Nothing Seeks $5 Million Community Funding As It Pushes to Become ‘IPO-Ready’: Reports

Nothing is opening a $5 million community investment round on December 10, allowing fans to buy shares at the company’s $1.3 billion series C valuation, according to a report by TechCrunch.

According to the report, the sale is meant to deepen ownership among users as it works to be IPO-ready within three years.

Nothing frames the offering as community-first rather than capital-driven. “This isn’t about raising capital,It’s about giving our community/fans a chance to invest while we’re private and join us on the journey,” a spokesperson from Nothing told TechCrunch.  

Community investors will be granted a rotating seat on the company’s board, though Nothing has not specified additional shareholder rights or perks tied to these rounds.

This is Nothing’s third community funding event. The startup previously raised a combined $8 million from over 8,000 retail investors across two earlier campaigns that date back to 2021. The first community round targeted roughly $1.5 million shortly after the company’s launch.

The new retail round follows a major institutional backing. In September, Nothing closed a $200 million series C led by investors including Tiger Global, GV, Highland Europe, EQT, Latitude, I2BF, and Tapestry. With that financing, Nothing’s total external funding stands at $450 million.

Corporate moves accompany the fundraising. Nothing is spinning off its budget CMF brand to sharpen focus on core products. At the same time, the company is exploring AI-centric devices while continuing to develop smartphones and audio hardware. 

Nothing claims it crossed $1 billion in cumulative revenue this year, a 150% increase over 2024.

Nothing CEO Carl Pei told TechCrunch in an email that the company is already operating with public-company discipline, building the systems, governance structures and financial controls it will need. This approach, he added, pushes the team to think long-term and make decisions that support sustainable growth.

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