How to invest in EnergyX stock pre-IPO

While the stock market has notably been influenced by oil prices in 2026,⁴ other types of energy can also make an impact on investors. Some investors may even choose to allocate directly to energy companies, including those focused on more sustainable forms of energy besides fossil fuels.

One company that has attracted some interest from both retail and institutional investors is Energy Exploration Technologies, known as EnergyX, a pre-IPO company. This energy tech company focuses primarily on lithium extraction and technology for lithium-ion batteries, such as for electric vehicles. It also expanded into developing lithium and other materials for nuclear energy systems.¹

While EnergyX is in a development stage, essentially being pre-revenue at this point as it develops lithium extraction sites in Chile and the U.S., the company has leveraged different fundraising laws and strategies to finance most of its operations. In particular, it has raised over $130 million across Regulation A+, Regulation Crowdfunding and private placements under Regulation D since starting in 2018.⁵

Most recently, in 2025-2026, it ran a Reg A+ offering, allowing retail investors to buy EnergyX shares, and this raised over $44 million by selling over four million shares.⁵

For now, though, EnergyX remains a private company. It's possible that it ultimately decides to follow a traditional IPO path, or it might access the public market through alternative ways like Reg A+, or it could remain private indefinitely.

So, meanwhile, interested accredited investors may be able to access pre-IPO EnergyX shares through a private marketplace such as Forge, subject to share availability, investor eligibility and other applicable requirements. Non-accredited investors may also be able to invest directly in EnergyX if the company holds additional fundraising efforts open to retail investors (you can sign up on the company's website for updates on reserving shares).¹ Or, non-accredited investors may be able to gain indirect exposure through other assets, as this guide explains.

EnergyX: Company background

EnergyX was founded in 2018 by Teague Egan, who serves as Chief Executive Officer and Chairman.¹ His background includes starting an entertainment business and a venture capital fund, and he has been investing in public sector energy and sustainable technology assets since 2013.¹ He got the idea to start EnergyX during a sabbatical in South America, where he learned about the Lithium Triangle, an area spanning parts of Chile, Argentina and Bolivia, where the majority of the world's lithium comes from.¹

The company is headquartered in San Juan, Puerto Rico, and maintains offices and laboratory facilities in Austin, Texas, with operational project sites in the South American Lithium Triangle and within the U.S.⁶

Early technical work built on lithium extraction research associated with the University of Texas at Austin. In 2019, EnergyX licensed core Lithium Ion Transport and Separation (LiTAS) technology from the University of Texas. It then continued developing direct lithium extraction (DLE) processes, leading to EnergyX deploying the world's first DLE unit into the Lithium Triangle in 2021.⁷

The business model combines areas such as proprietary lithium extraction systems, mineral project site development and production, battery technology, and other mineral projects that can be used for nuclear energy.⁵

The company has noted that it developed LiTAS into what it calls GET-Lit, a mechanical and chemical separation process that it claims can significantly lower costs for producing high-purity, battery-grade lithium materials. Part of its business model also includes licensing GET-Lit and its SoLIS battery technology program.⁵

Still, EnergyX is in a relatively early development phase. It generated less than $1.5 million in revenue in 2025 from selling custom equipment and fees for testing brine samples. Its flagship site, Project Black Giant in Chile,5 is expected to start production in 2028.⁸

EnergyX stock history and funding history

EnergyX has raised capital through a mix of avenues including private venture funding, crowdfunding, Regulation A retail offerings and project-level strategic equity.

In its June 26, 2026 Form 1-A amendment filed with the SEC, following up on a 2025 Reg A+ offering, EnergyX stated it has raised more than $130 million to date through Regulation A+, Regulation Crowdfunding and private placements under Regulation D. Altogether, through the end of 2025, it raised a total of approximately $151 million through exempt offerings of common stock, preferred stock and convertible notes.⁵

In terms of primary funding rounds tracked by Forge, EnergyX's history includes an initial $525,000 funding round in 2018 from undisclosed investors at a $0.03 stock price and a $5.25 million valuation. In 2021, EnergyX's Series A raised $8.68 million at an $0.82 stock price and a $103.32 million valuation. This round included investment from Helios Capital, Obsidian Acquisition Partners and the University of Texas.²

Then, in 2023, the EnergyX Series B raised $37.43 at a $4.00 stock price and almost quadrupled its valuation to $403.18 million, with investment from Elohim Partners, Eni, GM Ventures, IMM Investment and Posco.²

The company's most recent Reg A+ fundraising, open to accredited and non-accredited investors across parts of 2025 and 2026, raised $44.51 million at an average price of $10.28.⁵

There have also been project-level equity agreements, such as a $225 million equity investment from Eni for a minority stake in Project Black Giant (a planned lithium production site) in Antofagasta, Chile, announced by EnergyX in July 2026.³

Currently, EnergyX is trying to raise a Series C round to fund the company through Q4 2029, although it noted in a recent SEC filing that if it cannot complete that fundraising, it may have to delay or cease some operations.⁹

On the secondary market, pricing can diverge from company offerings, due to potential factors such as liquidity and current market conditions. Stock prices also don't always linearly reflect valuations, due to potential changes in the number of shares outstanding.

That said, EnergyX does not have a Forge Price available at this time. Check back here or keep an eye on EnergyX’s stock page on Forge for potential price updates.

Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information, secondary market transactions and indications of interest (IOIs) on Forge.

EnergyX IPO outlook

EnergyX remains a private company and has not filed for an IPO, nor has it indicated that an IPO is in the works.

However, the company has had several funding rounds open to the general public, including a fundraising round from July 2025 to May 2026 under Reg A+ Tier 2.⁵

Under Reg A+ Tier 2, companies can sell up to $75 million in shares, including to non-accredited investors (worth up to 10% of the greater of a non-accredited individual's annual income or net worth, either alone or with a spouse.¹⁰

However, issuers have to disclose more financials compared to if they only did traditional private placements. These offerings are sometimes called mini-IPOs, and by conducting these offerings, EnergyX reserves the right to convert into a publicly traded company, without going through a traditional IPO process. ⁵,¹¹

So, it remains to be seen whether EnergyX will access the public market through this type of route, or if it will eventually conduct a formal IPO. It's also possible that EnergyX remains private indefinitely.

For updates on EnergyX's potential IPO status, you can check the EnergyX IPO page on Forge.

How to invest in EnergyX stock

EnergyX stock is not listed on public exchanges, meaning it's not available to trade through traditional brokerages. However, EnergyX stands out from many other pre-IPO companies by having two main ways for a wide range of potential investors to buy EnergyX stock:

• Company offerings: Often, when a private market company conducts an offering, they do so as a private placement under Regulation D, which allows them to sell stock primarily to accredited investors.¹² Yet in addition to Regulation D offerings, EnergyX has conducted several other rounds that are open to the broader public, such as by following Regulation Crowdfunding and Regulation A+.⁵

These offerings aren't always available, but both accredited and non-accredited investors can sign up for updates on reserving shares via EnergyX's website.¹ So, if EnergyX does conduct another offering such as under Reg A+, then you might be able to buy shares directly.

• Secondary private market: For times when EnergyX isn't conducting an original offering, accredited investors may be able to buy or sell existing EnergyX shares through a private marketplace such as Forge, subject to availability and eligibility.

Note that private market access can come with constraints. Share availability is not guaranteed, and companies often impose transfer restrictions, including a Right of First Refusal (ROFR) that lets the company or existing investors buy shares before an outside buyer can when an existing shareholder tries to sell. Private company shares are also typically illiquid, especially compared to public market securities, and valuations can be uncertain.

To learn more about pre-IPO opportunities, beyond just for EnergyX, explore our buyer's guide to investing in private market shares or our comprehensive pre-IPO investing guide. Eligible investors can also create a free account on Forge to explore available private market investment opportunities.

Potential indirect exposure to EnergyX for non-accredited investors

Non-accredited investors who cannot access private EnergyX shares may consider gaining thematic or indirect exposure to EnergyX, such as by investing in public market companies involved with lithium production or battery technology.

Another option could be to invest in more diversified mining companies or funds. Doing so may provide exposure to some lithium extraction and other minerals EnergyX focuses on, while also potentially broadening exposure to other types of minerals and natural assets.

Or, considering EnergyX's focus on lithium-ion battery technology has a significant potential use case in electric vehicles,⁵ another way to get some thematic overlap — albeit not quite as direct — could be to invest in automotive companies with a strong focus on EVs.

Granted, investing in these types of public companies or funds does not provide direct ownership of EnergyX and should not be treated as economic substitutes for EnergyX equity. Performance may differ for many reasons such as individual companies' operating decisions and market conditions.

How to analyze EnergyX stock

Evaluating EnergyX as a private company isn't necessarily as straightforward as evaluating a public company with a more established history, but its latest Reg A+ fundraising did involve significant financial disclosures that could provide some valuable insights. Consider reading through its Form 1-A, along with other materials like its website and news reports, to analyze areas such as:

• Technology: Consider reviewing how EnergyX describes its technology such as GET-Lit and SoLiS, while separating company claims from third-party validation. Because EnergyX is still scaling from pilots and project studies toward commercial production, investors may want to consider their own conviction in EnergyX's technology as a potential proof point for future commercial viability.⁵

• Project pipeline: As EnergyX undertakes projects like Black Giant, investors may want to consider factors such as investment partners, permitting and potential offtake agreements that may be indicators of commercial viability.

• Capital raising: As essentially a pre-revenue company, investors might look more closely at EnergyX's capital raising efforts to assess its runway. Fundraising can also potentially be a more direct valuation signal, although valuations can reflect factors beyond the company's direct control, such as liquidity and broader market conditions.

• Mineral pricing and demand: Another factor to consider could be the price and demand for key minerals like lithium that EnergyX focuses on. The strength of those markets could have a significant impact on EnergyX's own business.

• Competition: Looking at other companies involved in lithium extraction or similar types of mineral production companies could provide reference points when valuing EnergyX.

Even with its Form-1A, private companies like EnergyX generally provide less ongoing disclosure than public companies, and valuation can be subjective. Investors should consider conducting independent due diligence and consulting financial, legal and tax professionals before making decisions.

Potential risks of investing in pre-IPO EnergyX stock

Investing in private, pre-IPO companies like EnergyX can involve a wide range of risks that can affect company performance, valuation, liquidity and investment outcomes. For a thorough overview of the company's own disclosed risks, consider reading through its latest Form 1-A.

Meanwhile, some potential types of risks to consider before buying EnergyX stock include:

• Commercialization and execution risk: EnergyX must translate pilots and project plans into reliable commercial production. Delays, cost overruns or underperforming recovery rates could pressure valuation and financing options.

• Lithium market and demand risk: Lithium prices and electric-vehicle supply-chain demand can move quickly. Weaker pricing could reduce project returns even if technology milestones are met.

• Competitive pressure: Multiple companies are pursuing lithium extraction and related technologies. Competitors with stronger balance sheets, proven project sites or lower costs could limit EnergyX's market position.

• Regulatory and permitting risk: Projects in Chile, the United States and other jurisdictions face a wide range of regulatory and permitting requirements, such as around environmental health and safety, that could slow or reshape development plans.⁵

• Financing and dilution risk: EnergyX may continue with additional fundraising rounds, such as its planned Series C,9 which could dilute existing shareholders while changing the company's valuation. Or, if the company struggles to raise capital, that could pose a risk to future operations, given the company's limited revenue.

• Valuation considerations: Private-round valuations are negotiated with limited disclosure and may not reflect a value achievable in a future financing or public listing.

• Private market investing risks: Private market shares are often illiquid, information is limited compared with public companies and transfer restrictions can constrain when and whether an investor can sell.

• Potential loss of capital: As with any investment, and especially with speculative pre-IPO holdings, investors could lose some or all of their capital.

Learn more about investing in EnergyX on Forge

If you are interested in investing in EnergyX before a potential IPO if/when shares become available, you can open a free Forge account. Once your account is active and your accreditation is verified, you may gain access to real-time private market data, context-rich insights and a marketplace built for self-directed investors.

Not sure where to begin? You can read our buyer's guide to investing in private market shares. And if questions come up along the way, Forge's experienced specialists are available to support you.