Rank 4 · DePIN / Physical AI
GEODNET GEOD
MC ~$90–110M
ARR ~$7–8M (up from $2M mid-2025)
Base stations 20,500+ in 148 countries
Status net-deflationary since Aug 1, 2026
Composite50.0 not ranked · thin data
Buyback yield—
P/S— sector 12.4×
Below 1y peak45% 1.8× to reclaim
Float47% FDV $220.3M
Moat64 judgement
Innovation75 judgement
Moat 64. Physically deployed RTK base stations and enterprise customers. Hardware in the ground is a genuine barrier - you cannot fork a base-station network - though the demand side is still unproven.
Innovation 75. Centimetre-precision RTK positioning sold to drones, agriculture and robotics. Novel market rather than novel crypto - and the only name here whose customers are largely not other crypto users.
Innovation 75. Centimetre-precision RTK positioning sold to drones, agriculture and robotics. Novel market rather than novel crypto - and the only name here whose customers are largely not other crypto users.
Measured from live data, except Moat and Innovation which are hand-set judgements · snapshot 2026-08-23 · full model →
What it does
GEODNET runs a decentralized RTK (Real-Time Kinematic) GNSS network providing centimeter-precision positioning. Customers are autonomous vehicles, drones, agri-tech operators, surveyors, and humanoid robotics platforms — anyone who needs sub-inch accuracy in the field. Operators run RTK base stations and earn GEOD; enterprise customers pay for the precision feed in fiat.
Fundamentals
- ~$7–8M annualized recurring revenue, up from $2M/yr mid-2025 (roughly 3× YoY growth).
- 20,500+ base stations deployed across 148 countries.
- 80% of enterprise revenue is used for weekly buyback-and-burn of GEOD.
- Network went net-deflationary on August 1, 2026 after the July 2025 halving finally tipped the emissions/burn ratio.
Tokenomics
- FDV very close to MC after halving — most of the dilution schedule is behind.
- Halving mechanic already delivered a 50% emissions cut.
- Revenue-funded buyback-and-burn is real and mechanical, not discretionary.
Catalysts (6–12mo)
- Multicoin-led $8M strategic round explicitly for humanoid robotics positioning.
- Coinbase listing in June 2026 broadened distribution.
- Pipeline of automotive and robotics enterprise customers.
- Any Physical AI / humanoid-robotics narrative acceleration.
Risks
- Small absolute revenue base — a couple of large customer losses would move the needle.
- Robotics/Physical AI narrative is still early; thesis requires it to actually materialize.
- Competing against commercial RTK networks (Trimble, Hexagon) with legacy pricing power.
Strong Buy. Cleanest fundamentals-per-dollar story in DePIN. Real cash-paying enterprise revenue, active deflationary flywheel, asymmetric exposure to Physical AI. ~13× revenue at $90M cap while growing 3×+ YoY is a genuine mispricing.
How it compares to its peers
| DePIN | Mkt cap | Revenue/yr | Growth/yr | Bull y3 rev | P/S | Fwd P/S y3 | Buyback |
|---|---|---|---|---|---|---|---|
| Filecoinpeer | $612.6M | $2.4M | -16% | $1.3M | 257.5× | 359.9× | 0.4% |
| GEODNET | $104.5M | — | — | — | — | — | — |
| Helium | $33.9M | $2.7M | — | — | 12.4× | — | 8.1% |
| Hivemapperpeer | $3.9M | $397.2K | -31% | $1.3M | 9.7× | 19.6× | 10.3% |
Peer revenue growth runs at a median of -24% a year, with 2 of 2 shrinking — so this multiple sits inside a contracting sector.