Aeluma, Inc.

AI-generated fair value estimate for this company.

Method: Three-year forward revenue-multiple DCF hybrid: FY2026 revenue base of $4.5M (mostly government R&D contracts) projected to ramp to roughly $25M by FY2029 as AI-datacom photodetector commercialization scales via the Sumitomo Chemical partnership and CHIPS Act letter of intent (up to $30M); applied a 7x forward-revenue exit multiple (comparable specialty photonics/optical-component peers) to reach a ~$175M enterprise value, discounted 3 years at a 20% required return for pre-commercial execution risk (~$101M PV); added $56.0M cash and no debt as of June 30, 2026, net of an estimated ~$9M cumulative operating cash burn through the ramp period (~$47M net cash contribution); divided by 19.27M diluted shares outstanding.

Reasoning: Aeluma is pre-profit with negative free cash flow and volatile government-contract revenue, so a standard unlevered FCF DCF is not meaningful; a forward revenue-multiple approach anchored to its large net-cash balance (over 20% of market cap) better captures intrinsic value for an early-commercialization photonics company.