Nothing is taking an unusual approach to its next funding milestone - letting its own customers become shareholders. The Carl Pei-led hardware company just announced a $5 million community investment round opening December 10, offering fans the chance to buy equity at its current $1.3 billion Series C valuation. More significantly, CEO Pei revealed the company is working to be "IPO-ready" within three years, marking the first concrete timeline for a potential public offering from the smartphone challenger.
Nothing is flipping the script on startup fundraising. Instead of courting VCs behind closed doors, Carl Pei's hardware company is opening its books directly to the people who actually buy its phones and earbuds. The move signals a confident startup preparing for its biggest test yet - going public.
Starting December 10, Nothing fans can purchase company shares at the same $1.3 billion valuation that Tiger Global and other institutional investors paid in September. It's the third time Nothing has opened its cap table to consumers, building on previous community rounds that raised $8 million from over 8,000 individual investors.
"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 Nothing spokesperson told TechCrunch. But the real news isn't the $5 million round - it's what comes next.
For the first time, Pei has put a concrete timeline on Nothing's IPO ambitions. The company is working to be "IPO-ready" within three years, he revealed in an email to TechCrunch. "We're building the systems, the governance, the financial discipline that a public company needs," Pei explained. "It forces us to think longer-term and make smarter decisions that prioritise sustainable growth."
The IPO timeline comes as Nothing hits some impressive milestones. The company claims it crossed $1 billion in cumulative revenue this year, representing 150% growth from 2024. That's significant momentum for a startup trying to crack a smartphone market dominated by Samsung and Apple.
Nothing's approach to going public mirrors its unconventional brand strategy. While most startups quietly prepare for IPOs with investment banks, Nothing is building its shareholder base from its customer base first. Community investors even get rotational board representation, though the company hasn't detailed other shareholder perks.
