The advanced materials sector is home to 15 unicorn startups, creating foundational technologies for various industries. This group is led by SpaceX, which designs and launches spacecraft, with a valuation of $400B.
The industry also includes companies focused on sustainability and new space exploration. For example, Redwood Materials has raised $4.2B to recycle batteries, while Sierra Space reached a $5B valuation since its founding in 2021.
Below is the full list of 15 Advanced Materials unicorn startups at this time.
Top 10 Most Valuable Advanced Materials Unicorns
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Get the Sheet for $50SpaceX designs, manufactures, and launches advanced rockets and spacecraft. They have pioneered reusable rocket technology to lower the cost of space access and operate the Starlink constellation for global satellite internet.
| Valuation | $400B (Joined December 2012) |
| Headquarters | Hawthorne, California, United States |
| Year Founded | 2002 |
| Founders | Elon Musk |
| Funding Amount | $11.8B |
| Company Size | Enterprise Organization (5,001+) |
| Last Funding Status | Venture Round |
| Top Investors | Sequoia Capital, Founders Fund, Craft Ventures, Valor Equity Partners, Andreessen Horowitz |
Redwood Materials is creating a circular supply chain for batteries by recycling end-of-life packs from consumer electronics and electric vehicles. They refine the recovered materials into anode and cathode components essential for manufacturing new, sustainable batteries.
| Valuation | $6B (Joined July 2021) |
| Headquarters | Carson City, Nevada, United States |
| Year Founded | 2017 |
| Founders | JB Straubel |
| Funding Amount | $4.2B |
| Company Size | Major Organization (1,001-5,000) |
| Last Funding Status | Series E |
| Top Investors | Valor Equity Partners, Eclipse Ventures, Amazon, Franklin Templeton, Fidelity |
Sierra Space builds commercial space technologies, including the reusable Dream Chaser spaceplane for cargo missions to low-Earth orbit. They are also developing the first commercial space station to create a business park in space.
| Valuation | $5B |
| Headquarters | Louisville, Colorado, United States |
| Year Founded | 2021 |
| Founders | Eren Ozmen, Fatih Ozmen |
| Funding Amount | $1.7B |
| Company Size | Major Organization (1,001-5,000) |
| Last Funding Status | Series B |
| Top Investors | Coatue, General Atlantic, MUFG Bank, BlackRock Private Equity Partners, AE Industrial Partners |
Hithium builds lithium-ion battery products designed for stationary energy storage applications. They are known for their focus on the entire production chain, from R&D of core materials to manufacturing complete battery systems.
| Valuation | $4B |
| Headquarters | Xiamen, Fujian, China |
| Year Founded | 2019 |
| Founders | Jason Wang |
| Funding Amount | CN¥6.5B |
| Company Size | Enterprise Organization (5,001+) |
| Last Funding Status | Private Equity |
| Top Investors | GoldStone Investment, CICC, CDH Investments, Matrix Partners China, Dayone Capital |
Fujian Deer Technology specializes in the research and production of high-purity electronic grade chemicals. These fluorine-containing materials are vital for manufacturing integrated circuits, display panels, and solar cells.
| Valuation | $3B |
| Headquarters | Longyan, Fujian, China |
| Year Founded | 2014 |
| Founders | — |
| Funding Amount | CN¥3.2B |
| Company Size | Large Team (251-1,000) |
| Last Funding Status | Venture Round |
| Top Investors | Shenzhen Capital Group, Tsinghua Holdings Capital, HSG, SDIC Venture Capital, State Grid Corporation of China |
ICON builds homes using a proprietary construction system that combines 3D printing, robotics, and advanced materials. They are known for their Vulcan printer, which makes homebuilding faster and more affordable while reducing waste.
| Valuation | $2B (Joined February 2022) |
| Headquarters | Austin, Texas, United States |
| Year Founded | 2017 |
| Founders | Jason Ballard |
| Funding Amount | $507.5M |
| Company Size | Large Team (251-1,000) |
| Last Funding Status | Series C |
| Top Investors | 8VC, Tiger Global Management, Bond, Norwest, Capital Factory |
Ascend Elements manufactures sustainable battery materials by recovering and upcycling elements from used lithium-ion batteries. Their process creates high-performance cathode materials for the electric vehicle industry, helping to build a circular battery supply chain.
| Valuation | $2B (Joined September 2023) |
| Headquarters | Westborough, Massachusetts, United States |
| Year Founded | 2015 |
| Founders | Diran Apelian, Eric Gratz, Yan Wang |
| Funding Amount | $1.8B |
| Company Size | Mid-Size Team (51-250) |
| Last Funding Status | Series D |
| Top Investors | Alumni Ventures, Hitachi Ventures, National Science Foundation, Temasek Holdings, TDK Ventures |
StoreDot develops extreme fast-charging battery technology for electric vehicles and drones. Their work aims to replace traditional lithium-ion components, allowing EVs to be fully charged in a matter of minutes.
| Valuation | $2B (Joined January 2022) |
| Headquarters | Herzliya, Tel Aviv, Israel |
| Year Founded | 2012 |
| Founders | Doron Myersdorf, Gil Rosenman, Simon Litsyn |
| Funding Amount | $184.5M |
| Company Size | Mid-Size Team (51-250) |
| Last Funding Status | Venture Round |
| Top Investors | Polestar, Vinfast, AltaIR Capital, Ola Electric, BP |
Vital Thin Film Materials develops and manufactures sputtering targets and evaporation materials for the vacuum coating industry. Their high-purity products are key components in the production of semiconductors and other advanced materials.
| Valuation | $2B |
| Headquarters | Guangzhou, Guangdong, China |
| Year Founded | 2017 |
| Founders | — |
| Funding Amount | CN¥5.7B |
| Company Size | Major Organization (1,001-5,000) |
| Last Funding Status | Series B |
| Top Investors | CICC, Cinda Securities, Zhuhai Huafa Group, BYD Company, Morgan Stanley |
Ouyeel operates a B2B trading platform for the steel industry, facilitating transactions for raw materials and finished goods. Their digital ecosystem also supports the supply chain with integrated logistics and financing services.
| Valuation | $1.45B (Joined June 2019) |
| Headquarters | Baoshan, Shanghai, China |
| Year Founded | 2016 |
| Founders | — |
| Funding Amount | $467.7M |
| Company Size | Large Team (251-1,000) |
| Last Funding Status | Series A |
| Top Investors | CITIC Securities, GLP, Linklogis, Mitsui & Co, China Merchants Venture Capital |
The Remaining 5 Advanced Materials Unicorns
The ten most valuable companies are just the beginning. Founders across the world are building billion-dollar businesses, particularly in China and Japan. These companies are all contributing to the future of materials in their own way. Here are the remaining unicorn startups to keep an eye on.
