Barely a year after its headline-grabbing dire wolf reveal drew both fascination and skepticism, the company behind the project is reportedly negotiating a new funding round that could nearly triple its valuation — a sign that investors still see real commercial value beneath the genetic engineering spectacle.

According to a recent report, the company is now in discussions to raise new capital at a valuation somewhere between $20 billion and $30 billion — up sharply from the $10.2 billion mark it reached in its last publicly confirmed round roughly a year and a half ago. It's not yet clear who would lead the new round or exactly how much capital the five-year-old company hopes to bring in, but the report notes one important detail: the business has begun generating real revenue over the past year.

The company's leadership has previously outlined three distinct revenue streams supporting the business. One channel involves licensing its conservation and genetic technology to government bodies — it has worked with U.S. federal agencies and recently received a $60 million investment tied to the UAE. Another comes from spinning out standalone ventures built on its core science.

So far, three such spinouts have emerged: a plastics-breakdown company, a computational biology platform that raised $30 million on its own, and an AI-driven predictive modeling venture focused on biology and life sciences that was valued at $2 billion earlier this year.

Looking further out, leadership has floated the idea that successfully reintroducing extinct or functionally extinct species into their native habitats could eventually unlock a new revenue stream: the sale of biodiversity credits, a market mechanism conceptually similar to carbon credits. The renewed fundraising push also arrives amid a broader wave of investor enthusiasm for longevity science, alternative energy, and other deep-tech categories, suggesting the new valuation talks are as much about market timing as they are about the company's individual progress.