Skeleton Technologies surpasses $1B valuation with Siemens backing for US expansion

Skeleton Technologies has crossed the $1 billion valuation mark after a strategic investment from Siemens. The company says the deal is meant to speed up something more concrete than a headline: more manufacturing in the United States and more R&D in Silicon Valley, all aimed at AI data centres that are pulling harder on power systems than older infrastructure was built to handle.

That pressure is not theoretical. The International Energy Agency expects global data-centre electricity use to rise from about 485 TWh in 2025 to 950 TWh by 2030, and says electricity use by AI-focused data centres will triple. The problem with AI hardware is not just volume, but volatility. GPU clusters can jump between power states in milliseconds, which creates sudden swings, peaks and harmonics that stress the rest of the system.

Skeleton’s pitch is that its systems sit close to the workload and smooth those swings out. The company says its high-power products can eliminate harmonics, manage rapid fluctuations, deliver up to 40% energy savings and improve GPU performance by double digits. At the core is its Curved Graphene material, which Skeleton says is built for fast power delivery, efficiency and long cell life. Those cells are paired with power electronics and system controls for AI clusters.

The Siemens deal also deepens a relationship that was already in place. Siemens backed Skeleton’s expansion in 2023 and Siemens Digital Industries helped design and automate the company’s Leipzig SuperFactory in Germany. Now the two companies are aiming at the same prize from different angles: infrastructure on one side, fast-response power systems on the other. Skeleton says it will invest more than $200 million in operational scale-up and R&D in Silicon Valley, including domestic cell manufacturing, with the goal of a full US value chain from cells to complete systems.