Forge Nano
Definitive (DA signed)Information Technology · atomic layer deposition semiconductor equipment · Thornton, CO, US · founded 2011
- What it is
- Capital-equipment sales (ALD tools) + recurring toll-coating services + own-brand battery cell manufacturing; five customers were ~61% of revenue in 9M2025.
- What it’s doing now
- Merging with Archimedes Tech II (ATII) — definitive (da signed), announced Apr 20, 2026.
- What you should know
- The real share count puts the effective valuation 26% above the announced $1.2B. At 204.3× revenue the deal prices it above its listed peers, which trade at 21.76×.
The business, per its filings
SEC primaryAtomic-layer-deposition (ALD) company selling coating tools (Atomic Armor for powders, ALDx for semiconductor wafers), toll coating services, and — newly — battery cells. NOT a paper company, but very early commercially: audited FY2025 net sales were $7.4M, DOWN from $8.3M in FY2024, against a stated $1.2bn enterprise value, and gross profit was NEGATIVE ($3.9M gross LOSS on $7.4M of sales, i.e. it costs Forge Nano more to deliver its products than customers pay). Net loss $43.2M; accumulated deficit $129.1M; total stockholders' DEFICIT of $119.2M. Growth is underwritten by a $100M DOE grant plus a planned North Carolina battery plant, neither of which produced revenue in FY2025.
| Revenue | $7.4M (FY2025A) |
| Gross margin | -52.2% |
| Cash | $9.1M |
| Debt | $12M |
| Book value | $-119.2M |
Source: 425, accession 0001104659-26-087145 · as of Dec 31, 2025 · extraction confidence: high
What the company says about itself
Web research — not audited"Our Atomic Armor™ platform, enabled by our patented ALDˣ architecture, is redefining what's possible at the atomic level."
- Markets:
- Semiconductors | Energy Storage | Defense & Aerospace
- Products:
- Atomic Armor™ (powder ALD platform) | ALDˣ architecture | TEPHRA 200mm wafer ALD cluster tool | Semi ALD Systems | Powder ALD Systems | Lithium-ion batteries
- Customers:
- Sumitomo | General Motors | SBI | Samsung | LG | Rock Creek | Volkswagen | Mitsui | US Department of Defense
1) SCALE OF THE CUSTOMER LOGOS vs THE REVENUE. The website displays General Motors, Volkswagen, Samsung, LG, Sumitomo, Mitsui, SBI and the US Department of Defense. The S-4's audited statements show TOTAL FY2025 net sales of $7.4M across all customers, and disclose that five customers were ~61% of revenue in 9M2025 without naming any of them. Those logos are therefore relationships/investors/pilots, not a revenue base — the filing gives no support for reading them as material commercial customers. 2) DEFENSE & AEROSPACE IS A MARKETED VERTICAL WITH NO REPORTED SEGMENT. The site sells three verticals; the S-4's segment note reports only three revenue lines — Tool manufacturing & related services $4.6M, Coating services $1.4M, Battery manufacturing $1.3M — none of them defense. Defense revenue, if any, is not separately disclosed. 3) The site lists suite #110; the S-4 cover and co-registrant table both state suite #100 (immaterial, noted for completeness).
Source: https://www.forgenano.com/ · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
Forge Nano is merging with Archimedes Tech II (ATII), a $230M SPAC currently marked Deal announced and trading at $10.66 against $10.62 in trust per share.
| Headline equity value | $1.2B |
| Effective valuation (all shares) | $1.5B+26% vs headline |
| Sponsor promote | 22.3% |
| PIPE | ≈ $100M · unsourcedcommon + PIPE warrants at $10.00 exercise; conversion reference $7.28 or $5.00 depending on disclosed debt financing |
| Pro-forma shares | 150.6M |
| Post-close ticker | FRGE |
Structure per SEC accession(s) 0001437749-26-012856, 0001437749-26-017077. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
Priced above its listed peers
The deal values Forge Nano, Inc. at $1.51bn, or 204.3× the FY2025 actual revenue it actually reported. That is 9.4× what the market pays for its closest listed peers (median 21.76×) — an expensive price. It is priced above 83% of them.
Post-dilution equity + target net debt.
FY2025A — a reported actual.
204.3× FY2025 actual revenue. Put another way: $1 of its annual sales is being bought for $204.30.
$1 of their sales costs $21.76 on the open market. Median of 6 listed companies we judged a true comparable, which individually run from 3.04× to 757.92×. Their share prices are from 15 August 2026, not today.
What qualifies this number
- Struck on the post-dilution value of $1.51bn, not the announced $1.2bn — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- EUPX, SOTK, DFLI, QS have no revenue to divide by, so they are shown but left out of the peer median.
- NVTS shown for context only — not close enough to move the median.
- The peer group does not agree with itself: its revenue multiples run from 3.04× to 757.92×. A median drawn across that spread is a weak benchmark, so treat the verdict as a rough bearing, not a measurement.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| AMPX | Amprius Technologies, Inc. | $1.7B | 15.3x | — | Amprius is the closest revenue-stage match: a deSPAC advanced-battery materials/cell maker selling physical product into qualification-gated OEM programs at a low-tens-of-millions revenue base, i.e. the same 'real product, tiny revenue, enormous EV' profile as Forge Nano.more ▾less ▴ |
| EUPX | EUPEC International Group Ltd | — | — | — | Direct comp: Paints & Coatings; shares coating, services, for, its, and with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| SLDP | Solid Power, Inc. | $545M | 42.0x | — | Solid Power sells electrolyte MATERIALS and licenses process technology to battery OEMs rather than selling finished cells — the same materials-into-someone-else's-cell business model as Atomic Armor, at a comparable ~$20M revenue scale.more ▾less ▴ |
| SOTK | Sono-Tek Corp | $67M | — | — | Operational comp: Industrial Machinery; micro-cap ($67m); shares coating, equipment, customers, services, products, for with the target's own description; forward EV/Sales 3.2x.more ▾less ▴ |
| ENVX | Enovix Corporation | $972M | 28.2x | — | Enovix is a deSPAC silicon-anode cell manufacturer whose valuation rests on factory ramp rather than shipped revenue — the same 'capacity roadmap priced today' structure as Forge Nano's North Carolina plant.more ▾less ▴ |
| DFLI | Dragonfly Energy Holdings Corp | $37M | — | — | Operational comp: Batteries & Uninterruptable Power Supplies; micro-cap ($37m); shares battery, cell, cells, manufacturing, equipment, which with the target's own description; forward EV/Sales 0.9x.more ▾less ▴ |
| ATOM | Atomera Incorporated | $212M | 757.9x | — | Atomera commercialises an atomic-scale semiconductor materials process licensed into fabs at near-zero revenue — the only listed comp for the SEMICONDUCTOR half of Forge Nano's business, which the ATII Board's battery-only peer list leaves uncovered.more ▾less ▴ |
| SES | SES AI Corporation | $227M | 3.0x | — | SES AI is a deSPAC lithium-metal/materials-discovery company with single-digit-millions of revenue against a multi-hundred-million market cap, matching Forge Nano's revenue scale bucket almost exactly.more ▾less ▴ |
| EOSE | Eos Energy Enterprises, Inc. | $1.5B | 11.7x | — | Eos Energy is a deSPAC energy-storage manufacturer scaling a US plant on federal (DOE) support with negative gross margin on early production — the direct analogue to Forge Nano's $100M DOE grant, NC plant and $(3.9)M gross loss.more ▾less ▴ |
| QS | QuantumScape Corporation | $3.9B | — | — | QuantumScape is the pre-revenue anchor of the growth-stage battery cohort the ATII Board benchmarked against; it has no computable EV/Revenue and is kept as context for the cohort's valuation range rather than as a revenue comp.more ▾less ▴ |
| NVTScontext only | Navitas Semiconductor Corporati | $3.6B | 82.5x | — | Navitas is a growth-stage semiconductor company one scale bucket ABOVE Forge Nano and is fabless rather than a tool/coating supplier — directionally useful for what the market pays for semiconductor growth revenue, but not a business-model peer, so it is excluded from the median.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 15, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is Forge Nano going public?
Forge Nano has a signed merger with the SPAC Archimedes Tech II (ATII), announced Apr 20, 2026. The combined company expects to trade as FRGE. Deal status: Definitive (DA signed).
What is Forge Nano's SPAC deal valuation?
The announced headline equity value is $1.2B, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $1.5B, 26% above the headline.
Was Forge Nano bought at an expensive or a cheap valuation?
The deal values Forge Nano, Inc. at $1.51bn, or 204.3× the FY2025 actual revenue it actually reported. That is 9.4× what the market pays for its closest listed peers (median 21.76×) — an expensive price. It is priced above 83% of them.
Does Forge Nano have revenue?
The filings report a revenue figure of $7.4M (FY2025A).
Educational content, not investment advice.
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