Nothing raises $200M Series C to power the next phase of consumer AI

Carl · 2025-09-16T04:14:09+00:00

https://cdn.nothing.community/2025-09-15/1757960158-161202-swot0256-nothing-hype-final-h264-2.mp4 Today, we’re announcing new funding––USD $200M in our Series C round at a USD $1.3B valuation. This milestone marks the start of our next phase: From being the only independent smartphone company to emerge in the last decade, towards building an AI-native platform in which hardware and software converge into a single intelligent system. #### **Building the foundations for the future** When we started Nothing, we had a thesis that if we could build a smartphone business at scale and own the last-mile distribution point in consumer tech, we would be well-positioned for the next technology shift. Although we didn’t know what that would look like at the time, the opportunity is now crystal clear. From the start, we knew that the foundation had to be an end-to-end value chain capable of delivering products at speed, scale, and quality. As we’ve seen from many others that have tried, building a hardware company is hard. There are many potential failure points and almost no room for error. For us, it required assembling a team that balanced a pragmatic approach of rapidly launching products, with an innovative mindset to deliver experiences that our community would immediately love. Today, the foundations are firmly in place. From award-winning design, to our global manufacturing and supply chain network built for quality and cost. In four years, we have shipped millions of devices, began 2025 crossing $1B+ in total sales, while growing 150% in 2024. Building this infrastructure has been the hardest and most valuable thing we’ve done so far. With the support of our community, we’re fortunate to have made it here. Today, we’re in a position that will be very hard to copy: The ability to launch any consumer hardware product from start to finish within months, go-to market operations that can ship and service worldwide, a global user community that co-creates with us, all without the innovator’s dilemma or bureaucratic constraints that the incumbents face. On to chapter 2. #### **Operating systems, evolved** In the last 18 years, the smartphone became ubiquitous. It is the primary personal computing tool to manage the countless tasks of daily life. Beyond its distribution scale, what makes the smartphone the most powerful consumer device in the market is its unmatched access to contextual information and user knowledge. For this reason, I believe the smartphone will remain one of the most important devices in the AI era. On the other hand, while AI has made revolutionary progress in the last three years, the smartphone experience has barely evolved. Most of the innovation has been underwhelming, limited to incremental improvements in photo editing, translations, and assistant features that barely work. For AI to reach its full potential, consumer hardware must reinvent itself alongside it. This is the opportunity we see for Nothing. We see a future where operating systems are significantly different from the ones today. Each system will know its user deeply, and be hyper-personalised to each individual. Interfaces will adapt to our context and needs. Suggestions will surface naturally, and once we confirm an intent, agents will execute on our behalf. The system will handle the non-essential for us, allowing us to focus on what truly matters, which will be different for every person. Unlike today’s one-size-fits-all solution, a billion different operating systems will be rendered for a billion different people. Over time, this OS will be transversal across all form factors: We’re starting with smartphones, audio products and smart watches, devices that people already use every day. In the future, our OS will carry into smart glasses, humanoid robots, EVs, and whatever comes next. Why we are uniquely-positioned to create this future: Owning the last-mile distribution point with all its contextual and user knowledge is essential to developing an OS that will help people in their daily lives. An AI OS that doesn’t know its user and isn’t ever-present can’t deliver a hyper-personalised experience. This is the next chapter for Nothing, integrating an AI experience into our hardware devices to reinvent how technology amplifies us. #### The next billion unit scale product In the near-term, we believe that the smartphone will remain the only device shipping at billion-unit scale each year. But soon, we’ll all be carrying an additional device that will be just as important. In the coming years, we’ll learn that the more context we can feed our AI, the more useful it becomes. The smartphone, while powerful, can’t always be there for us. Sometimes it’s in our pocket, or we might be on the move with our hands full. A new class of AI-native devices will emerge. Products that are available to the user at the moment of need, paired with intelligence that turns understanding into action. This is a very exciting time, imagining devices that capture context across modalities and generate interfaces on demand, shaped by what the user is trying to accomplish. We have been hard at work imagining what this future could look like, and can’t wait to launch some of our first AI-native devices next year. #### **Our Series C capital raise** ![](https://cdn.nothing.community/2025-09-16/1757993481-675743-169-4x.jpg "banner") This funding round allows us to execute on this vision by accelerating our innovation roadmap and further scaling our distribution. Our round was led by Tiger Global, with significant support from existing shareholders GV, Highland Europe, EQT, Latitude, I2BF and Tapestry, alongside new strategic backing from Nikhil Kamath and Qualcomm Ventures. Alongside this Series C, we’re also preparing to launch our next Community round, giving our supporters another opportunity to become part of Nothing’s journey. More details will be shared soon. As we continue our journey, we do so with huge gratitude to our community, our team, and our partners. This next chapter is only possible because of you.

Ealesy101

Many congratulations on achieving Unicorn status! 👏🏼

Watching with intrigue, I am cautiously excited by the next steps in this consumer AI world. Ever since Google Glass I have been pining for a wearable that really brings us to the sci-fi world we have been seeing in media for years.

Chapter 2 sounds exciting, but I am most excited by the continuity of a Community driven company. It is the reason we are all here and we all care so much.

Looking forward to Community Funding Round (3) 👀🔥

WillisDesai

What a timing.

laura_arowolo

🚀🚀🚀

MesutTozan

Carl Congratulations Carl. Can you give any update about the investment of initial supporters of Nothing, how are these valued. Where can we found some more information what our investment is doing at the moment?

Anonymous931

Getting a Pixel + Graphene is getting more and more tempting with each day…

CMF1_hacker

Anonymous931 why? seems like a trolling coming with little to offer in the way of explanation? Is the Reddit now (hopefully not!) I assume this just anti-AI discussion? Or is there a legitimate point to be made about data protection, or is this a shoot (a comment) and run?

pollenjh

Anonymous931 Better do it quick before Google prohibits it somehow

Ali Fakhruddin

Carl To Infinity and Beyond. We are here now and forever 🙏.

themountofmint

Amudhan_Sundararajan at my honest guess, this all will be Android-based and here’s why do I (and Carl also mentioned it somewhere) think so:

World needs time to go from an app-system OS to AI-system OS. This can’t be done quickly. For example, our government recently published a law saying every smartphone must go with our local apps (including a “national” messenger and our own app store). So even iPhone that comes to our country any way just have these apps as pre-installed. So sellers are just ruining the package to do the thing by hand. Someone does not so he needs to put a note for purchasers that this phone isn’t having national apps. As for me, I’m not gonna install then either way and better find another old mobile from my phone to install on instead of it. Because we all know this is not a happy Telegram-like app, but… well, that’s another story. I happy I bought my Nothingie before that stupid law.
Another point is: will popular apps go to the new OS? Like of course it’ll be a whole new experience without apps in future, but for first they likely will be integrated a bit at my guess, so nothing will go as fast to prevent bugs, this requires lots of testing. Not every company will agree to join that experiment. Remember the prime era of Symbian, Bada OS, Blackberry OS (which had most of the features we both on iOS and Android have now!), Windows Phone. No one wanted to create apps for them unlike for Android and iOS.
Let’s think logically: how to make things better but also make it that way, so people would want to try this. If Nothing will just implement their own OS right now, many of us just will go away from a brand likely. Or, at the other hand, just buy as a toy “Rabbit R1” that’s not really used, let’s say. Is that the future we want for Nothing? At first that hyper-personalized OS experience must go on Android, so people could buy a regular phone with regular apps support, but also with all this AI stuff. And when they’ll realise that AI does most of the stuff they do in real life and most of the apps are becoming pretty useless for them — they’ll potentially switch over Android OS to Nothing OS.
So maybe there also could be a period when both OS in Nothing exists. We could try both and compare the overall experience to see if it’s changing. So that way it will succeed then.
Another story is to integrate with Android to re-create a whole current OS-experience that will run with Nothing first. Like once HTC made the first ever Android-smartphone. But if Nothing wishes to be the one and only in this run for the next years, I don’t think this will work. But as an idea.

And let’s not forget about an open ecosystem that Carl also wants to create. This is why creating their own AI-experience shouldn’t harm an overall experience with using, for example, Ear’s or Headphone with non-Nothing smartphones. Because I already realised and felt what’s happening with Samsung that’s completely started to close its ecosystem like Apple. This is definitely not the company’s way.

So, bringing bold but systematic steps will drive all of us to the future they (I mean team) imagine for.

Amudhan_Sundararajan

themountofmint Well, I kinda expect it to be android based OS. But, If they built their own OS that’d be cool. We already have Mobian (debian based mobile OS) which is pretty lightweight but restrictive as linux based apps which are compatible with mobile screen size are fewer (only tech enthusiasts uses Mobian / ubuntu touch)

But, if a brand like Nothing build a Linux based OS like Mobian with AI capabilities and build some apps for it.. I’m pretty sure many developers will be willing to develop an app / port their existing app for it. That’ll complete the Nothing eco system too. We’ll have Nothing OS (something like Mobian / ubuntu touch) on smartphones, on laptops, on smart devices too.

100hzpanic

Congratulations! I’m excited and proud that my fav brand and company goals with success! I looking forward to invest to support this exciting tech journey! Let’s go!!!

CMF1_hacker

100hzpanic damn, nice Pocket Operators 😃 I had some with the Cheap Monday logo on them a well 😃 Left them all in the university office, when I moved out of Stockholm (by X2000!).

addresskrish

Carl Yo congratulations 🎉

100hzpanic

CMF1_hacker if everything goes by plan I drop my current album where I only use pocket operators as instruments!

SyedNabi

Congratulations on the successful Series C funding. Excited to see how this milestone fuels your innovation and growth looking forward to the Community round update.

YashAgarwal_

Carl whooo that’s awesome

4ki

Carl 🦄🔥 Congrats Nothing team!

nayefmuhiar

Do we know what is the approximate price per share after the latest funding round?

If not, do we know the number of total shares?

Daywalker

nayefmuhiar we don’t know for sure, but post money is $1.3bn, pre money$ 1.1bn, ie around €900m.

Last community round pre money was €510m. They also raised some money in between, so there was additional dilution.

Last round share price was around €3, so ballpark guess is €5.

A bit underwhelming when you consider how much the company has evolved since then, but funding landscape has also changed. On the flipside it makes it a lot more attractive to invest / add now compared to a few years ago. Revenue multiple just over one makes it cheaper than Samsung (1.5), but with much larger growth rates.

ProdipKumarBiswas

Congratulations!

JDLC

Community Round????? Lets go!!!!!

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