Base Power in Talks to Raise Funds at $12 Billion Valuation

Base Power in Talks to Raise Funds at $12 Billion Valuation

Base Power, a three-year-old home-battery startup, is in talks to raise funds at a $12 billion valuation, according to a person with knowledge of the discussions. If the deal closes at that figure, it would mark a stunning threefold jump from the company’s last known valuation in under a year.

Ribbit Capital, which backed Base Power’s last funding round, has been in talks to lead the current round, signalling strong continued confidence from existing backers in the Austin-based startup’s momentum.

America’s Ageing Grid Is Driving the Bet

Base Power is focused on modernising the U.S. power grid by deploying distributed battery storage systems at homeowners’ residences. The model is straightforward but ambitious: install large home batteries, aggregate them into a virtual power plant, and sell electricity back to the grid during peak demand.

Base Power leases the batteries to homeowners, who pay between $695 and $995 upfront to install 25 kilowatt-hour or 50 kilowatt-hour batteries, both of which dwarf the competition.

The company scaled from 1,500 homes in July 2025 to 7,000 homes by December 2025, reflecting rapid deployment of its residential battery network across Texas. It is now pushing to expand beyond the state.

After generating roughly $12 million in revenue in 2025, Base Power is projecting $70 million in 2026. The Base Power $12 billion valuation funding round would place that revenue multiple at a significant premium a high-conviction wager that distributed grid infrastructure is worth financing at scale.

Base Power was co-founded by Zach Dell and Justin Lopas. Dell previously worked at Thrive Capital before turning his focus to the energy grid. The company has drawn backing from Andreessen Horowitz, Lightspeed, Addition, and CapitalG, among others.