Companies · Mining & Resources
BOSTON · Mining & Resources · refined from filed group “Other Technology”
Diligence memoA one-page analyst read on Code Metal, Inc. — recommendation, valuation, rhythm, risks.→Code Metal, Inc. has raised $182M over 5 rounds; too few niche peers to rank its valuation yet.
Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the extractive sector profile.
Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.
No named principal in this company's public records yet — see all operators below.
Explore how these operators interlock with other companies in the operator network.
Code Metal, Inc. is one of 701 Mining & Resources companies tracked from BOSTON. By capital raised it ranks among the largest (ahead of 99% of sector peers), and among the largest by modeled valuation est..
Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.
As reported in public records reported — not modeled.
Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.
The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.
Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Series C — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 67%.
Round size and date are reported; the stage label is inferred from round size (latest is Series D+ — a $100M–$400M round). Valuation is modeled from stage benchmarks scaled by the extractive sector profile. Directional, not a quoted figure.
Benchmarked against 701 companies in Mining & Resources. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.
Raised more than 99% of sector peers (real $). Modeled value above 99% of peers (estimate).
A tighter cohort than the sector chart above — only companies at the same stage (Series D+) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful.
Not enough valued peers in this cohort to chart positioning.
| Company | Stage | Raised · real | Value · est | vs peer med. |
|---|---|---|---|---|
| Code Metal, Inc. this company | Series D+ | $181.9M | $815.1M | 1.36× |
| Hycroft Mining Holding Corp | Series D+ | $165.9M | $387.8M | 0.64× |
Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.
| Stage | Amount · real | Announced | Post-money · est | Value · est | Conf. |
|---|---|---|---|---|---|
| Seed | $3.1M | 2023-12-13 | $15.8M | $9.3M | 90% |
| Series A | $12.8M | 2024-07-26 | $58.3M | $37.1M | 90% |
| Series A | $6.5M | 2025-06-26 | $29.5M | $17.1M | 90% |
| Series B | $36.5M | 2025-11-12 | $202.6M | $135.0M | 90% |
| Series D+ | $123.0M | 2026-03-11 | $1.0B | $815.1M | 90% |
Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.
Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.
Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.
| Person | Role | Also runs | Tied since |
|---|---|---|---|
| William Meris | — | 2 other | 2023-12 |
| Peter Morales | — | 1 other | 2023-12 |
| Alexander Alexander Harstrick | — | — | 2024-07 |
| Michael Alexander Brown | — | — | 2024-07 |
| Richard Alexander Showalter-Bucher | — | — | 2023-12 |
| Ryan Alexander Aytay | — | — | 2026-03 |
| Steve Alexander Loughlin | — | — | 2025-11 |
Code Metal, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.
Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.
| Company | Sector | Stage | Raised · real | Value · est | Why similar |
|---|---|---|---|---|---|
| MINERALRITE Corp | Mining & Resources | Series D+ | $180.0M | $1.1B | same sector · same stage |
| Hycroft Mining Holding Corp | Mining & Resources | Series D+ | $165.9M | $387.8M | same sector · same stage |
| Desktop Metal, Inc. | Mining & Resources | Series D+ | $207.4M | $796.4M | same sector · same stage |
| Imperial Metals Corp | Mining & Resources | Series D+ | $141.9M | $93.9M | same sector · same stage |
| Hut 8 Mining Corp. | Mining & Resources | Series D+ | $109.6M | $530.8M | same sector · same stage |
| High Power Exploration Inc. | Mining & Resources | Series D+ | $503.0M | $1.2B | same sector · same stage |
| Foran Mining Corp | Mining & Resources | Series C | $152.1M | $42.2M | same sector |
| Gold Reserve Ltd | Mining & Resources | Series C | $250.4M | $370.6M | same sector |
Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.
| Company | Sector | Stage | Value · est | Match |
|---|---|---|---|---|
| Metal Oxide Technologies LLC | Mining & Resources | Series B | $126.6M | 87% |
| Mines.Io Inc. | Mining & Resources | Series A | $32.2M | 85% |
| US Digital Mining Corp. | Mining & Resources | Pre-Seed | $4.7M | 85% |
| Metal Powder Works Ltd | Mining & Resources | Seed | $7.7M | 85% |
| American Strategic Metals Corp. | Mining & Resources | Series A | $34.4M | 85% |
| CellTech Metals Inc. | Mining & Resources | Seed | $889K | 85% |
| Desktop Metal, Inc. | Mining & Resources | Series D+ | $796.4M | 84% |
| Liquid X Printed Metals, Inc. | Mining & Resources | Seed | $4.9M | 84% |
See where Code Metal, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.
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