ZAP · Zap Energy, Inc.
Nuclear — fusion (sheared-flow-stabilized Z-pinch); pivoting to dual fission microreactor + fusion
ZAP·Nuclear — fusion (sheared-flow-stabilized Z-pinch); pivoting to dual fission microreactor + fusionPre-IPO · Private
Zap Energy, Inc.

Zap Energy, Inc.

ConvictionWeak

Pre-revenue deep-tech R&D, VC/strategic-funded. No product sales today; pursues DOE milestone payments plus eventual power-plant/microreactor deployment. Builds proprietary pulsed-power Z-pinch devices (FuZE-Q, FuZE-3, Century test platform) toward scientific breakeven, and (announced Apr 2026) a modular fission system for grid-connected, distributed and industrial baseload.

Revenue
Not disclosedeffectively pre-revenue (DOE milestone payments + grants only, amounts not disclosed
Rev growth
n/a
Gross margin
n/apre-revenue
Op margin
n/apre-revenue; cash-burning R&D
Capex intensity
Very high — device/test-platform capital is the core spendFuZE-3, Century liquid-metal/pulsed-power rigs
Valuation
Last-round implied >$1BWEF Technology Unicorn, Jun 2023); Series D post-money not disclosed
Valuation trail
WEF Technology Unicorn mark — valued at >$1B (floor; exact figure undisclosed)
1 marks · Jun 2023Jun 2023
private — no public price
WEF Technology Unicorn mark — valued at >$1B (floor; exact figure undisclosed)
Priced round

Only ONE credibly disclosed valuation exists for Zap Energy (Seattle fusion/fission startup); confidence is low because it is a ">$1B" floor, not a precise post-money. Funding ROUNDS are well-documented but NONE published a post-money valuation: Series A ~$6.5M (Jul 2020); Series B $27.5M (May 2021, Addition/EIP/Chevron Technology Ventures/Lowercarbon); Series C $160M (Jun 2022, Lowercarbon/Breakthrough Energy Ventures/Shell/Valor/DCVC/EIP/Chevron); Series D $130M (announced Sep 26, 2024, led by Soros Fund Management with Emerson Collective/BAM Elevate/Mizuho/Leitmotif/Plynth/Xplor). Total raised ~$327M. The June 2023 WEF Technology Unicorn selection is the sole disclosed valuation signal and only states '>$1 billion' — I anchored valuationB=1.0 as the disclosed floor; the true post-money is unknown. SECONDARY-MARKET context (not a derivable valuation): Hiive reports the Sep 2024 Series D priced at $112.17/share, but no public share count exists to convert this to a company valuation, so it is NOT recorded as a point (would require inventing a share count). PitchBook/CB Insights/Forge/Caplight host this name but post-money figures sit behind paywalls and were not retrievable. DCVC and Chevron (Technology Ventures) were investors from Series B onward but none of their participating rounds disclosed a valuation. Per the honesty gate, undisclosed-valuation rounds are omitted rather than imputed.

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Not investment advice — analyst work product for a qualified professional.· intel vintage Q2 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence
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