Top Public Companies Worth Billions With No Revenue

The Zero Dollar Club: Meet the Public Companies Worth Billions Without Making a Dime

A strange new club has emerged on Wall Street: billion-dollar public companies with zero revenue. Once the stuff of Silicon Valley legend, this kind of speculation has now gone mainstream. Investors are pouring billions into companies that don’t sell a single product yet — betting instead on future breakthroughs in nuclear energy, quantum computing, and next-gen materials.

Below is a snapshot of some of the biggest names driving this phenomenon. Every one of them is valued in the billions. Most generate less than $10 million in annual revenue. A few make nothing at all.

Top Public Companies Worth Billions That Aren’t Profitable

The Data Behind the Zero Dollar Club

The list is compiled from public filings and market data as of October 15, 2025.
It tracks public companies valued above $1 billion but generating less than $10 million in annual revenue. In most cases, reported sales remain at or near zero.

The most striking outlier is Regencell Bioscience (RGC) — a Hong Kong–based biotech whose market cap exploded to roughly $9.3 billion, up more than 14,000 percent year-to-date.
It has no product on the market, no recurring sales, and no clear timeline for commercialization — yet investors have treated it like the next generational breakthrough.

This pattern repeats across the group: sky-high valuations, negligible revenue, and stories powerful enough to attract retail traders and institutional bets alike.

The Zero Dollar Club

Sector Breakdown

The Zero Dollar Club spans nearly every frontier industry — from fusion dreams to quantum promises, and from deep-sea mining to flying taxis. These companies are united by a single paradox: sky-high valuations without a single product on the shelf. Each sector tells a different story, but all share the same faith — that the future will eventually pay for today’s imagination.

EV & Battery

QuantumScape (QS), Lithium Americas (LAC), and Archer Aviation (ACHR) represent the electric-mobility surge.
All three trade on expectations, not earnings. Their valuations hinge on battery breakthroughs, lithium extraction, and future FAA certification rather than today’s revenue lines.

Aerospace & Defense

AST SpaceMobile (ASTS), Joby Aviation (JOBY), and Oklo (OKLO) promise to reshape how we communicate, fly, and power cities.
Each remains in a pre-commercial phase, waiting on regulatory milestones and multi-year infrastructure rollouts.

Nuclear & Energy

Nano Nuclear Energy (NNE), NexGen Energy (NXE), and Trilogy Metals (TMQ) are bets on the next energy cycle.
They’re valued for future production potential — uranium, modular reactors, and U.S.-backed energy security — even though most have no operating revenue.

Quantum & AI

Rigetti Computing (RGTI) and Quantum Computing Inc. (QUBT) are tiny players in a trillion-dollar dream.
Their combined revenue wouldn’t cover a mid-sized seed round, yet their valuations ride on being early to the quantum-hardware race.

Metals & Mining

The Metals Company (TMC), Perpetua Resources (PPTA), Critical Metals (CRML), and USA Rare Earth (USAR) round out the materials frontier.
They produce no current revenue but command billion-dollar valuations on hopes of supplying the next generation of EVs and defense systems.

Why Investors Still Buy In

The question practically asks itself: why would anyone pour billions into companies with no revenue? The answer lies in a mix of narrative, momentum, and macro conditions that refuse to die.

Narrative Valuation
Investors are buying potential, not profits. These firms are seen as call options on the future — the promise of a solid-state battery, a functioning fusion reactor, or a low-orbit telecom network. As long as the story feels possible, the price can outrun the product.

Cheap-Money Legacy
The speculative fever of 2020–2021 reshaped investor psychology. Years of near-zero interest rates created a generation of traders who value possibility more than profitability. Even as rates rise, that mindset lingers.

Retail Momentum and FOMO
Platforms like X and Reddit have turned market participation into entertainment. When a stock like Regencell or The Metals Company catches fire, retail traders swarm in — not for fundamentals, but for the thrill of catching the next rocket.

National Security and Policy Tailwinds
Some names benefit from being on the “right side” of history. Nuclear power, quantum computing, and critical minerals are viewed as strategic sectors. Grants, government partnerships, and policy support often replace early revenue as a sign of legitimacy.

Together, these forces create an environment where narrative feels like traction. In that gap between belief and proof, billions of dollars move.

The Risk Factor

For every moonshot in the Zero Dollar Club, there’s an equally brutal chart behind it. Many of these companies are still down 70–90% from their previous highs, even as they’ve rallied in 2025. Volatility cuts both ways — story stocks soar on hope and collapse on silence.

Investors betting on dreams often underestimate the time, cost, and complexity of building physical technology. Delays, failed tests, or regulatory holdups can erase billions overnight.

For founders, that’s the takeaway. Momentum opens doors, but execution keeps them open. The market will always fund imagination — until it asks for proof.

In a world that rewards bold storytelling, the real differentiator isn’t who dreams bigger — it’s who delivers first.