Kraken Raises $1 Billion in First Standalone Round at $8.65 Billion Valuation

Kraken is a high-growth utility management technology company that develops an AI-powered operating system for the global energy sector, integrating advanced data analytics with machine learning to automate billing, customer service, and grid management. The company’s mission is to redefine the utility experience through its "utility-grade AI," focusing on building a durable digital infrastructure to improve the lives of one billion people by accelerating the energy transition worldwide.

Kraken is spinning off at an $8.65 billion valuation—instantly becoming one of the most valuable energy-tech unicorns. The platform uses AI to manage smart energy operations for over 70 million customers globally, optimizing grid performance and pricing in real-time. To support this transition, Kraken has raised $1 billion in its first standalone funding round led by D1 Capital Partners, with participation from Fidelity International, Ontario Teachers' Pension Plan Board, and Durable Capital Partners.

Kraken, headquartered in London, England, United Kingdom, was founded in 2019. “Becoming an independent company gives Kraken the focus and freedom to scale as a neutral, global operating system for utilities,” said Amir Orad, CEO of Kraken. “We'll keep pushing innovation in the cloud, advancing our utility-grade AI and harnessing vast amounts of energy and grid data to ensure structural clarity for our customers and partners.”