Diligence memo · auto-generated · as of July 2, 2026
Code Metal, Inc.
Code Metal, Inc. has raised $182M over 5 rounds; too few niche peers to rank its valuation yet.
Businessfiled
Code Metal, Inc. operates in Mining & Resources, based in BOSTON.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Code Metal, Inc. has raised $182M in disclosed capital across 5 recorded rounds, aggregated from public filings. Its latest round is modeled as Series D+ (a $100M–$400M round).
Largest single filing: $123M on 2026-03-11.
Most recent recorded round closed around 2026-03-11.
Valuation (modeled)modeled
Provath models Code Metal, Inc. at approximately $815M (range $662M–$934M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Too few comparable companies in this niche to rank the valuation fairly yet.
Financing rhythm & timingmixed
Historic cadence: a new round about every 7 months.
Last raise 4 mo ago; this sector typically re-raises about every 11 months.
Raising on or ahead of the sector's normal rhythm.
The last round stepped up 3.4× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 99% of Mining & Resources peers (701 compared).
Modeled value ranks above 99% of those peers.
Closest niche peers: Hycroft Mining Holding Corp.
Peoplefiled
7 named people on file across officers, directors and signatories.
Risks & flagsmixed
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.