Cordyceps is the adaptogenic mushroom that raises your oxygen uptake and gives you clean energy without the caffeine crash.
The word names at least three different fungi, and which one a study used decides what its result means. Across the whole human literature the picture is thin and mixed: the largest exercise trial, in 96 people, found nothing on maximal oxygen uptake or anaerobic power; a five-week trial in trained cyclists found nothing; the most-cited positive result rests on ten people who finished a three-week arm, taking a multi-mushroom blend rather than cordyceps alone. One meta-analysis reports a benefit with every p-value between 0.03 and 0.05, while a review that appraised risk of bias explicitly found the same literature inconsistent and of limited certainty. Of 34 cordyceps trials on the ClinicalTrials.gov registry, none has posted results.
The name is doing more work than the evidence. A shopper reads one word, buys a cultured mycelium grown on grain, and inherits a reputation built by a wild Himalayan fungus that almost none of the research ever tested.