Tech & AI
Netcompany Pays DKK 325m for 23.7% of Denmark's Gefion AI Supercomputer Operator
The Copenhagen-listed IT services group joins Novo Nordisk Fonden and the state export fund in a DKK 500m raise for sovereign AI capacity.
HedgeWeekly Tech & AI Desk ·
Netcompany Group, the Copenhagen-listed IT services firm, has agreed to take a 23.7% stake in Danish Centre for AI Innovation (DCAI), the company that runs Denmark's Gefion AI supercomputer. In a stock exchange announcement dated 10 November, Netcompany said it will subscribe for new DCAI shares worth DKK 325 million at a pre-money valuation of DKK 875 million. The deal was signed that morning and is unconditional.
Existing owners Novo Nordisk Fonden and the state export and investment fund EIFO are investing alongside it on the same terms, taking the round to about DKK 500 million. After completion Novo Nordisk Fonden will hold 52.6%, with EIFO and Netcompany each on 23.7%. DCAI will spend the money on more computing capacity and on building out its organisation, aiming at demand for secure, sovereign AI, meaning computing kept under national control.
Gefion is built on an Nvidia DGX SuperPOD, a packaged cluster of 1,528 Nvidia H100 graphics processors, and already serves users in defence, research and healthcare. Netcompany will contribute its Feniks Governance software for access control and monitoring, and chief executive Andre Rogaczewski joins DCAI's board. The company is funding the stake from existing credit lines, will book it as an associate under the equity method, and says 2026 guidance is unchanged.
Why it matters: the deal shows European governments and listed IT groups moving to own regional AI capacity rather than rent it from US cloud providers, a theme that supports demand for Nvidia hardware outside the hyperscalers. For Netcompany, investors will watch whether the stake turns into software and services revenue, and how the debt-funded outlay sits against its leverage. Whether other Nordic and European states copy the model is the next signal for infrastructure suppliers.