Code Metal Revenue, Valuation, Funding & Investors

Code Metal is valued at $1.3B as of February 2026.

Last Code Metal valuation

$1.3B

Series B · Feb 2026

Last Code Metal funding round

$125M

Series B · Feb 2026

Code Metal revenue

$10M

Series A · Nov 2025

Key investors in Code Metal

  • J2 Ventures
  • Accel
  • Shield Capital
  • Underdog Labs
  • Fulcrum Venture Accelerator
  • Salesforce Ventures

Code Metal Overview

About Code Metal

Code Metal is a platform automating conversion of Python, Julia, and MATLAB research code to optimized C/C++, CUDA, Rust, VHDL, and Verilog for edge hardware like CPUs, GPUs, and FPGAs. Based in the US, it generates production-ready deployments for AI and signal processing applications.


Founded

2023

HQ

United StatesBoston, MA

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$10M (Nov 2025)

Valuation

$1.3B (Feb 2026)

Code Metal Valuation

Code Metal is currently valued at $1.3B, based on its Series B in February 2026.

The $125M round was led by Salesforce Ventures, with participation from Smith Point Capital, RTX Ventures, Overmatch Ventures, J2 Ventures, B Capital and 2 other investors.

Code Metal's valuation has moved from $1.3B at its Series A in June 2025 to $1.3B in February 2026, across 3 priced rounds.

Code Metal valuation by funding round

Revenue multiple
Code Metal valuation by funding round
DateStageValuationRevenue Multiple
Feb 2026Series B$1.3B-
Nov 2025Series A$250M25.0x
Jun 2025Series A$1.3B125.0x

Code Metal Revenue

Code Metal's latest recorded revenue is $10M, as of its Series A in November 2025. At a $250M valuation, that implies a 25.0x revenue multiple.

Revenue moved from $10M in June 2025 to $10M in November 2025, while the revenue multiple moved from 125.0x to 25.0x.

Code Metal revenue by funding round

Code Metal revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Nov 2025$10M$250M25.0xSeries A
Jun 2025$10M$1.3B125.0xSeries A

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Code Metal Funding History

Code Metal has raised a total of $185M across 5 funding rounds.

Code Metal's first fundraising round was a $4M pre-seed round in December 2023. The most recent completed round was a $125M Series B in February 2026.

Code Metal funding rounds

Code Metal funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2026Series BSalesforce Ventures (lead); Smith Point Capital; RTX Ventures; Overmatch Ventures; J2 Ventures; B Capital; Shield Capital; Accel$125M$1.3BCode Metal, a Boston-based defense technology company, develops verifiable, AI-powered code translation and optimization platforms using a neuro-symbolic approach that mathematically proves code correctness, compliance, and performance for mission-critical industries like defense, automotive, and semiconductors. The platform enables rapid translation between programming languages and optimization for diverse hardware, addressing trust gaps in AI-generated code for customers including Toshiba, RTX, L3Harris, and the U.S. Air Force. On February 19, 2026, Code Metal closed a $125 million Series B funding round at a $1.25 billion valuation, led by Salesforce Ventures with participation from Accel, B Capital, J2 Ventures, Overmatch Ventures, RTX Ventures, Shield Capital, and Smith Point Capital. The round validates the company's rapid adoption, including entry into U.S. Air Force programs of record within one year. Concurrently, Ryan Aytay, former CEO of Tableau, joined as President and Chief Operating Officer. Proceeds will expand engineering capacity, accelerate product development, strengthen commercial and government partnerships, and scale go-to-market operations. Salesforce Ventures highlighted Code Metal's unprecedented adoption velocity and its role as load-bearing infrastructure for AI code ecosystems in mission-critical environments. Founder and CEO Peter Morales emphasized scaling with operational excellence to ensure trustworthy software deployment.
Nov 2025Series AAccel (lead)$37M$250MCode Metal is a Boston-based defense technology company specializing in verifiable, AI-powered code translation and optimization for mission-critical industries. The company's platform enables organizations to translate software across programming languages while mathematically verifying and validating code correctness, compliance, and performance. Code Metal serves sectors such as defense, automotive, and semiconductors, with customers including Toshiba, L3Harris, RTX, and the United States Air Force. In November 2025, Code Metal closed a $36.5 million Series A round led by venture capital firm Accel at a $250 million post-money valuation. Additional investors in the round included RTX Ventures, Bosch Ventures, Smith Point Capital, Overmatch VC, AE Ventures, and participation from distinguished individuals and existing investors Shield Capital and J2 Ventures. At the time of the Series A announcement, Code Metal stated it was already on contract to deliver eight figures in revenue in 2025, demonstrating significant traction in government and commercial defense markets. The company's platform addresses a critical need in heavily regulated industries where traditional AI code generation alone is insufficient due to accuracy and compliance limitations. Code Metal went on to raise a $125 million Series B in February 2026 at a $1.25 billion valuation, led by Salesforce Ventures, with Ryan Aytay, former CEO of Tableau, joining as President and COO.
Jun 2025Series A-$7M$1.3BCode Metal is a Boston-based defense technology company providing verifiable, AI-powered code translation and optimization for mission-critical industries including defense, automotive, and semiconductors. The platform enables organizations to translate software across programming languages, optimize for diverse hardware, and mathematically verify code correctness, compliance, and performance. Customers include Toshiba, L3Harris, RTX, and the United States Air Force. Code Metal closed a $125 million Series B funding round in February 2026, led by Salesforce Ventures with participation from Accel, B Capital, Smith Point Capital, J2 Ventures, Shield Capital, Overmatch, and RTX. The post-money valuation reached $1.25 billion. The funds will expand engineering capacity, accelerate product development, strengthen commercial and government partnerships, and scale go-to-market operations. Ryan Aytay, former CEO of Tableau, joined as President and Chief Operating Officer. This Series B followed a $36.5 million Series A in November 2025 led by Accel at a $250 million valuation, with investors including RTX Ventures, Bosch Ventures, and others. At that time, Code Metal was on contract for eight figures in revenue that year, reflecting rapid adoption in regulated industries requiring provably correct AI code translation.
Jul 2024SeedShield Capital (lead); Underdog Labs; J2 Ventures; Fulcrum Venture Accelerator$13M-Code Metal is an AI-powered software development platform focused on edge computing applications. Founded in 2023 by MIT, IBM, and Microsoft veterans, the company builds verifiable agentic workflows that optimize code deployment for edge devices including robotics, medical devices, and defense applications. The platform combines formal software verification methods with large language models to ensure code safety and regulatory compliance. In July 2024, Code Metal announced a $13 million seed round led by Shield Capital, with prior participation from J2 Ventures, Fulcrum Venture Group, and Underdog Labs. The founders have deep expertise in edge AI systems from roles at Amazon Alexa, F-35 fighter jet systems, and Microsoft HoloLens. By the time of its Series A in November 2025, the company had secured customer partnerships in the automotive and defense sectors, including a $114 million Marine Corps contract for autonomous breaching systems and engagements with defense contractors including Raytheon and BAE Systems.
Dec 2023Pre-seedJ2 Ventures (lead); Underdog Labs; Fulcrum Venture Accelerator$4M--

Who has invested in Code Metal?

10 investors have backed Code Metal across its funding rounds, including J2 Ventures, Accel, Shield Capital, Underdog Labs, Fulcrum Venture Accelerator and Salesforce Ventures.

Lead investors include Salesforce Ventures, Accel, Shield Capital and J2 Ventures.


Code Metal Investors

Investors in Code Metal by funding rounds participated
InvestorHQRoundsRoleFirst check
J2 VenturesUnited StatesBoston, MA3LeadDec 2023
Underdog LabsUnited StatesSan Francisco, CA2ParticipantDec 2023
Shield CapitalUnited StatesSan Francisco, CA2LeadJul 2024
AccelUnited StatesPalo Alto, CA2LeadNov 2025
Fulcrum Venture AcceleratorUnited StatesBoulder, CO2ParticipantDec 2023
Smith Point CapitalUnited StatesBoston, MA1ParticipantFeb 2026
Salesforce VenturesUnited StatesSan Francisco, CA1LeadFeb 2026
RTX VenturesUnited StatesWashington, DC1ParticipantFeb 2026

This data is available for Pro users. Sign up to see all 10 Code Metal investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

Acquisitions by Code Metal

Code Metal has acquired 1 company to date.

Last acquisition by Code Metal was on June 24th 2026. Code Metal acquired Signal Processing Technologies for undisclosed valuation.


Latest Acquisitions by Code Metal

Signal Processing Technologies
Description
Signal Processing Technologies is a research and development firm. It delivers projects for both commercial clients and defense organizations across areas such as communications systems, intelligence applications, electronic warfare, acoustics, and positioning technologies, covering everything from initial studies through complete system deployment.
HQ CountryUnited States
HQ City
Manchester, NH
Deal Date24 Jun 2026
Valuationundisclosed
EV/Revenue
EV/EBITDA

This data is available for Pro users. Sign up to see all Code Metal acquisitions and their M&A valuation multiples.

Start Free Trial

Code Metal Competitors

Code Metal competitors include listed companies like Nagarro and Smarter Microelectronics, and private ones like LangChain, Deepgram, Mapbox and Snorkel AI.

Public and private companies comparable to Code Metal
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
LangChainUnited StatesSan Francisco, CAPrivate$12M-$1.3B104.2x
DeepgramUnited StatesUnited StatesPrivate$240M-$1.3B-
MapboxUnited StatesWashington, DCPrivate$100M-$1.3B-
Snorkel AIUnited StatesSan Francisco, CAPrivate$20M-$1.3B65.0x
NagarroGermanyGermanyPublicly listed$1.2B$134M$1.1B1.2x
Smarter MicroelectronicsChinaChinaPublicly listed$120M($31M)$985M7.8x

Code Metal Public Comps

Code Metal is still privately-owned, but its public comps include Zwsoft, Nagarro, Smarter Microelectronics, Qt Group, Lectra, Progress Software, C3.ai, Horizon Quantum, Justsystems and Mensch und Maschine.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Zwsoft$133M$12M7.4x6.9x79.9x49.1x
Nagarro$1.2B$134M1.2x1.2x10.2x8.0x
Smarter Microelectronics$120M($31M)7.7x7.8x(30.2x)(31.1x)
Qt Group$249M$62M4.3x3.9x17.3x16.0x
Lectra$584M$91M1.7x1.7x11.0x11.1x
Progress Software$978M$302M3.0x2.9x9.6x7.3x
C3.ai$250M($484M)4.3x4.5x(2.2x)(6.2x)
Horizon Quantum$269K($5M)2287.8x-(125.2x)(33.0x)

This data is available for Pro users. Sign up to see all Code Metal competitors and their valuation data.

Start Free Trial

Common questions about Code Metal

When was Code Metal founded?Code Metal was founded in 2023.
Where is Code Metal headquartered?Code Metal is headquartered in Boston, MA, United States.
Is Code Metal publicly listed?No, Code Metal is a private, VC-backed company.
What is Code Metal's valuation?Code Metal was last valued at $1.3B in its Series B in February 2026.
How much funding has Code Metal raised?Code Metal has raised $185M across 5 funding rounds.
What was Code Metal's last funding round?Code Metal's last funding round was a $125M Series B in February 2026, led by Salesforce Ventures.
Who are Code Metal's investors?Code Metal's investors include J2 Ventures, Underdog Labs, Shield Capital, Accel, Fulcrum Venture Accelerator, Smith Point Capital, Salesforce Ventures, RTX Ventures, Overmatch Ventures and B Capital.
What is Code Metal's revenue?Code Metal's latest recorded revenue is $10M (November 2025).
What is Code Metal's revenue multiple?Code Metal's latest valuation implies a 25.0x revenue multiple ($250M valuation on $10M of revenue).
Which companies are comparable to Code Metal?Companies comparable to Code Metal include LangChain, Deepgram, Mapbox, Snorkel AI, Nagarro and Smarter Microelectronics.
How many companies has Code Metal acquired?Code Metal has acquired 1 company, including Signal Processing Technologies.

See companies similar to Code Metal

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial