Carbon removal, clean industrial processes, grid software, and climate adaptation.
Components that cannot be computed are dropped and the weights renormalize — never faked to neutral.
Undisclosed amounts count as zero capital; deals still count.
| # | Company | Valuation | Secondary vs Round | Last Round |
|---|---|---|---|---|
| 1 | Crusoe Energy Systems | $30B as of 2026-03 | +101.8% | 2025-10-23 |
| 2 | Switch | $11B as of 2022-Q4 | no mark | 2022-12-06 |
| 3 | Fervo Energy | $10B as of 2026-05 | +50.8% | 2024-09-01 |
| 4 | Octopus Energy | $8.7B as of 2025-12 | no mark | 2024-05-07 |
| 5 | Redwood Materials | $4.5B as of 2025-Q4 | -25.2% | 2025-10-22 |
| 6 | Aurora Solar | $4.4B as of 2022-Q1 | no mark | 2022-02-14 |
| 7 | Group14 Technologies | $3.0B as of 2025-Q3 | -56.4% | 2025-08-20 |
| 8 | TerraPower | $2.5B as of 2022-Q3 | no mark | 2022-08-01 |
| 9 | TAE Technologies | $2.5B as of 2025-Q2 | no mark | 2025-06-01 |
| 10 | Gradiant | $2.1B as of 2026-Q2 | +5.6% | 2026-05-17 |
| 11 | Climeworks | $1.9B as of 2025-Q3 | no mark | 2025-07-02 |
| 12 | Radiant | $1.8B as of 2025-Q4 | +11.7% | 2025-12-15 |
Methodology. Emerging Spaces groups the tracked private-company roster into curated thematic spaces and scores each space's momentum 0–100 from four disclosed-data components: trailing-90-day capital vs the prior 90 days (40%), deal-count acceleration on the same windows (25%), news activity per tracked company over 30 days (20%), and the median secondary-market premium to last round across the space's marked names (15%). Components that cannot be computed are dropped and the weights renormalize — the basis is disclosed per space. Quarterly trends derive from dated, disclosed rounds; undisclosed amounts count as zero capital. An attention map of disclosed activity — not a prediction, not investment advice.