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Nth Cycle

Definitive (DA signed)

Industrials · critical minerals refining and battery materials processing

What it is
A private company in industrials preparing to list via a SPAC merger. Full profile in progress.
What it’s doing now
Merging with Kensington Capital Acquisition Corp. VI (KCAC) — definitive (da signed), announced Jul 21, 2026.
What you should know
The real share count puts the effective valuation 85% above the announced $507M. The deal carries a $75M minimum-cash condition — heavy redemptions can break it.
Profile in progress — we only publish what we can verify in filings, and for this company that work isn’t finished. Identity and deal facts above are current; business detail, financials and peers will appear as the filings are parsed.

What the company says about itself

Web research — not audited

Nth Cycle refines mined and recycled materials to produce essential metals for strategic industries including artificial intelligence, defense, energy, and technology. The company utilizes its patented electroextraction platform and modular OYSTER® system to deliver a cheaper, faster, and cleaner alternative to traditional centralized refining for battery materials, rare earth elements, and copper.

Markets:
Artificial Intelligence | Defense | Energy | Technology | Battery Materials | Rare Earth Elements | Copper
Products:
OYSTER® System | Electroextraction Platform
What our web check found

[WEB-INTEL 2026-08-21] 3 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Nth Cycle Inc. has agreed to a definitive business combination with Kensington Capital Acquisition Corp." [https://resource-recycling.com/e-scrap/2026/07/22/nth-cycle-joins-spac-to-ipo-in-us-critical-minerals-push/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "announced on July 22, 2026 that it will go public through a merger with Kensington Capital Acquisition Corp. VI (NYSE: KCAC)." [https://cleantech.com/nth-times-the-charm-a-look-at-nth-cycles-spac/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The merger will value Nth Cycle at an enterprise value of $585 million." [https://www.reuters.com/legal/transactional/critical-mineral-refiner-nth-cycle-go-public-585-million-spac-deal-2026-07-22/]

Source: https://nthcycle.com/ · captured Aug 21, 2026 · marketing claims are reported as claims, never merged into the filed figures above.

The deal it’s entering

Nth Cycle is merging with Kensington Capital Acquisition Corp. VI (KCAC), a $230M SPAC currently marked Deal announced.

Headline equity value$507M
Effective valuation (all shares)$936M+85% vs headline
Sponsor promote30%
PIPE≈ $100M · unsourcedcommon @ $10.00; up to $100 million targeted, of which only $40,000,000 (4,000,000 shares) is committed at signing under executed Securities Purchase Agreements
Minimum cash to close$75M

Structure per SEC accession(s) 0001193125-26-311388, 0001193125-26-224198. 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

No multiple can be computed

We hold no revenue figure in US dollars for Nth Cycle, Inc., so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $935.6M regardless.

We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.

What the buyers are paying for the whole company$935.6M

Post-dilution equity (net debt unknown).

Divided by what the company actually sells in a yearno revenue figure on file

Not extracted from the filings yet.

= what this deal pays for every dollar of those salesno multiple

Not computable — no revenue figure has been extracted from the filings yet.

What the stock market pays for its closest listed peersno comparable multiple

No listed comparable carries a revenue multiple we can use.

What qualifies the figures above

  • Struck on the post-dilution value of $935.6M, not the announced $507M — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
  • The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.

Common questions

Is Nth Cycle going public?

Nth Cycle has a signed merger with the SPAC Kensington Capital Acquisition Corp. VI (KCAC), announced Jul 21, 2026. Deal status: Definitive (DA signed).

What is Nth Cycle's SPAC deal valuation?

The announced headline equity value is $507M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $936M, 85% above the headline.

Was Nth Cycle bought at an expensive or a cheap valuation?

We hold no revenue figure in US dollars for Nth Cycle, Inc., so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $935.6M regardless.

Does Nth Cycle have revenue?

The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.

Educational content, not investment advice.

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