Companies · Mining & Resources

Code Metal, Inc.

BOSTON · Mining & Resources · refined from filed group “Other Technology

Diligence memoA one-page analyst read on Code Metal, Inc. — recommendation, valuation, rhythm, risks.
$181.9M
Total raised · real
5
Rounds
3.4×
Latest step-up
Top 2%
Sector rank · raised
Series D+
Latest stage · inferred · Wed Mar 11 2026 00:00:00 GMT+0000 (Coordinated Universal Time)

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.

Active
  • Last raise 4 mo ago; this sector typically re-raises about every 11 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

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.

Where it sits in Mining & Resources

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.

US
Jurisdiction
Rule 506(b)
Reg D exemption
12
Investors (latest)
2023
Year incorporated
2026-03-11
First sale
Amount raised vs valuation, by round

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.

Amount raised · realModeled valuation · estCumulative funded · real
$0$250M$500M$750M$1.0BSeed · 2023-12-13 Raised $3.1M (real) Modeled valuation $9.3M (est)$3.1M$9.3MSeed2023Series A · 2024-07-26 Raised $13M (real) Modeled valuation $37M (est)$13M$37MSeries A2024Series A · 2025-06-26 Raised $6.5M (real) Modeled valuation $17M (est)$6.5M$17MSeries A2025Series B · 2025-11-12 Raised $36M (real) Modeled valuation $135M (est)$36M$135MSeries B2025Series D+ · 2026-03-11 Raised $123M (real) Modeled valuation $815M (est)$123M$815MSeries D+2026+$13M+$6.5M+$36M+$123MCumulative $182M

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.

Financing ladder & sequence gaps
Seed$3.1M · 2023
Series A$12.8M · 2024
Series A extension$6.5M · 2025
Series B$36.5M · 2025
Series D+$123.0M · 2026no Series C on file

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%.

Modeled valuation trajectory
$815.1M
Base estimate est.
$662.1M
Conservative case
$933.4M
Upside case
$1.0B
Modeled post-money

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.

Seed · modeled $9.3M · 2023-12-132023Series A · modeled $37.1M · 2024-07-26Series A · modeled $17.1M · 2025-06-26Series B · modeled $135.0M · 2025-11-12Series D+ · modeled $815.1M · 2026-03-112026
Model inputs · modeled:benchmark-stage-stepup-v1
12%
Dilution assumption
Implied ownership sold in the financing.
81%
Survival probability
65% low · 89% high
0.95×/yr
Annual markup
1.07×/yr upside case
0.3 yr
Elapsed time used
0.3 yr actual, capped for stale marks
extractive
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
7 mo
Avg between rounds
$81.1M/yr
Capital velocity
2.6 yr
On record since
2023
First round
5
Rounds on file
How it compares to the market

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.

Total raised — vs sector median (real $, all stages) 79× above median
This company$181.9M
Sector median$2.3M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 1.1× above median
This company$123.0M
Sector median$113.5M
Modeled value — vs sector median (estimate, all stages) 322× above median
This company$815.1M
Sector median$2.5M

Raised more than 99% of sector peers (real $). Modeled value above 99% of peers (estimate).

Niche peers — same stage & era

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.

CompanyStageRaised · realValue · estvs peer med.
Code Metal, Inc. this companySeries D+$181.9M$815.1M1.36×
Hycroft Mining Holding CorpSeries D+$165.9M$387.8M0.64×
Full financing history

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.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Seed$3.1M2023-12-13$15.8M$9.3M90%
Series A$12.8M2024-07-26$58.3M$37.1M90%
Series A$6.5M2025-06-26$29.5M$17.1M90%
Series B$36.5M2025-11-12$202.6M$135.0M90%
Series D+$123.0M2026-03-11$1.0B$815.1M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Seed$3.1M2023-12-13
    • First recorded raise — entered as Seed.
    • 4 investors on this round.
  2. Series A$12.8M2024-07-26
    • Raised 7 mo later, in step with the ~11 mo sector norm.
    • Round 4.1× larger than the prior — scaling up.
    • 6 investors on this round.
  3. Series A$6.5M2025-06-26
    • Raised 11 mo later, in step with the ~11 mo sector norm.
    • Round 2.0× smaller than the prior — bridge or down round.
    • 4 investors on this round.
  4. Series B$36.5M2025-11-12
    • Came back fast: 5 mo vs the ~11 mo sector norm.
    • Round 5.6× larger than the prior — scaling up.
    • 15 investors on this round.
  5. Series D+$123.0M2026-03-11
    • Came back fast: 4 mo vs the ~11 mo sector norm.
    • Round 3.4× larger than the prior — scaling up.
    • 12 investors on this round.
Intelligence
2026 ~Q4
Modeled next raise · ~7mo cadence
$369.0M
Modeled next size est.range $239.8M$590.4M
3.4×
Last step-up
$81.1M/yr
Capital velocity

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.

Key people & operators

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.

PersonRoleAlso runsTied since
William Meris2 other2023-12
Peter Morales1 other2023-12
Alexander Alexander Harstrick2024-07
Michael Alexander Brown2024-07
Richard Alexander Showalter-Bucher2023-12
Ryan Alexander Aytay2026-03
Steve Alexander Loughlin2025-11
Registry & provenance

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.

United States
Country of record
US
Jurisdiction
2001452
SEC CIK
2023
Incorporated
Similar companies

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.

CompanySectorStageRaised · realValue · estWhy similar
MINERALRITE CorpMining & ResourcesSeries D+$180.0M$1.1Bsame sector · same stage
Hycroft Mining Holding CorpMining & ResourcesSeries D+$165.9M$387.8Msame sector · same stage
Desktop Metal, Inc.Mining & ResourcesSeries D+$207.4M$796.4Msame sector · same stage
Imperial Metals CorpMining & ResourcesSeries D+$141.9M$93.9Msame sector · same stage
Hut 8 Mining Corp.Mining & ResourcesSeries D+$109.6M$530.8Msame sector · same stage
High Power Exploration Inc.Mining & ResourcesSeries D+$503.0M$1.2Bsame sector · same stage
Foran Mining CorpMining & ResourcesSeries C$152.1M$42.2Msame sector
Gold Reserve LtdMining & ResourcesSeries C$250.4M$370.6Msame sector
Semantically similar

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.

CompanySectorStageValue · estMatch
Metal Oxide Technologies LLCMining & ResourcesSeries B$126.6M87%
Mines.Io Inc.Mining & ResourcesSeries A$32.2M85%
US Digital Mining Corp.Mining & ResourcesPre-Seed$4.7M85%
Metal Powder Works LtdMining & ResourcesSeed$7.7M85%
American Strategic Metals Corp.Mining & ResourcesSeries A$34.4M85%
CellTech Metals Inc.Mining & ResourcesSeed$889K85%
Desktop Metal, Inc.Mining & ResourcesSeries D+$796.4M84%
Liquid X Printed Metals, Inc.Mining & ResourcesSeed$4.9M84%
Frequently asked
How much funding has Code Metal, Inc. raised?
Code Metal, Inc. has raised approximately $181.9M in disclosed capital across 5 recorded financing rounds, aggregated from public filings.
What is Code Metal, Inc.'s estimated valuation?
Provath's modeled valuation for Code Metal, Inc. is approximately $815.1M (modeled range $662.1M–$933.4M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Code Metal, Inc. at?
Code Metal, Inc.'s latest modeled financing stage is Series D+. Its most recent recorded round closed around Wed Mar 11.
What does Code Metal, Inc. do and where is it based?
Code Metal, Inc. operates in the Mining & Resources sector, based in BOSTON.
Explore related

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