Skeleton Technologies raises €33M in pre-IPO round, eyes 2027 US listing
Skeleton Technologies, an Estonian-founded energy storage company, has closed the first tranche of a pre-IPO funding round at €33M. The raise brings Skeleton's total venture capital funding to €392M as it prepares for a planned initial public offering in the US in 2027.
New investors Axon Partners Group, SmartCap, and Taiwania Capital joined the round, with more backers expected before the IPO.
Power is widely seen as the key bottleneck to AI growth. Skeleton says its high-power energy storage solutions — supercapacitors and what it calls "SuperBatteries" — can cut AI data centre energy consumption by 40% and increase computing power by 40%.
The company already operates mass-scale supercapacitor manufacturing in Germany and a one-gigawatt SuperBattery factory in Finland. It is now preparing to expand production to the US, where hyperscalers dominate AI infrastructure spending.
"The power bottleneck is limiting growth across the entire AI market, driving the accelerated demand for our solutions," said Taavi Madiberk, chief executive officer and co-founder.
A 2027 US IPO is ambitious for a European deep-tech manufacturer. Public markets have been unkind to hardware-heavy companies that burn capital scaling production, and the IPO window can shift quickly with macroeconomic conditions. Skeleton will also need to prove its technology works at scale inside actual data centres — not just on paper — to justify a public-market valuation.
Skeleton Technologies sits at the intersection of two high-demand themes — AI infrastructure and energy storage — yet at late growth stage with €392M in total venture funding, it remains one of Europe's most capital-intensive deep-tech bets still seeking a public-market exit. Axon Partners Group, an investment fund with growth-stage expertise, joining alongside state-backed vehicles like SmartCap and Taiwania Capital suggests the investor mix is shifting from pure venture backing toward strategics and sovereign-adjacent capital — a typical pre-IPO pattern, but also a sign that traditional VC appetite alone may not stretch far enough for hardware-heavy companies at this scale.
Read more: skeletontech.com
