Colossal Biosciences, the de-extinction startup known for its dire wolf "resurrection" project, is reportedly in talks to raise new funding at a valuation of $20 billion to $30 billion, according to Axios. This would roughly double or triple the $10.2 billion valuation it held around 16 months ago, reflecting growing investor appetite for the company despite ongoing debate over the scientific and ethical merits of de-extinction work.

It is not yet known who would lead the round or how much capital the five-year-old company is seeking, but it has reportedly begun generating revenue over the past year. Colossal's chief executive Ben Lamm has pointed to three revenue streams, including conservation technology sold to the US government and the UAE, which recently invested $60 million. The company has also spun out three ventures — plastics-recycling firm Breaking, computational biology platform Form Bio, and AI modelling company Astromech, valued at $2 billion in March — and plans to spin off its artificial womb technology, expected to be ready next year, alongside potential future revenue from biodiversity credits.