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Nova Labs

Crypto/wirelessUSA
New to Unitard
✂️ Markdown
Peak $1.33 BillionToday
~-57%
from peak
  1. 🦄
    Became a unicorn
    2022
  2. 📈
    Peak valuation
    $1.33 Billion ’22
  3. 💔
    Became a Unitard
    ~2023
  4. 💸
    Last valuation
    ~$572M
Current status
PitchBook est. $568M (Dec 2025)

The rise & fall

5 moments · 2013–2023

The key moments.

2013
Founded as Helium
Amir Haleem and Napster's Shawn Fanning pitch a peer-to-peer wireless network — years before it runs on crypto.
Wikipedia
2019
The Helium network goes live
Hotspot owners get paid in tokens for providing wireless coverage — 'the people's network.'
Wikipedia
2022
The peak: ~$1.33B, reborn as Nova Labs$1.33B
A 2022 funding round values the Helium builder around $1.33B as it takes a new corporate name.
CNBC
2022–23
Crypto winter tests the token model
The crypto market slides, and the token-incentive engine that powered the network's growth comes under pressure.
CNBC
2023
Marked out of the club
PitchBook's model pegs the company at about $568M (end of 2025), roughly 57% below its peak — a fallen unicorn by the data provider's math.
CNBC
Today
Still private — the funds keep marking
SkyBridge Multi-Adviser Hedge Fund Portfolios LLC marks it at $0.44/share · -56% from its peak mark · as of Jun 2024
SEC NPORT-P

How it happened

Nova Labs, formerly Helium, built a decentralized wireless network powered by crypto-token incentives and reached a roughly $1.33B valuation after a 2022 funding round. As the crypto market and token-incentive model came under pressure, third-party estimates (PitchBook) marked the company down as a fallen unicorn, at about $568M at the end of 2025 — roughly 57% below its peak valuation.

Mutual-fund markdowns

3 funds · SEC NPORT-P

How U.S. mutual funds fair-value this still-private company in their quarterly SEC filings.

Per-share mark from peak
-56%
SkyBridge Multi-Adviser Hedge Fund Portfolios LLC
$1.00 → $0.44
as of Jun 2024
FundClass$/shFrom peakAs of
SkyBridge Multi-Adviser Hedge Fund Portfolios LLC$0.44-56%Jun 2024
Skybridge Opportunity Fund$0.30-25%Mar 2026
Skybridge Opportunity Fund LLC$0.44-12%Dec 2024

Source: SEC EDGAR Form NPORT-P (Level-3 fair-value marks). Per-share marks reflect the fund’s own valuation of a specific share class and aren’t a company-wide valuation. Last refreshed Jun 2026.

Source: PitchBook model estimate as of Dec 31, 2025 (CNBC's fallen-unicorn table, Jun 2026), not a priced round

Founder

  • Amir Haleem
    founder & CEO (now chairman)
    No public profile matched

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