Octopus AI Unit Kraken Valued at $8.7 Billion in Stake Sale

Engineers prepare to install an Octopus Energy Ltd. Cosy 6 heat pump at a residential property in Derby, UK.
Photographer: Chris Ratcliffe/Bloomberg

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By Keira Wright and Eamon Farhat

December 29, 2025 at 9:53 PM UTC

Updated on

December 30, 2025 at 9:18 AM UTC

UK utility Octopus Energy Group Ltd. has agreed to sell a stake in software unit Kraken Technologies at a valuation of $8.65 billion as an initial step toward spinning the business off.

In its first funding round, Octopus sold about $1 billion of equity in Kraken to a consortium of new and existing shareholders, it said in a statement.