Solid-state transformers to modernize the electric grid for data centers, solar, and storage.
Heron Power builds solid-state transformers - software-defined power electronics that replace century-old electromechanical transformers - to modernize and speed up grid interconnection for data centers, solar, and battery storage. Founded in 2025 by former Tesla powertrain and energy lead Drew Baglino, it raised a $140M Series B in February 2026 co-led by Andreessen Horowitz's American Dynamism fund and Breakthrough Energy Ventures, following a $38M Series A in May 2025, to build a US solid-state transformer manufacturing facility. Total raised is about $178M; valuation terms were not disclosed.
Energy📍 Scotts Valley, California, USAFounded 2025
Current Valuation
Private
as of 2026-Q1
PRIVATE
QL Price
$1.0B
0% vs last round
QuantLogix's current estimate for Heron Power, published 2026-09-21 — in line with the last disclosed round of $1.0B (2026-04).
Confidence
low
Basis
round anchored
What backs this price
Last disclosed round
$1.0B
2026-04
weight 0.72
How this price has held up
No round has priced for Heron Power since QuantLogix began publishing a price for it, so there is nothing to grade yet. The claim above is on the record from 2026-09-21 and will be graded against the next priced round. See the full accuracy record →
Which publicly-traded funds already hold it, what $10,000 buys, and whether any route is open to you.
Cite this price as QuantLogix QL Price, Heron Power, 2026-09-21 (8ba1e5e3e2bf6597).
The id pins this exact claim, so a citation stays checkable after the price moves.
Model estimate for research — not a quote, target price, or investment advice.
IPO Outlookprivate
Is Heron Power going public?
No. Heron Power is private and has not filed to go public. There is no S-1 on file.
What is Heron Power's valuation in 2026?
No confirmed valuation is on record for Heron Power. The roster shows funding and investors where they are public; it does not estimate a mark.
Has Heron Power filed an S-1?
No public S-1 is on file for Heron Power.
Who are Heron Power's investors?
Heron Power's investors include Andreessen Horowitz (American Dynamism), Breakthrough Energy Ventures, Capricorn Investment Group, Energy Impact Partners, Gigascale Capital.
Can you buy Heron Power stock?
No. Heron Power is a private company — its shares are not listed on any exchange and there is no ticker. The routes to exposure are pre-IPO secondary marketplaces and funds (accredited investors), employee tender offers when the company runs one, and public companies with read-through exposure. QuantLogix maps every route it can verify for Heron Power on its Pre-IPO Access Desk.
Answers are derived from the roster record shown on this page — filing status, last round and confirmed marks. Where the record is silent, the answer says so rather than guessing.
Company Profile
CEO
Drew Baglino
Founded
2025
HQ
Scotts Valley, California, USA
Total Raised
$178M
Last Round
Series B — $140M (Feb 2026) · Lead: Andreessen Horowitz (American Dynamism) / Breakthrough Energy Ventures
IPO Status
private
Fundraising Status
Series B · $140M · 7 mo ago
privateTotal raised $178M2 disclosed rounds
Growth & Valuation
Capital raised per round
Charts built from publicly disclosed funding rounds and revenue estimates. Approximate, not real-time, not investment advice.
Funding History
Round
Amount
Date
Lead Investor
Post-Money
Series B
$140M
Feb 2026
Andreessen Horowitz (American Dynamism) / Breakthrough Energy Ventures
—
Series A
$38M
May 2025
Capricorn Investment Group
—
Talent Signal
Hiring trend
▲ Hiring uptrend
+22% vs 2026-08
Open roles
45
via ashby
Product-build share
82%
engineering, research, product, design
Trajectory
expanding
heavy product build — 82% of open roles are product-building functions (engineering/research/product) — 18 of 45 open roles are engineering.
No tracked executive churn; open roles trending up.
Open roles by month
Open roles by function
■ product-building ■ go-to-market / G&A
Mechanical Engineer, Power ElectronicsTest Engineer – Power ElectronicsEngineering TechnicianMechanical Engineer, Industrial EnclosuresIntern, Power Electronics Engineer, Fall 2026Senior/Staff Power Electronics Engineer
Counted from Heron Power's live job board as of 2026-09-14; role functions classified from posting titles. Open-role counts are an activity signal, not headcount. Refreshed monthly.
Founders & Key People
Drew Baglino
Investors
Andreessen Horowitz (American Dynamism) · Breakthrough Energy Ventures · Capricorn Investment Group · Energy Impact Partners · Gigascale Capital
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2026-Q1. Refreshed quarterly.