Diligence memo · auto-generated · as of July 2, 2026
TMC the metals Co Inc.
TMC the metals Co Inc. looks over-valued against its niche peers and is dormant on financing cadence.
Businessfiled
TMC the metals Co Inc. operates in Other Energy, based in VANCOUVER.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
TMC the metals Co Inc. has raised $30M in disclosed capital across 1 recorded round, aggregated from public filings. Its latest round is modeled as Series B (a $15M–$40M round).
Largest single filing: $30M on 2022-08-12.
Most recent recorded round closed around 2022-08-12.
Valuation (modeled)modeled
Provath models TMC the metals Co Inc. at approximately $233M (range $72M–$597M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Over-valued. Modeled value is 1.88× the median modeled value of Series B Other Energy companies in 2022–2024 (44 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Last raise 3.9 yr ago; this sector typically re-raises about every 12 months.
Only one round on record and long silent — often defunct, acquired, or gone quiet.
Comparablesmixed
Capital scale ranks ahead of 86% of Other Energy peers (2049 compared).
Modeled value ranks above 90% of those peers.
Closest niche peers: Pineapple Holdings, Inc., JTEC Energy, Inc., Cherry Street Holding Company, LLC, Clean Hydrogen Works LA-1, L.L.C., Aether Fuels Pte. Ltd..
Peoplefiled
9 named people on file across officers, directors and signatories.
Risks & flagsmixed
Financing has been silent well beyond sector cadence — possibly defunct, acquired, or paused.
Modeled above niche peers — valuation risk on entry.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.