M+ in annual revenue. Updated September 2026.
117Unicorns ($1B+ valuation)
11Valued at $10B or more
56Thoroughbreds ($100M+ revenue)
$479.9BCombined unicorn valuation
Every Energy unicorn
All 117 companies in Energy that reached a verified $1B+ valuation, ranked by latest valuation. Click a company for its full Dealroom profile.
| # | Company | HQ city | Country | Founded | Valuation | Status |
|---|---|---|---|---|---|---|
| 1 | Bloom Energy | San Jose | United States | 2001 | $61B | IPO 2018 |
| 2 | Xylem | Washington DC | United States | 2011 | $29B | IPO 2011 |
| 3 | Sungrow Power Supply | Hefei | China | 1997 | $26B | IPO 2011 |
| 4 | First Solar | Tempe | United States | 1999 | $20B | IPO 2006 |
| 5 | EVE Energy | Huangshan City | China | 2001 | $19B | IPO 2009 |
| 6 | Sunrun | San Francisco | United States | 2007 | $16B | IPO 2015 |
| 7 | Helion Energy | Everett | United States | 2013 | $16B | Private |
| 8 | GoodLeap | Roseville | United States | 2003 | $12B | Private |
| 9 | Neoen | Paris | France | 2008 | $11B | IPO 2018 |
| 10 | Crusoe | Denver | United States | 2018 | $10B | Private |
| 11 | VoltaGrid | Houston | United States | 2020 | $10B | Private |
| 12 | X-energy | Rockville | United States | 2009 | $9.1B | IPO 2026 |
| 13 | Octopus Energy | London | United Kingdom | 2015 | $9B | Private |
| 14 | Kraken | London | United Kingdom | 2016 | $8.7B | Private |
| 15 | Sunnova | Houston | United States | 2012 | $8.3B | IPO 2019 |
| 16 | Sigenergy | China | China | 2022 | $8.2B | IPO 2026 |
| 17 | Fervo Energy | Houston | United States | 2017 | $6.6B | IPO 2026 |
| 18 | Enverus | Austin | United States | 1999 | $6.5B | Private |
| 19 | Commonwealth Fusion Systems | Harvard | United States | 2018 | $6B | Private |
| 20 | Ningbo Shanshan | Ningbo | China | 1992 | $5.8B | IPO 1996 |
| 21 | Back Market | Paris | France | 2014 | $5.5B | Private |
| 22 | Pacific Fusion | San Diego | United States | 2023 | $5.4B | Private |
| 23 | Scatec | Oslo | Norway | 2007 | $5B | IPO 2014 |
| 24 | Oklo | Sunnyvale | United States | 2013 | $4.9B | Public via SPAC 2023 |
| 25 | Advanced Disposal Services | Ponte Vedra Beach | United States | 2000 | $4.6B | IPO 2016 |
| 26 | Enphase Energy | Barstow | United States | 2006 | $4.6B | IPO 2012 |
| 27 | Fermi America | Lubbock | United States | 2025 | $4.5B | IPO 2025 |
| 28 | Stegra | Stockholms kommun | Sweden | 2020 | $4.1B | Private |
| 29 | Aurora Solar | San Francisco | United States | 2013 | $4B | Private |
| 30 | TerraPower | Bellevue | United States | 2008 | $3.9B | Private |
| 31 | Ayar Labs | Santa Clara | United States | 2015 | $3.8B | Private |
| 32 | Hithium | Xiamen | China | 2019 | $3.5B | Private |
| 33 | Vivint Solar | Provo | United States | 2011 | $3.2B | Private |
| 34 | Cognite | Tempe | United States | 2016 | $3.1B | Private |
| 35 | CanSemi | Guangzhou | China | 2017 | $3B | Private |
| 36 | Base Power | Austin | United States | 2023 | $3B | Private |
| 37 | Inxeption | Brisbane | United States | 2017 | $3B | Private |
| 38 | KoBold Metals | Berkeley | United States | 2018 | $3B | Private |
| 39 | Workrise | Austin | United States | 2014 | $2.9B | Private |
| 40 | Climeworks | Zurich | Switzerland | 2009 | $2.8B | Private |
| 41 | Proxima Fusion | Munich | Germany | 2023 | $2.6B | Private |
| 42 | TAE Technologies | Lake Forest | United States | 1998 | $2.6B | Private |
| 43 | SolarCity | San Mateo | United States | 2006 | $2.6B | IPO 2012 |
| 44 | CuspAI | Cambridge | United Kingdom | 2024 | $2.6B | Private |
| 45 | Jetti Resources | Boulder | United States | 2014 | $2.5B | Private |
| 46 | Enpal | Berlin | Germany | 2017 | $2.5B | Private |
| 47 | SolarEdge Technologies | Herzliya | Israel | 2006 | $2.5B | IPO 2015 |
| 48 | Antora Energy | Sunnyvale | United States | 2017 | $2.5B | Private |
| 49 | Gokin Solar | Zhuhai | China | 2019 | $2.4B | Private |
| 50 | Newcleo | Lyon | France | 2021 | $2.4B | Public via SPAC 2026 |
| 51 | 1KOMMA5° | Hamburg | Germany | 2021 | $2.4B | Private |
| 52 | Navitas Semiconductor | El Segundo | United States | 2013 | $2.3B | Public via SPAC 2021 |
| 53 | Altus Power | Stamford | United States | 2009 | $2.3B | Public via SPAC 2021 |
| 54 | Dynanonic | Shenzhen | China | 2007 | $2.2B | IPO 2019 |
| 55 | Standard Nuclear | Oak Ridge | United States | 2025 | $2.2B | IPO 2026 |
| 56 | NuScale Power | Corvallis | United States | 2007 | $2.1B | Public via SPAC 2021 |
| 57 | Aerospace Lithium Battery Technology | Yangzhou | China | 2020 | $2.1B | Private |
| 58 | Form Energy | Somerville | United States | 2017 | $2B | Private |
| 59 | Valar Atomics | El Segundo | United States | 2023 | $2B | Private |
| 60 | Gradiant | Woburn | United States | 2013 | $2B | Private |
| 61 | Smart Metering Systems | Glasgow | United Kingdom | 2009 | $1.9B | IPO 2011 |
| 62 | USA Rare Earth | New York City | United States | 2019 | $1.8B | Public via SPAC 2025 |
| 63 | SPIC Hydrogen Energy | Dongcheng District | China | 2017 | $1.8B | Private |
| 64 | Shanghai Meikesheng Energy Storage Technology | Tangshan City | China | — | $1.8B | Private |
| 65 | Shanghai Qiyuan Core Power Technology | Qingpu District | China | 2020 | $1.8B | Private |
| 66 | Shoals Technologies Group | Portland | United States | 1996 | $1.7B | IPO 2021 |
| 67 | Huasheng New Energy | Xuancheng | China | 2020 | $1.6B | Private |
| 68 | Energy Exemplar | Adelaide | Australia | 1999 | $1.6B | Private |
| 69 | PureCycle Technologies | Orlando | United States | 2015 | $1.6B | IPO 2021 |
| 70 | Eos Energy Enterprises | Edison | United States | 2007 | $1.5B | IPO 2020 |
| 71 | Lunar Energy | Mountain View | United States | 2020 | $1.5B | Private |
| 72 | Uplight | Boulder | United States | 2019 | $1.5B | Private |
| 73 | Arcadia | Washington DC | United States | 2014 | $1.4B | Private |
| 74 | PCG Power | Hangzhou | China | 2022 | $1.4B | Private |
| 75 | FoxESS | Wenzhou | China | 2019 | $1.4B | Private |
| 76 | Viewtrix Technology | Shenzhen | China | 2012 | $1.3B | IPO 2026 |
| 77 | OVO Energy | Bristol | United Kingdom | 2009 | $1.3B | Private |
| 78 | Voltus | San Francisco | United States | 2016 | $1.3B | Public via SPAC 2021 |
| 79 | Sidewalk Infrastructure Partners | New York City | United States | 2019 | $1.3B | Private |
| 80 | Terrestrial Energy | Charlotte | United States | 2013 | $1.2B | Public via SPAC 2025 |
| 81 | Bestpath | Qingpu District | China | 2019 | $1.2B | Public via SPAC 2023 |
| 82 | Renewable Japan | Tokyo | Japan | 2012 | $1.2B | IPO 2021 |
| 83 | Source Global | Tempe | United States | 2014 | $1.2B | Private |
| 84 | Plejd | Mölndals kommun | Sweden | 2009 | $1.2B | IPO 2016 |
| 85 | Summit Carbon Solutions | Ames | United States | 2021 | $1.1B | Private |
| 86 | Amarenco | Cork | Ireland | 2013 | $1.1B | Private |
| 87 | CMBlu Energy | Alzenau | Germany | 2014 | $1.1B | Private |
| 88 | Svante | Burnaby | Canada | 2007 | $1B | Private |
| 89 | Phenna | Nottingham | United Kingdom | 2018 | $1B | Private |
| 90 | Palmetto | Charlotte | United States | 2009 | $1B | Private |
| 91 | Nexamp | Boston | United States | 2007 | $1B | Private |
| 92 | Enverus Intelligence Research (formerly RSEG) | Calgary | Canada | 1998 | $1B | Private |
| 93 | Redaptive | Denver | United States | 2013 | $1B | Private |
| 94 | TechMet | Dublin | Ireland | 2017 | $1B | Private |
| 95 | EcoFlow | San Francisco | United States | 2016 | $1B | Private |
| 96 | Electric Hydrogen | Natick | United States | 2020 | $1B | Private |
| 97 | Innovyze | Monrovia | United States | 1996 | $1B | Private |
| 98 | Divert | Dayton | United States | 2007 | $1B | Private |
| 99 | Panthalassa | Portland | United States | 2016 | $1B | Private |
| 100 | Focused Energy | Darmstadt | Germany | 2021 | $1B | Private |
| 101 | Ceres | Horsham | United Kingdom | 2001 | $877M | IPO 2004 |
| 102 | Solax Power | Hangzhou | China | 1998 | $821M | IPO 2024 |
| 103 | Aihuishou | Huangpu | China | 2011 | $791M | IPO 2021 |
| 104 | Energy Vault | Lugano | Switzerland | 2017 | $631M | IPO 2022 |
| 105 | Shanghai Haiyouwei New Materials | Huangpu | China | 2009 | $476M | IPO 2021 |
| 106 | Li-Cycle | Toronto | Canada | 2016 | $433M | IPO 2020 |
| 107 | Stem | San Francisco | United States | 2009 | $340M | Public via SPAC 2021 |
| 108 | Aspen Aerogels | Northborough | United States | 2001 | $329M | IPO 2014 |
| 109 | View | Milpitas | United States | 2007 | $181M | Public via SPAC 2021 |
| 110 | Fuse Energy | London | United Kingdom | 2022 | $180M | Private |
| 111 | SmartRent | Scottsdale | United States | 2017 | $103M | Public via SPAC 2021 |
| 112 | Rubicon | Lexington | United States | 2008 | $79M | Private |
| 113 | LanzaTech | Skokie | United States | 2005 | $67M | Public via SPAC 2023 |
| 114 | Infinis Energy | Hardingstone | United Kingdom | 2006 | — | IPO 2013 |
| 115 | Solect Technology Group | Hopkinton | United States | 1993 | — | Private |
| 116 | Heliogen | Pasadena | United States | 2013 | $-18M | Public via SPAC 2021 |
| 117 | ERock | Houston | United States | 2006 | $-86M | IPO 2026 |
Thoroughbreds — the $100M+ revenue tier
Dealroom's revenue milestone: 56 Energy companies past $100M in annual revenue, proof of traction beyond paper valuations.
| # | Company | HQ city | Country | Founded | Valuation | Status |
|---|---|---|---|---|---|---|
| 1 | Enlight Renewable Energy | Tel Aviv-Yafo | Israel | 2008 | $16B | IPO 2010 |
| 2 | Trina Solar | China | China | 1997 | $7B | IPO 2006 |
| 3 | JA SOLAR | Baoshan District | China | 2005 | $6.6B | IPO 2007 |
| 4 | Ginlong Technologies | Ningbo | China | 2005 | $4.2B | IPO 2019 |
| 5 | Vita Coco | New York City | United States | 2003 | $3.6B | IPO 2021 |
| 6 | GCL-Poly Energy Holdings | Hong Kong | Hong Kong | 2006 | $3.5B | IPO 2007 |
| 7 | Ronbay Technology | Ningbo | China | 2014 | $3.4B | IPO 2019 |
| 8 | RENOVA Japan | Tokyo | Japan | 2000 | $3.1B | IPO 2017 |
| 9 | Easpring Material Technology | Dongcheng District | China | 2001 | $2.2B | IPO 2010 |
| 10 | Azure Power | New Delhi | India | 2008 | $1.7B | IPO 2016 |
| 11 | Beijing Jingyuntong Technology | Dongcheng District | China | 2002 | $1.4B | IPO 2011 |
| 12 | Inner Mongolia Xiaocao Digital Ecological Industry | China | China | 2001 | $1.4B | IPO 2024 |
| 13 | ENVIRIA | Frankfurt | Germany | 2017 | $1.2B | Private |
| 14 | EnergyVision | Ghent | Belgium | 2014 | $1.1B | IPO 2025 |
| 15 | IndiaMART | India | India | 1996 | $966M | IPO 2019 |
| 16 | Tibber | Sunnfjord | Norway | 2016 | $726M | Private |
| 17 | Deutsche Rohstoff AG | Heidelberg | Germany | 2006 | $512M | IPO 2010 |
| 18 | Opus Energy | Oxford | United Kingdom | 2002 | $449M | Private |
| 19 | Shinry Technologies | Shenzhen | China | 2005 | $447M | IPO 2018 |
| 20 | Bevi | Boston | United States | 2013 | $420M | Private |
| 21 | Venterra Group | London | United Kingdom | 2021 | $317M | Private |
| 22 | Jiangsu Tongda Power Technology | Dongcheng District | China | 2008 | $275M | IPO 2011 |
| 23 | Inspired | Preston | United Kingdom | 2000 | $256M | Private |
| 24 | Matsmart | Stockholms kommun | Sweden | 2014 | $251M | Private |
| 25 | Ekwateur | Paris | France | 2015 | $198M | Private |
| 26 | Aker Horizons | Bærum | Norway | 2020 | $184M | IPO 2021 |
| 27 | REC Silicon | Moses Lake | United States | 1996 | $179M | IPO 2006 |
| 28 | Effy | Paris | France | 2008 | $132M | Private |
| 29 | Umeme | Kampala | Uganda | 2005 | $113M | IPO 2012 |
| 30 | Otovo | Oslo | Norway | 2016 | $97M | IPO 2021 |
| 31 | Novedo Holding | Stockholms kommun | Sweden | 2020 | $91M | Private |
| 32 | SolTech Energy | Stockholms kommun | Sweden | 2006 | $77M | IPO 2015 |
| 33 | Holaluz | Barcelona | Spain | 2010 | $69M | IPO 2019 |
| 34 | Columbus Energy | Kraków | Poland | 2010 | $64M | Private |
| 35 | ESFORIN | Essen | Germany | 2014 | $50M | Private |
| 36 | Limejump | London | United Kingdom | 2014 | $24M | Private |
| 37 | Colabitoil Sweden AB | Gävle kommun | Sweden | 2013 | $23M | Private |
| 38 | DualSun | Marseille | France | 2009 | $22M | Private |
| 39 | Greenchoice | Rotterdam | Netherlands | 2001 | $1M | Private |
| 40 | Occhio | Munich | Germany | 1999 | — | Private |
| 41 | Vital Energi | Darwen | United Kingdom | 2000 | — | Private |
| 42 | Certinergy | Paris | France | 2008 | — | Private |
| 43 | Bulb | London | United Kingdom | 2014 | — | Private |
| 44 | OX2 | Stockholms kommun | Sweden | 2004 | — | IPO 2021 |
| 45 | Spark Energy | Selkirk | United Kingdom | 2006 | — | Private |
| 46 | Next Kraftwerke | Cologne | Germany | 2009 | — | Private |
| 47 | Landwärme | Munich | Germany | 2007 | — | Private |
| 48 | Lampiris | Liège | Belgium | 2003 | — | Private |
| 49 | Otary | Ostend | Belgium | 2011 | — | Private |
| 50 | Akuo Energy | Paris | France | 2007 | — | Private |
| 51 | Artec Aqua | Ålesund | Norway | 2002 | — | Private |
| 52 | Scanmetals | Slagelse | Denmark | 2012 | — | Private |
| 53 | URBASOLAR | Montpellier | France | 2006 | — | Private |
| 54 | Better Energy | Frederiksberg | Denmark | 2012 | — | Private |
| 55 | Spencer-Ogden | London | United Kingdom | 2010 | — | Private |
| 56 | Camlin | Lisburn | United Kingdom | 2011 | — | Private |
Frequently asked questions
How many Energy unicorns are there?
Dealroom tracks 117 Energy companies that reached a $1B+ valuation as of September 2026, worth $479.9B combined. 11 of them are valued at $10B or more.
What are the biggest Energy unicorns?
The three most valuable are Bloom Energy, Xylem, Sungrow Power Supply.
What counts as a unicorn — and what is a thoroughbred?
A unicorn is a company that reached a $1B+ valuation, verified by Dealroom. A thoroughbred is Dealroom's revenue-based tier: a startup-era company generating $100M+ in annual revenue — traction, not just paper valuation.