NASA.CN at ~10¢: The Market May Be Pricing Power Leaves on Today's Capacity, Not What Happens When the Bottleneck Comes Off
I've been digging into Power Leaves (CSE: NASA) and I think the market may be missing what could happen if the company actually starts converting its current pipeline into revenue.
Power Leaves says it has **100+ companies in its commercial pipeline**, including **7 Tier-1 companies** that are already in advanced discussions. The company also says its main issue right now isn't finding customers — it's **having enough production capacity and getting through customer certifications**.
That's the part that caught my attention.
They're trying to increase annualized production from roughly **24,000 litres today → 360,000 litres by the end of 2026 → 2 million litres by the end of 2027.**
And they've previously announced contracts around **US$100/L**.
Obviously, 2 million litres doesn't mean they're going to sell 2 million litres. But the math is crazy.
**360K litres × $100 = $36M revenue potential**
**1M litres × $100 = $100M**
**2M litres × $100 = $200M**
The company is currently worth roughly **$21M on the basic share count**, or about **$25M fully diluted**.
That's a pretty small valuation if they actually manage to scale this thing.
# How We 10x
There are about **248M fully diluted shares**, so $1/share would mean roughly a **$248M market cap**.
Using $100/L pricing, NASA would need around **$92M USD in annual revenue** to get there at roughly a 2x revenue valuation.
That's about **920,000 litres/year**.
The company's 2027 target is 2M litres.
So in theory, they wouldn't even need to hit 100% of that target to build a business worth $1/share.
Again — **that's scenario math, not a prediction.**
# Why I think the market may be early
Right now NASA is still being treated like a tiny speculative company. And honestly, that's fair. They haven't proven commercial scale yet.
But if we start seeing:
* actual purchase orders
* meaningful revenue
* repeat customers
* 360K+ litres of capacity
* Tier-1 customers converting
…I think the valuation conversation changes pretty quickly.
At that point you're not valuing an idea anymore. You're valuing an actual ingredient business.
# What I'm watching
For me, the next big thing isn't another press release. I want to see **revenue**. Then I want to see **repeat orders**. If NASA can start showing both while successfully scaling production, I think the current \~$25M fully diluted valuation could look very small in hindsight. That's the bet I'm making.
For now, though, I think NASA is one of the more interesting high-risk/high-upside microcaps I've come across.