Ending 2025 with Momentum

As we bring 2025 to a close, we want to share our sincere gratitude: thank you.

Thank you to the founders who spent another year building through complexity. Thank you to our courageous group of LPs for your long-term partnership. And thank you to the broader ecosystem that continues to show us, through your many actions, that now is the time to double down and move faster.

Progress isn’t always linear, but it is increasingly tangible. Across our portfolio in 2025, we saw companies build incredible products, raise follow-on capital in competitive rounds, and announce major contracts with top-tier customers.

These moments matter because they signal something deeper: even with a difficult and rapidly evolving backdrop, our portfolio is performing, including these highlights:

• KoBold Metals raised an additional $160M+ to accelerate AI-driven critical minerals discovery, and announced its second major project.
• Etched sped towards bringing its transformer-optimized AI chip to production. (More to come on that soon!)
• Vaulted Deep signed one of the largest ever carbon removal deals to deploy their technology, which injects organic waste deep underground.
• SuperCircle raised a $24M Series A to scale their retail waste management operating system. They continue to deliver for an impressive list of customers, including J.Crew, GUESS, Reformation, FIGS, and Parachute Home.
• Ceramic.ai emerged from stealth in March 2025, publicly launching its platform. The company aims to make training enterprise-tailored LLMs significantly faster, less expensive, and more scalable than existing solutions.
• Mitra Chem continued progress toward domestic battery materials scale-up, supported by major public sector and strategic backing.

We made follow-on investments in several of these companies in 2025, with another expected before year end. We sourced over 700 companies between our network and our proprietary data system. And we’re very excited about our four latest investments that are riding powerful technology waves: AI, critical minerals, and a new one - space.

• Emerald AI is speeding up data center interconnection with demand flexibility, turning large loads from a grid liability into an asset.
• Unlimited Industries is building an AI native EPC firm, reducing costs and shrinking timelines for projects like data centers and critical mineral facilities.
• Hubble Network is enabling Bluetooth communication to space, creating a step change in remote connectivity.
• Mariana Minerals is a software‑first, vertically integrated mining company, supplying critical minerals needed for energy and AI.

We also have a new opportunity to share with you: Earthshot Ventures is hiring an Analyst to join our team. If you know someone interested in a front row seat to innovation and investing, we would love to hear from you.

We wish you a joyful close to the year and a strong start to 2026.

Cheers,

Dawn Lippert, Mike Jackson, Matt Logan, and the Earthshot Ventures Team

P.S. I recently published an op-ed on the future of the environmental movement and how it can help unleash innovation. We invite you to read the piece and engage in the dialogue here.

‍