Base Power does not disclose revenue, but research firm Sacra estimates the home-battery startup is on track for roughly $70 million in 2026 — nearly six times its estimated $12 million in 2025.
Sacra's research puts Base Power's 2026 revenue projection at about $70 million, contingent on the company scaling its in-house Gen 3 battery manufacturing and expanding beyond Texas's ERCOT grid, up from an estimated $12 million annualized in 2025. Neither figure comes from Base Power itself — the Austin-based company, led by CEO Zach Dell and COO Justin Lopas, has never published an official revenue number, even as its valuation reached $13 billion in an August 2026 Series D the company announced via Business Wire. Fortune reported that same month that open questions remain about how fast the company can scale and when it might become profitable.
Base Power Revenue 2026: The Estimate, Not a Disclosure
No press release, SEC filing or company blog post states Base Power's actual revenue. The $70 million 2026 figure and the $12 million 2025 figure are both third-party estimates from Sacra, a private-market research firm, built from the company's disclosed scale (homes served, batteries installed, utility deal sizes) rather than from audited statements. Treat both numbers as informed estimates, not confirmed results.
Revenue figures: Sacra research estimates, as published at sacra.com/c/base-power. Valuation: company announcement, August 3, 2026.
How Does Base Power Make Money?
Base Power's model inverts the usual home-battery pitch: instead of selling customers a battery, it keeps ownership of every unit it installs and sells them access to it. Customers pay roughly $650 upfront plus a flat $19-$29 monthly lease fee, according to Sacra's breakdown of the company's pricing. From there, Base layers in at least three additional revenue streams on top of the lease fee itself:
Retail electricity margin: Base operates as a licensed retail electricity provider in Texas, earning roughly 8.5 cents per kilowatt-hour on 36-month fixed-rate contracts sold alongside the battery lease.
Wholesale arbitrage: Base's aggregated fleet of home batteries buys and stores power when it's cheap and discharges it — either to the home or back to the grid — when wholesale prices spike.
Utility tolling: a newer, emerging revenue line in which utilities pay Base directly for guaranteed capacity; its deal with Austin Energy covers up to 40 megawatts and can pay Base up to $4.08 million a year.
Sacra estimates each installation costs Base roughly $10,000 before a $3,000 federal tax credit, with a payback period of about 3.5 years — driven mainly by the retail and wholesale electricity margins rather than the lease fee itself, which covers only a fraction of the unit's cost.
Base Power vs. Tesla Powerwall: Two Different Business Models
Tesla sells the Powerwall as a one-time hardware purchase, at roughly $6,500 before installation, and separately pays Powerwall owners about $120 a year to let Tesla dispatch their battery into its Texas virtual power plant. Base Power's revenue depends entirely on keeping the asset and billing for access to it over time, which is why its upfront price is a fraction of Tesla's but its monthly and electricity-margin revenue has to carry the economics instead.
Base Power vs. Tesla Powerwall: Cost Structure
Sacra research; Tesla Powerwall public pricing and VPP program terms, 2026
Base Power's model trades a low upfront cost for recurring lease and electricity-margin revenue; Tesla's trades a higher upfront cost for a smaller, separate VPP payout on an asset the customer already owns.
Base Power's Scale, as of Its Series D
| Metric | Figure | As of |
|---|---|---|
| Homes with batteries installed | ~1,500 | July 2025 |
| Homes with batteries installed | ~7,000 | December 2025 |
| Residential battery fleet | 500+ MWh | August 2026 |
| Utility partnership capacity | 200+ MW | August 2026 |
| Austin Energy tolling deal | Up to 40 MW / $4.08M per year | 2026 |
| Install cost before tax credit | ~$10,000 | 2026 (Sacra estimate) |
| Federal tax credit per install | ~$3,000 | 2026 |
| Estimated payback period | ~3.5 years | 2026 (Sacra estimate) |
How we counted: scale and partnership figures from Base Power's August 2026 Series D announcement; cost and payback figures are Sacra research estimates, not company disclosures.
What the Headline Misses
A $13 billion valuation and a 5.8x revenue growth estimate both sound like confirmation that Base Power's model works, but neither figure is something the company has actually confirmed. Fortune reported in August 2026 that open questions remain about how quickly Base can scale manufacturing and when — or whether — it turns a profit, and the $70 million 2026 projection explicitly depends on Base successfully standing up in-house Gen 3 battery production, which had not been demonstrated at scale as of the Series D announcement. A model built on long-dated retail electricity contracts and utility tolling deals is also exposed to regulatory risk: ERCOT's rules for distributed battery programs, and whatever rate structure Illinois regulators ultimately apply to Base's expansion there, could change the margin math in either direction.
For the full funding history and investor list behind Base Power's $13 billion valuation, see our Base Power valuation deep dive. Track private company valuations on the SaaS Valuations dashboard at Value Add VC.
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