Indigo Ag (private) — research brief (BMC #079 on gallery, queue id 78)

Prepared 2026-10-11 (America/Chicago). Labels: FACT = stated by Indigo in its own press releases/website; SECONDARY = press or an independent review; INFERENCE = computed or reasoned by this project. Indigo Ag is private: no audited annual revenue has been published, so this brief contains no full-year revenue figure and nothing is estimated or annualized.

Sources (accessed 2026-10-11)

Microsoft agreement (Jan 15 2026): https://www.indigoag.com/pages/news/indigo-to-sell-2.85-million-tonnes-of-carbon-removal-to-microsoft
Fifth credit issuance (Feb 25 2026): https://www.prnewswire.com/news-releases/indigo-surpasses-2-million-metric-tons-of-verified-soil-carbon-impact-with-fifth-credit-issuance-302697313.html
Carbon by Indigo contract summary (Ag Data Transparent, Feb 2026): https://www.agdatatransparent.com/ag-carbon-verified/2026/2/23/carbon-by-indigo
About / Biological Solutions: https://www.indigoag.com/about , https://www.indigoag.com/biologicals
Renewal plan (May 2 2024): https://www.indigoag.com/pages/news/indigo-ag-sets-out-plan-for-renewal-in-accelerated-drive-to-profitability-and-growth
$250M+ raise (Sep 15 2023): Indigo release; DTN, Bloomberg, Boston Globe (SECONDARY)
Third carbon crop (Feb 26 2024); Brazil Source program (PR Newswire Brasil Feb 11 2026; Indigo Brasil blog); DualBlocker (PR Newswire Brasil Jun 25 2026)
Terraton Initiative / Indigo Carbon launch (Business Wire, Jun 12 2019, historical)
Logo: project monogram ("I" on an indigo tile), not Indigo's official mark. Trademark of its owner; identification only.

Teaching arc

Two businesses on one science base: sell crop-protecting microbes to farmers, and pay farmers for measurable soil-carbon gains while selling the registry-issued credits to companies such as Microsoft — funded by venture capital and still without published profitability.

Key facts

Founded 2013 (originally Symbiota) by Flagship Pioneering; Boston; says it operates in ~15 countries (FACT / SECONDARY).
Carbon: five U.S. credit issuances; fifth (Feb 2026) = 1.1M credits via the Climate Action Reserve; 2.1M tCO2e impact since 2018; 8M+ acres, 28 states (FACT). 927,296 credits issued from CAR1459 as of Jan 2026 (FACT). Third crop (Feb 2024) = 163,048 credits (FACT).
Microsoft: 12-year agreement for 2.85M credits (Jan 2026); earlier 40,000 t (2024) and 60,000 t (2025) (FACT). Contract value/price not published.
Farmer pay: $40M+ paid across all programs (FACT, Jan 2026). Credits generated through 2025 vest over 5 years (50/20/10/10/10); credits from 1 Jan 2026 are paid after sale to a buyer; ~20% holdback to registry buffer; payment not guaranteed; min 150 acres; exclusivity on carbon attributes (SECONDARY, Ag Data Transparent).
Split: 2023 CEO interview: Indigo gets 25% of credit trade value, farmers 75% (SECONDARY, DTN). Today Indigo says it returns "the majority" to farmers (FACT).
Biologicals (biotrinsic): ~25 products, five major crops, four core stresses; seed coatings and the CLIPS applicator; trial map and case studies are company-selected (FACT). DualBlocker launched in Brazil in 2026 (FACT).
Source (Brazil/Argentina): launched early 2025; ~16,000 ha in first cycle; contracts of about R$10M to farmers across 2024/25 and 2025/26 seasons; first payments Feb 2026 (FACT). This is payments to farmers, not Indigo revenue.
Money: $250M+ raised Sep 2023, led by Flagship (FACT); valuation below the $3.5B of 2020 (SECONDARY, Boston Globe). Company said net revenue grew 40% in 2022 and 90% in the first seven months of 2023 vs prior-year period, with no dollar figures (FACT). Bloomberg reported management expected $80M–$100M of revenue the following year — a forecast (SECONDARY), not used as a revenue figure.
Restructuring: Dean Banks CEO from 1 Feb 2024; May 2024 split into Biological Products and Sustainability Solutions units, exit non-core businesses; three layoff rounds before then (SECONDARY, Agriculture Dive). Earlier (2020) Indigo cut ~150 jobs while focusing on its grain Marketplace (SECONDARY, Bloomberg).

Cautions

No audited revenue, profit, cash or headcount. Not on the atlas revenue ranking; listed under "No full-year figure on canvas".
The share of revenue from carbon vs biologicals is not published; the atlas tag (take-rate) follows the credit-sale mechanism and is a judgment (INFERENCE).
Trial results are selected by the company; they are not averages.

# Indigo Ag (private) — research brief (BMC #079 on gallery, queue id 78) Prepared 2026-10-11 (America/Chicago). Labels: **FACT** = stated by Indigo in its own press releases/website; **SECONDARY** = press or an independent review; **INFERENCE** = computed or reasoned by this project. Indigo Ag is private: **no audited annual revenue has been published**, so this brief contains no full-year revenue figure and nothing is estimated or annualized. ## Sources (accessed 2026-10-11) - Microsoft agreement (Jan 15 2026): https://www.indigoag.com/pages/news/indigo-to-sell-2.85-million-tonnes-of-carbon-removal-to-microsoft - Fifth credit issuance (Feb 25 2026): https://www.prnewswire.com/news-releases/indigo-surpasses-2-million-metric-tons-of-verified-soil-carbon-impact-with-fifth-credit-issuance-302697313.html - Carbon by Indigo contract summary (Ag Data Transparent, Feb 2026): https://www.agdatatransparent.com/ag-carbon-verified/2026/2/23/carbon-by-indigo - About / Biological Solutions: https://www.indigoag.com/about , https://www.indigoag.com/biologicals - Renewal plan (May 2 2024): https://www.indigoag.com/pages/news/indigo-ag-sets-out-plan-for-renewal-in-accelerated-drive-to-profitability-and-growth - $250M+ raise (Sep 15 2023): Indigo release; DTN, Bloomberg, Boston Globe (SECONDARY) - Third carbon crop (Feb 26 2024); Brazil Source program (PR Newswire Brasil Feb 11 2026; Indigo Brasil blog); DualBlocker (PR Newswire Brasil Jun 25 2026) - Terraton Initiative / Indigo Carbon launch (Business Wire, Jun 12 2019, historical) - Logo: project monogram ("I" on an indigo tile), **not** Indigo's official mark. Trademark of its owner; identification only. ## Teaching arc **Two businesses on one science base: sell crop-protecting microbes to farmers, and pay farmers for measurable soil-carbon gains while selling the registry-issued credits to companies such as Microsoft — funded by venture capital and still without published profitability.** ## Key facts - Founded 2013 (originally Symbiota) by Flagship Pioneering; Boston; says it operates in ~15 countries (FACT / SECONDARY). - **Carbon:** five U.S. credit issuances; fifth (Feb 2026) = 1.1M credits via the Climate Action Reserve; 2.1M tCO2e impact since 2018; 8M+ acres, 28 states (FACT). 927,296 credits issued from CAR1459 as of Jan 2026 (FACT). Third crop (Feb 2024) = 163,048 credits (FACT). - **Microsoft:** 12-year agreement for 2.85M credits (Jan 2026); earlier 40,000 t (2024) and 60,000 t (2025) (FACT). Contract value/price not published. - **Farmer pay:** $40M+ paid across all programs (FACT, Jan 2026). Credits generated through 2025 vest over 5 years (50/20/10/10/10); credits from 1 Jan 2026 are paid after sale to a buyer; ~20% holdback to registry buffer; payment not guaranteed; min 150 acres; exclusivity on carbon attributes (SECONDARY, Ag Data Transparent). - **Split:** 2023 CEO interview: Indigo gets 25% of credit trade value, farmers 75% (SECONDARY, DTN). Today Indigo says it returns "the majority" to farmers (FACT). - **Biologicals (biotrinsic):** ~25 products, five major crops, four core stresses; seed coatings and the CLIPS applicator; trial map and case studies are company-selected (FACT). DualBlocker launched in Brazil in 2026 (FACT). - **Source (Brazil/Argentina):** launched early 2025; ~16,000 ha in first cycle; contracts of about R$10M to farmers across 2024/25 and 2025/26 seasons; first payments Feb 2026 (FACT). This is payments to farmers, not Indigo revenue. - **Money:** $250M+ raised Sep 2023, led by Flagship (FACT); valuation below the $3.5B of 2020 (SECONDARY, Boston Globe). Company said net revenue grew 40% in 2022 and 90% in the first seven months of 2023 vs prior-year period, with no dollar figures (FACT). Bloomberg reported management expected $80M–$100M of revenue the following year — a forecast (SECONDARY), not used as a revenue figure. - **Restructuring:** Dean Banks CEO from 1 Feb 2024; May 2024 split into Biological Products and Sustainability Solutions units, exit non-core businesses; three layoff rounds before then (SECONDARY, Agriculture Dive). Earlier (2020) Indigo cut ~150 jobs while focusing on its grain Marketplace (SECONDARY, Bloomberg). ## Cautions - No audited revenue, profit, cash or headcount. Not on the atlas revenue ranking; listed under "No full-year figure on canvas". - The share of revenue from carbon vs biologicals is not published; the atlas tag (take-rate) follows the credit-sale mechanism and is a judgment (INFERENCE). - Trial results are selected by the company; they are not averages.