Skeleton Technologies Passes a $1 Billion Valuation in Siemens-Led Round

Skeleton Technologies, the Estonian maker of supercapacitors, said on October 14, 2026 that a Siemens-led investment lifted its valuation above $1 billion, as reported by Tech Funding News. The company did not disclose the exact amount and called the round nine-digit. It told Bloomberg the investment exceeded $100 million.

The money will mainly fund US manufacturing and research in Silicon Valley. Skeleton plans to spend more than $200 million on operational scale-up and research, working with hyperscalers, the cloud companies that build the largest data centres. It also plans to start cell manufacturing in the US.

Why Siemens Is Doubling Down

Siemens already financed Skeleton, designed its factory and bought its supercapacitors. Siemens Financial Services joined Skeleton's 108 million euro round in October 2023, and Siemens Digital Industries designed and automated the Leipzig factory that Skeleton opened on November 28, 2025 after a 220 million euro investment.

The new deal moves Siemens from backer to seller. Bloomberg reported that Siemens has exclusive rights to sell Skeleton's high-power energy storage to data centre customers. Skeleton's own announcement says only that the two companies will combine Siemens' electrical infrastructure with Skeleton's fast-response power systems to develop products for AI data centres. Neither company has disclosed Siemens' stake, the length of the exclusivity or whether it covers every region.

The Problem It Targets

Chief executive Taavi Madiberk, who co-founded the company in 2009 with Oliver Ahlberg, argues that the limit on AI is no longer how many chips a buyer can get but how much power each chip can use. Chip clusters can swing between power states in milliseconds, which creates sharp load changes. Skeleton combines its supercapacitor cells with power electronics and software to absorb those swings close to the workload.

The International Energy Agency expects global data centre electricity use to nearly double, from 485 terawatt-hours in 2025 to about 945 by 2030.

Rivals Attack Other Layers

Verse raised a $54 million Series B in June, led by Bessemer Venture Partners, to help data centres connect to the grid faster. Emerald AI, which makes software that adjusts a data centre's power use to grid conditions, raised a Series A at a $1.05 billion valuation. EPIC Microsystems raised a $21 million Series A in March for power delivery chips.

Public investors will want to know how much of Skeleton's revenue depends on one sales partner, a number the announcement does not give.

What This Means for Founders

Skeleton shows how a strategic investor can do more than write a check. Siemens funded, built for and now sells for Skeleton. That can shorten a hardware company's route to customers, but it also ties the company's main channel to one partner. If you are raising a growth round with a corporate investor, ask for a term sheet that spells out what rights come with the money, such as exclusivity, and how long they last.

Also weigh how a strategic round affects the next valuation. Other buyers may hesitate to work with a company that is tied to a rival of theirs. A founder raising from a lead investor with a commercial interest should negotiate those terms early.

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