Form Energy Raised $750 Million and Is Preparing for an IPO

Form Energy, a US developer of iron-air batteries for multi-day grid storage, announced a $750 million Series G on August 12, 2026. T. Rowe Price led the round, and Axios put the pre-money valuation at $1.75 billion, lower than in the previous round. The company has not filed for an IPO, but reports point to a listing in 2027.

What did Form Energy announce?

A $750 million equity round led by T. Rowe Price, which also led the previous one, plus two senior hires.

According to the company's announcement, the new investors are Sequoia Capital, Janus Henderson, Franklin Templeton and PEAK6 Investments. The money will fund the manufacturing scale-up in Weirton, West Virginia, and commercial deployments. Navneet Govil, previously CFO of SoftBank Investment Advisers, became chief financial officer in charge of capital formation and investor relations; Wes Sloan, from Panasonic Energy North America, became chief operating officer.

What does Form Energy make?

Batteries that store electricity for days rather than hours, using what the company calls reversible rusting.

On its technology page, Form Energy says the system stores and discharges energy for up to 100 hours and is made from iron, water and air: discharging turns iron into rust, charging turns it back. Earlier in 2026 the backlog rose from about 20 GWh to about 80 GWh; named customers are the utility Xcel Energy, Google, the AI data-center developer Crusoe and FuturEnergy Ireland.

Was the Series G a down round?

Yes, based on reported figures. Form Energy has not disclosed its valuation, but Axios reported $1.75 billion pre-money, against about $3 billion in the Series F.

If all $750 million came in at that price, the post-money valuation would be about $2.5 billion; that is our arithmetic, explained in pre-money and post-money. An investor quoted by Latitude Media called it a "lagging indicator" of tighter private markets and an AI-focused capital cycle rather than a verdict on the technology.

Is Form Energy preparing for an IPO?

Reports say so, but the company has not announced a listing, and SEC EDGAR has no public S-1 for it.

In January 2026, Axios reported a round of up to $500 million meant to carry Form Energy into a 2027 IPO, Latitude Media wrote; the final round was $750 million. CEO Mateo Jaramillo named no fixed timeline: "We want to be ready in case the market is there for it." In June, Axios Pro reported, citing sources, that the company had chosen JPMorgan and Jefferies to lead the offering. Buying shares at this stage is a pre-IPO investment.

What are the risks?

• No IPO date. The listing is reported, not announced, and depends on the market.
• Valuation. The latest round priced the company below the previous one.
• Execution. Revenue depends on scaling up the factory and delivering large projects on time.
• Liquidity. Private shares are hard to sell before an exit; see private market liquidity.

Update (October 2026): On September 21, 2026, Form Energy closed a $270 million credit facility from eight banks, expandable to up to $1 billion of total credit (Form Energy; details in our article on the credit facility). As of October 21, 2026, EDGAR showed no public S-1 for the company.