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.
The timing isn't accidental. Nothing recently spun off its budget CMF brand and is exploring AI-centric devices alongside its core smartphone and audio products. The corporate restructuring suggests a company organizing itself for the scrutiny that comes with public markets.
Since launching in 2020, Nothing has raised $450 million total, including that $200 million Series C from investors like GV, Highland Europe, and EQT. The community funding model started early - Nothing's first crowdfunding round in 2021 aimed to raise just $1.5 million, showing how the company's ambitions have scaled.
Investors interested in the December round can participate through platforms like Wefunder and Crowdcube. The company says it's not immediately planning another institutional round before an IPO, though it wouldn't rule out those conversations.
Pei's three-year IPO timeline puts Nothing on track for a 2027-2028 public debut, assuming market conditions cooperate. "The timing will depend on market conditions and what makes sense for the business at that point in time," he cautioned. But the fact that Nothing is already implementing public company governance suggests this isn't just aspirational talk - it's active preparation for life as a publicly traded hardware company.
Nothing's community-first approach to fundraising reflects a broader shift in how hardware startups think about going public. By building a passionate shareholder base from its customer base, the company is creating built-in demand for its eventual IPO. With $1 billion in revenue and a clear three-year timeline, Nothing isn't just preparing to compete with tech giants - it's positioning itself to join them on public markets. For investors who missed the smartphone revolution's early days, December 10 offers a rare chance to buy into the next chapter before Wall Street gets involved.
