Maxwell Labs

Saint Paul, MN · Founded 2020 · Privately Held (backing)

Developer of a photonic cold plate designed to transform chip heat into light and back into usable electricity, revolutionizing heat management and energy use in high-performance computing systems. Maxwell Labs is based in Saint Paul, MN and was founded in 2020. It was valued at $85.9 million at its later-stage round in Feb 2026, the last priced event on record. It has raised $12.3 million across 3 recorded rounds; the latest was a $7.9 million early-stage round in Feb 2026.

PMV mark · valuation
$85.9M
Oct 2026
Priced at
its later-stage round
Feb 2026
Total raised
$12.3M
Last round
Early Stage VC
Feb 2026
What is Maxwell Labs worth?
$85.9MPrivateMarketView mark · Oct 2026

Valued at $85.9M at its later-stage round, Feb 2026. Nothing has traded since.

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Valuation timeline

0 priced rounds · 32 daily marks since · Sep 2026 – Oct 2026
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Markrounds hold their value until the next priced eventMark, today
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Maxwell Labs funding history

3 rounds
DateRoundRaisedPost-money
Feb 2026Early Stage VC$7.9M▮
May 2023Seed Round$250K▮
Apr 2022Seed Round$1.1M▮
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Maxwell Labs valuation

Maxwell Labs was valued at $85.9 million at its later-stage round in Feb 2026. That is the last priced event on record: no secondary trade or institutional fund mark has moved the figure since.

How much has Maxwell Labs raised?

Maxwell Labs has raised $12.3 million across 3 recorded rounds since 2022. The largest was a $7.9 million early-stage round in Feb 2026.

Maxwell Labs has filed 4 Form Ds with the SEC since 2022, most recently in Feb 2026 ($7.9 million sold to 31 investors).

Institutional holders and vehicles

In the last 12 months, 1 investment vehicle was formed to buy Maxwell Labs shares, reporting $510,510 sold to 17 investors, per SEC Form D filings (most recent Feb 2026).

How Maxwell Labs's valuation is determined

Private company valuations aren’t quoted on an exchange — they’re established in moments: a priced funding round sets a post-money valuation, secondary trades print at a price per share, and SEC-registered funds holding the stock report fair-value marks in their N-PORT filings.

For Maxwell Labs, the most current credible signal sets the number and the older ones confirm it: a live secondary-market price first, then three or more recent prints, then institutional fund marks, and otherwise the last priced round, which never decays. The valuation is the last round’s post-money moved by the price change since that round, so no share count is assumed. Today it is set by its last priced round. Question about this number? Full methodology →

Frequently asked about Maxwell Labs

What is Maxwell Labs worth?
Maxwell Labs is valued at $85.9M as of Oct 2026. Valued at $85.9M at its later-stage round, Feb 2026. Nothing has traded since.
How much has Maxwell Labs raised?
Maxwell Labs has raised $12.3M in total funding across 3 recorded rounds.
When did Maxwell Labs last raise?
Maxwell Labs last raised in Feb 2026 (Early Stage VC), raising $7.9M.