Datavault AI Inc. (DVLT) closed the second tranche of its equity financing with Scilex Holding Company on November 25, 2025, a transaction announced the following day. The deal issued a pre‑funded warrant for 263,914,094 shares of Datavault common stock in exchange for 1,237.6 BTC, bringing the total Bitcoin‑backed value of the two tranches to roughly $150 million.
The first tranche, closed on September 26, 2025, was valued at about $8 million in Bitcoin and was followed by a stockholder vote on November 24 that approved the warrant issuance and increased the company’s authorized share count to accommodate future exercise. The pre‑funded warrant gives Scilex the right to purchase the shares at a later date, providing Datavault with potential upside while granting Scilex a stake in the company’s growth trajectory.
In addition to the capital infusion, the transaction grants Scilex a worldwide exclusive license to use Datavault’s AI‑driven technology for the biotech and biopharma sectors. The license is intended to enable Scilex to build a Biotech Exchange platform that leverages Datavault’s real‑world asset tokenization capabilities, positioning both companies to capture a large, underserved market in life‑science data and tokenized assets.
The financing is expected to provide Datavault with 2–3 years of runway, addressing the liquidity challenges that prompted a going‑concern warning earlier in the year. Management highlighted the strategic importance of the partnership, noting that the capital will accelerate the company’s supercomputing infrastructure and support the expansion of its AI platform into new verticals. CEO Nathanial Bradley said the deal “validates our shared vision and gives us the resources to scale our technology and reach new customers in the biotech space.”
Datavault’s recent earnings report showed a $2.90 million revenue figure for Q3 2025, a miss against analyst expectations of $6 million, and an EPS of –$0.33, reflecting ongoing profitability challenges. Despite the miss, the company raised its 2026 revenue guidance to $200 million, a four‑fold increase from prior forecasts, signaling confidence in the new AI‑tokenization strategy and the expected upside from the Scilex partnership.
The combination of a substantial Bitcoin infusion, a strategic technology license, and a bold revenue outlook underscores a significant shift in Datavault’s business model from legacy audio services to AI‑enabled data monetization and tokenized asset platforms. The deal positions the company to leverage its technology in a high‑growth biotech market while addressing immediate liquidity needs, thereby altering its risk profile and long‑term growth trajectory.
The transaction also increases the potential dilution from warrant exercise, as the authorized share count was expanded to accommodate the 263,914,094 shares that could be issued if Scilex exercises its right. This structural change signals management’s willingness to accept short‑term dilution in exchange for the capital and strategic partnership that could unlock substantial future value.
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