What is Octopus Energy Kraken?

It is the AI-enabled software platform built by Octopus to run energy retail and flexibility services. It handles billing, customer care and smart tariffs. The spin-off sets a $8.65bn valuation after a $1bn raise. Investors see it as a pure-play energy-tech asset with potential recurring revenue.

Will Kraken Technologies IPO in London or New York?

No decision is announced. Management has signalled both venues are in play. A London listing could support the local market, while New York may offer higher software valuations. Watch official filings and press reports for timing and structure as Octopus Energy Kraken moves closer to listing.

How does this affect Octopus Energy funding and customers?

The funding backs growth at Kraken while Octopus retains a 13.7% stake. Customers should see faster product development and more features. For investors, clearer separation can improve transparency around performance. The parent can focus on supply and services while the platform scales with partners and new markets.

Global Market Insights

December 31: Octopus spins off Kraken at $8.65bn; IPO venue in focus

ByHuzaifa Zahoor December 31, 2025December 31, 2025

Octopus Energy Kraken will be spun off at a $8.65bn valuation after a $1bn round led by D1 Capital, putting a Kraken Technologies IPO firmly on the table. Octopus will retain a 13.7% stake, with most proceeds funding expansion. For UK investors, Octopus Energy Kraken is a timely test of the London IPO market’s pull versus New York. We explain what the deal means, why the venue choice matters, and what to track as capital flows into UK energy-tech.