Colossal Biosciences, the Dallas-based startup known for its de-extinction projects, is reportedly in talks to raise new capital at a valuation between $20 billion and $30 billion. The potential funding round, first reported by Axios, would mark a significant jump from the company’s $10.2 billion valuation last year.
No details have emerged about who might lead the round or how much money Colossal is seeking. The company, founded five years ago, has started generating revenue over the past year, though specifics remain unclear.
From fossils to revenue streams
Colossal’s ambitions extend beyond its headline-grabbing efforts to “resurrect” species like the woolly mammoth, dodo bird, and dire wolf. CEO Ben Lamm has outlined three primary revenue streams for the company, including partnerships with governments and spin-off ventures.
The startup has already spun out three separate companies. Breaking focuses on plastic degradation, while Form Bio offers a computational biology platform that raised $30 million in funding. Astromech, an AI-driven predictive modeling firm, was valued at $2 billion in March. Colossal also operates a nonprofit arm, the Colossal Foundation, which recently partnered with the University of Tasmania to combat a contagious facial cancer threatening Tasmanian devils.
Lamm has suggested that Colossal’s artificial womb technology, initially developed for animal conservation, could eventually find applications in human fertility. He told Rolling Stone in May that the technology might be ready as soon as next year.
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If Colossal succeeds in reintroducing extinct species to their native habitats, the company could tap into the emerging market for biodiversity credits—a system similar to carbon credits, where conservation efforts generate tradable assets.
Government ties and expanding targets
Colossal’s work has attracted interest from governments. The company has pitched its conservation technology to the U.S. government and the United Arab Emirates, which invested $60 million last year, according to Wired. In April, Colossal added the bluebuck antelope to its list of target species, bringing the total to six.
The startup’s headquarters in Dallas spans 55,000 square feet, housing teams working on genetic editing, AI modeling, and other deep-tech applications. While de-extinction remains its most visible project, the company’s broader focus on biotechnology and conservation tools has helped it attract investors amid a surge in interest for longevity and alternative energy startups.
Colossal’s rapid valuation growth reflects a broader trend in deep-tech funding, where companies with long-term, high-risk projects are securing larger sums based on potential rather than immediate profitability. Whether the company can deliver on its ambitious goals—or justify its lofty valuation—remains an open question, but its expanding portfolio of technologies and partnerships suggests it’s playing a long game.
For now, the startup has not commented on the reported fundraising talks.
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