Phoenix Tailings valuation, funding and investors
Phoenix Tailings works in rare earth metals refining and production, based in Exeter, United States. Founded in 2019, it has about 134 employees.
- Last round
- Series B · $40.2M · Feb 2026
- Valuation at last round
- $287M · implied
- Headcount
- 134 · growing
- Grade
- C
- Founded
- 2019
Phoenix Tailings valuation today
VCMC values Phoenix Tailings at $381M today, with a range of $191M to $664M and a grade of C. The valuation starts from its last funding round, a Series B round in Feb 2026.
Valuation by date (97 rows)
Each point is what the model would have shown on that date, using only what was known then; before its first round, a company is valued as a startup because it later raised.
| Date | Valuation | Range | Predicted in 1 yr | Phase | Headcount | Trend | Grade | Winding-down probability |
|---|---|---|---|---|---|---|---|---|
| 1 Jan 2019 | $13.2M | $4.81M – $36.3M | $16.3M (+24%) | before first round | – | unknown | D | 0% |
| 1 Feb 2019 | $13.6M | $4.94M – $37.3M | $16.5M (+21%) | before first round | – | unknown | D | 0% |
| 1 Mar 2019 | $13.9M | $5.06M – $38.2M | $16.6M (+19%) | before first round | – | unknown | D | 0% |
| 1 Apr 2019 | $14.3M | $5.20M – $39.2M | $16.8M (+17%) | before first round | – | unknown | D | 0% |
| 1 May 2019 | $14.6M | $5.33M – $40.2M | $16.9M (+15%) | before first round | – | unknown | D | 0% |
| 1 Jun 2019 | $15.0M | $5.48M – $41.3M | $17.1M (+13%) | before first round | – | unknown | D | 0% |
| 1 Jul 2019 | $15.4M | $5.62M – $42.4M | $17.2M (+11%) | before first round | – | unknown | D | 0% |
| 1 Aug 2019 | $15.6M | $5.68M – $42.8M | $17.4M (+11%) | before first round | – | unknown | D | 0% |
| 1 Sep 2019 | $15.7M | $5.73M – $43.2M | $17.5M (+11%) | before first round | – | unknown | D | 0% |
| 1 Oct 2019 | $15.9M | $5.78M – $43.6M | $17.7M (+11%) | before first round | – | unknown | D | 0% |
| 1 Nov 2019 | $16.0M | $5.83M – $44.0M | $17.8M (+11%) | before first round | – | unknown | D | 0% |
| 1 Dec 2019 | $16.2M | $5.89M – $44.4M | $18.0M (+11%) | before first round | – | unknown | D | 0% |
| 1 Jan 2020 | $16.3M | $5.94M – $44.8M | $18.2M (+11%) | before first round | – | unknown | D | 0% |
| 1 Feb 2020 | $16.5M | $5.99M – $45.2M | $18.3M (+11%) | before first round | – | unknown | D | 0% |
| 1 Mar 2020 | $16.6M | $6.05M – $45.6M | $18.5M (+11%) | before first round | – | unknown | D | 0% |
| 1 Apr 2020 | $16.8M | $6.10M – $46.0M | $18.7M (+11%) | before first round | – | unknown | D | 0% |
| 1 May 2020 | $16.9M | $6.16M – $46.4M | $18.8M (+11%) | before first round | – | unknown | D | 0% |
| 1 Jun 2020 | $17.1M | $6.21M – $46.9M | $19.0M (+11%) | before first round | – | unknown | D | 0% |
| 1 Jul 2020 | $17.2M | $6.27M – $47.3M | $19.2M (+11%) | before first round | – | unknown | D | 0% |
| 1 Aug 2020 | $17.4M | $6.33M – $47.7M | $19.3M (+11%) | before first round | – | unknown | D | 0% |
| 1 Sep 2020 | $17.5M | $6.38M – $48.2M | $19.5M (+11%) | before first round | – | unknown | D | 0% |
| 1 Oct 2020 | $17.7M | $6.44M – $48.6M | $19.7M (+11%) | before first round | – | unknown | D | 0% |
| 1 Nov 2020 | $17.9M | $6.50M – $49.0M | $19.9M (+11%) | before first round | – | unknown | D | 0% |
| 1 Dec 2020 | $18.0M | $6.56M – $49.5M | $20.1M (+11%) | before first round | – | unknown | D | 0% |
| 1 Jan 2021 | $17.1M | $6.23M – $47.0M | $19.1M (+11%) | before first round | 11 | unknown | D | 0% |
| 1 Feb 2021 | $17.3M | $6.29M – $47.4M | $19.2M (+11%) | before first round | 11 | unknown | D | 0% |
| 1 Mar 2021 | $17.4M | $6.34M – $47.8M | $19.3M (+11%) | before first round | 11 | unknown | D | 0% |
| 1 Apr 2021 | $11.5M | $5.80M – $26.9M | $12.8M (+11%) | before first round | 6 | shrinking | C | 97% |
| 1 May 2021 | $11.6M | $5.85M – $27.1M | $12.9M (+11%) | before first round | 6 | shrinking | C | 97% |
| 1 Jun 2021 | $11.7M | $5.91M – $27.4M | $13.0M (+10%) | before first round | 6 | shrinking | C | 97% |
| 1 Jul 2021 | $11.8M | $5.96M – $27.6M | $13.1M (+10%) | before first round | 6 | shrinking | C | 97% |
| 1 Aug 2021 | $55.6M | $36.5M – $86.1M | $56.5M (+2%) | after a round | 6 | shrinking | B | 97% |
| 2 Aug 2021 | $55.6M | $36.5M – $86.1M | $56.5M (+2%) | after a round | 6 | shrinking | B | 97% |
| 1 Sep 2021 | $55.6M | $36.5M – $86.1M | $54.6M (-2%) | after a round | 6 | shrinking | B | 97% |
| 1 Oct 2021 | $55.7M | $36.5M – $86.1M | $52.8M (-5%) | after a round | 6 | shrinking | B | 97% |
| 1 Nov 2021 | $55.8M | $36.5M – $86.1M | $51.0M (-9%) | after a round | 6 | shrinking | B | 97% |
| 1 Dec 2021 | $55.9M | $36.5M – $86.1M | $49.4M (-12%) | after a round | 6 | shrinking | B | 97% |
| 1 Jan 2022 | $56.0M | $36.5M – $86.1M | $47.7M (-15%) | after a round | 6 | shrinking | B | 97% |
| 1 Feb 2022 | $56.1M | $36.5M – $86.1M | $46.1M (-18%) | after a round | 6 | shrinking | B | 97% |
| 1 Mar 2022 | $76.4M | $49.1M – $121M | $70.9M (-7%) | after a round | 23 | growing | B | 89% |
| 1 Apr 2022 | $78.7M | $49.1M – $126M | $73.4M (-7%) | after a round | 23 | growing | B | 82% |
| 1 May 2022 | $81.6M | $49.1M – $131M | $76.0M (-7%) | after a round | 23 | growing | B | 76% |
| 1 Jun 2022 | $85.4M | $49.1M – $136M | $78.5M (-8%) | after a round | 23 | growing | B | 70% |
| 1 Jul 2022 | $89.8M | $49.1M – $140M | $81.0M (-10%) | after a round | 23 | growing | B | 64% |
| 1 Aug 2022 | $95.1M | $49.1M – $145M | $83.4M (-12%) | after a round | 23 | growing | B | 59% |
| 1 Sep 2022 | $96.8M | $48.0M – $151M | $80.1M (-17%) | after a round | 23 | growing | B | 54% |
| 1 Oct 2022 | $98.5M | $47.3M – $156M | $82.3M (-16%) | after a round | 23 | growing | B | 50% |
| 1 Nov 2022 | $100M | $42.2M – $162M | $84.5M (-16%) | after a round | 23 | unknown | C | 46% |
| 1 Dec 2022 | $102M | $40.2M – $166M | $86.7M (-15%) | after a round | 23 | unknown | C | 42% |
| 1 Jan 2023 | $110M | $46.2M – $182M | $94.8M (-14%) | after a round | 31 | up | C | 39% |
| 1 Feb 2023 | $112M | $45.4M – $187M | $97.0M (-13%) | after a round | 31 | up | C | 36% |
| 1 Mar 2023 | $113M | $44.8M – $190M | $99.2M (-13%) | after a round | 31 | up | C | 33% |
| 1 Apr 2023 | $115M | $44.1M – $194M | $101M (-12%) | after a round | 31 | up | C | 30% |
| 1 May 2023 | $116M | $43.6M – $197M | $103M (-11%) | after a round | 31 | up | C | 28% |
| 1 Jun 2023 | $118M | $43.1M – $200M | $105M (-11%) | after a round | 31 | up | C | 26% |
| 1 Jul 2023 | $119M | $42.6M – $203M | $107M (-10%) | after a round | 31 | up | C | 24% |
| 1 Aug 2023 | $120M | $42.2M – $205M | $109M (-9%) | after a round | 31 | up | C | 22% |
| 1 Sep 2023 | $119M | $33.6M – $206M | $108M (-9%) | after a round | 31 | up | C | 20% |
| 1 Oct 2023 | $129M | $50.8M – $225M | $119M (-8%) | after a round | 44 | growing | C | 18% |
| 1 Nov 2023 | $131M | $51.0M – $226M | $121M (-8%) | after a round | 44 | growing | C | 17% |
| 1 Dec 2023 | $132M | $51.2M – $228M | $122M (-7%) | after a round | 44 | growing | C | 16% |
| 1 Jan 2024 | $133M | $51.4M – $229M | $124M (-7%) | after a round | 44 | growing | C | 14% |
| 1 Feb 2024 | $134M | $51.7M – $231M | $126M (-6%) | after a round | 44 | growing | C | 13% |
| 1 Mar 2024 | $157M | $59.1M – $238M | $157M (0%) | after a round | 46 | growing | C | 0% |
| 1 Apr 2024 | $157M | $59.2M – $238M | $157M (0%) | after a round | 46 | growing | C | 0% |
| 1 May 2024 | $157M | $59.3M – $238M | $157M (0%) | after a round | 46 | growing | C | 0% |
| 1 Jun 2024 | $157M | $59.4M – $238M | $157M (0%) | after a round | 46 | growing | C | 0% |
| 1 Jul 2024 | $157M | $59.5M – $238M | $157M (0%) | after a round | 46 | growing | C | 0% |
| 1 Aug 2024 | $157M | $17.2M – $238M | $144M (-8%) | after a round | 46 | flat | D | 0% |
| 1 Sep 2024 | $155M | $16.3M – $237M | $143M (-8%) | after a round | 46 | flat | D | 0% |
| 1 Oct 2024 | $154M | $15.6M – $235M | $142M (-8%) | after a round | 46 | flat | D | 0% |
| 1 Nov 2024 | $157M | $20.6M – $239M | $147M (-6%) | after a round | 50 | up | D | 0% |
| 1 Dec 2024 | $156M | $19.8M – $238M | $146M (-6%) | after a round | 50 | up | D | 0% |
| 1 Jan 2025 | $155M | $18.9M – $236M | $146M (-6%) | after a round | 50 | up | D | 0% |
| 1 Feb 2025 | $154M | $18.2M – $235M | $145M (-6%) | after a round | 50 | up | D | 0% |
| 1 Mar 2025 | $154M | $17.5M – $234M | $144M (-6%) | after a round | 50 | up | D | 0% |
| 1 Apr 2025 | $153M | $16.7M – $233M | $143M (-6%) | after a round | 50 | up | D | 0% |
| 1 May 2025 | $151M | $11.2M – $229M | $140M (-7%) | after a round | 50 | flat | D | 0% |
| 1 Jun 2025 | $150M | $10.6M – $228M | $139M (-7%) | after a round | 50 | flat | D | 0% |
| 1 Jul 2025 | $177M | $48.7M – $270M | $177M (0%) | after a round | 81 | growing | C | 0% |
| 1 Aug 2025 | $179M | $48.9M – $273M | $179M (0%) | after a round | 85 | growing | C | 0% |
| 1 Sep 2025 | $179M | $48.0M – $273M | $179M (0%) | after a round | 85 | growing | C | 0% |
| 1 Oct 2025 | $179M | $47.1M – $273M | $179M (0%) | after a round | 85 | growing | C | 0% |
| 1 Nov 2025 | $186M | $48.0M – $283M | $186M (0%) | after a round | 100 | growing | C | 0% |
| 1 Dec 2025 | $190M | $48.2M – $289M | $190M (0%) | after a round | 111 | growing | C | 0% |
| 1 Jan 2026 | $190M | $47.3M – $289M | $190M (0%) | after a round | 111 | growing | C | 0% |
| 1 Feb 2026 | $190M | $46.4M – $289M | $190M (0%) | after a round | 111 | growing | C | 0% |
| 20 Feb 2026 | $287M | $189M – $656M | $431M (+50%) | after a round | 111 | growing | C | 0% |
| 1 Mar 2026 | $290M | $189M – $656M | $431M (+48%) | after a round | 111 | growing | C | 0% |
| 1 Apr 2026 | $301M | $189M – $656M | $431M (+43%) | after a round | 111 | growing | C | 0% |
| 1 May 2026 | $311M | $189M – $656M | $431M (+39%) | after a round | 126 | growing | C | 0% |
| 1 Jun 2026 | $322M | $189M – $656M | $431M (+34%) | after a round | 126 | growing | C | 0% |
| 1 Jul 2026 | $332M | $189M – $656M | $431M (+30%) | after a round | 126 | growing | C | 0% |
| 1 Aug 2026 | $346M | $192M – $666M | $437M (+26%) | after a round | 135 | growing | C | 0% |
| 1 Sep 2026 | $359M | $192M – $666M | $437M (+22%) | after a round | 135 | growing | C | 0% |
| 1 Oct 2026 | $371M | $191M – $664M | $437M (+18%) | after a round | 134 | growing | C | 0% |
| 24 Oct 2026 | $381M | $191M – $664M | $437M (+15%) | after a round | 134 | growing | C | 0% |
Key facts about Phoenix Tailings
- Founded
- 2019
- Headquarters
- Exeter, United States
- Employees
- about 134 +34% in a year
- Total raised
- $552M
- Funding rounds
- 4
- Last round
- Debt Jun 2026
Phoenix Tailings was founded in 2019 by Anthony Balladon, Michelle Chao, Nicholas Myers and Thomas Villalón.
Phoenix Tailings funding history
Phoenix Tailings has 4 funding rounds on record, from Aug 2021 to Jun 2026, $552M in total. None disclosed a valuation.
Debt 16 Jun 2026no round page
Led by Office of Strategic Capital; with Pentagon.
Sources: globenewswire.com, war.gov, kfgo.com and 3 more
$500M
Series B 19 Feb 2026
Led by Olive Tree Capital; with Nomura, Traxys, Eni Next, Geodesic Capital, Aether VC, Envisioning Partners, MPower Partners.
Sources: phoenixtailings.com, phoenixtailings.com, finsmes.com and 4 more
$40M
Grant 4 Dec 2025no round page
Led by U.S. Department of Energy Advanced Research Projects Agency-Energy (ARPA-E).
Sources: phoenixtailings.com, finance.yahoo.com
$1.6M
$10M
Phoenix Tailings investors
11 investors have backed Phoenix Tailings; Office of Strategic Capital, Olive Tree Capital and U.S. Department of Energy Advanced Research Projects Agency-Energy (ARPA-E) led at least one round.
- Office of Strategic Capital lead
- U.S. Department of Energy Advanced Research Projects Agency-Energy (ARPA-E) lead
- Aether VC
- Eni Next
- Geodesic Capital
- Nomura
- Pentagon
- Traxys
What Phoenix Tailings does
Phoenix Tailings works in metal fabrication services, with 15 recorded offerings and customers in industrial and defense.
Phoenix Tailings, Inc. is a United States company engaged in rare earth refining and the development of domestic refining capacity for critical metals. The company operates as a vertically integrated entity, enabling the reconstruction of the rare earth supply chain from tailings to final metal and alloy, and is committed to sustainability and national security in its operations.
Description from Veridion's company data.
Products and services
- Rare Earth Metals Refining and Production
- Tailings-Based Metals Manufacturing
- Clean Mining Technology Implementation
- Rare Earth Supply Chain Reconstruction
- Critical Metals Manufacturing
- Domestic Metals Production Solutions
- Industrial Independence Enablement Services
- National Security Support Services
- Worker Safety Assurance Services
- Cost-Competitive Metals Manufacturing
- Sustainable Metals Production Solutions
- Technology Innovation and Development
- Defense and Military Systems Support Services
- Critical Metals Supply Chain Integration
- Clean Metals Processing Solutions
Markets
- Industrial
- Defense
Supply chain
- Sustainable Sourcing
- Vertical Integration
Business model
- Business-to-Business
- Manufacturing
Industry codes (NAICS)
- 331410 Nonferrous Metal (except Aluminum) Smelting and Refining 100% match
Questions about Phoenix Tailings
What is Phoenix Tailings worth?
Valuation $381M (range $191M to $664M), as of 24 Oct 2026.
Has Phoenix Tailings raised money?
Phoenix Tailings has 4 funding rounds on record, from Aug 2021 to Jun 2026, $552M in total. None disclosed a valuation.
Who has invested in Phoenix Tailings?
Office of Strategic Capital, Olive Tree Capital, U.S. Department of Energy Advanced Research Projects Agency-Energy (ARPA-E), Aether VC, Eni Next and Envisioning Partners, and 5 more. Lead investors include Office of Strategic Capital, Olive Tree Capital and U.S. Department of Energy Advanced Research Projects Agency-Energy (ARPA-E).
How many people work at Phoenix Tailings?
About 134, up 34% over the last year. Headcount grew from 11 in Jan 2021 to 134 in Sep 2026.
What does Phoenix Tailings do?
Phoenix Tailings works in metal fabrication services, with 15 recorded offerings and customers in industrial and defense. Its main offerings are rare earth metals refining and production, tailings-based metals manufacturing and clean mining technology implementation.
When was Phoenix Tailings founded, and where is it based?
Phoenix Tailings was founded in 2019 and is based in Exeter, United States. It has about 134 employees, up 34% over the last year.