Netcompany buys into Denmark's Gefion AI supercomputer in DKK 500m investment
The Danish IT group takes a 23.7% stake in the company behind the Gefion supercomputer. The new money is meant to turn a research GPU cluster into a sovereign AI platform for public bodies and regulated industries.
Netcompany, the Copenhagen-listed IT services group, has agreed to invest DKK 325 million (about EUR 44 million) in the Danish Centre for AI Innovation (DCAI), which runs the Gefion AI supercomputer, the company announced on Tuesday 10 November. Together with existing owners the Novo Nordisk Foundation and the Danish export and investment fund EIFO, the three partners are investing about DKK 500 million in new shares.
After completion, the Novo Nordisk Foundation will hold 52.6% of DCAI and EIFO and Netcompany 23.7% each, EIFO said. The money is meant to expand AI computing capacity and turn Gefion into a commercial platform for public institutions, regulated industries and businesses.
The terms
The deal is a primary investment, with all three investors paying the same price per share on identical terms. Netcompany subscribed for DKK 325 million of new shares based on a pre-money valuation of DKK 875 million, according to its stock exchange announcement. EIFO is adding DKK 150 million, and the Novo Nordisk Foundation is topping up its investment to keep a majority stake, EIFO said. EIFO's statement adds that the Danish government intends to provide DKK 150 million to increase the public commitment through the fund.
The investment agreement was signed on the morning of 10 November and is unconditional. Netcompany gets customary minority protection rights and may nominate one of the four members of DCAI's board. Its chief executive André Rogaczewski joins the board. Netcompany is funding the deal from existing credit facilities and said it does not change its financial guidance for 2026.
From research cluster to sovereign platform
DCAI was set up by the Novo Nordisk Foundation and EIFO to operate Gefion, Denmark's first AI supercomputer, an NVIDIA DGX SuperPOD with 1,528 NVIDIA H100 GPUs, according to Netcompany. Gefion was inaugurated in 2024 and already serves users in defence, research, academia, healthcare and industry.
"Gefion is approaching full capacity, making timing right for bringing on board additional capital and competencies," said DCAI chair Nana Bule. DCAI chief executive Martin Svensson said that when Gefion opened, its main task was training large AI models, while today organisations are building AI into products and workflows, and AI agents are taking on more complex tasks.
What Netcompany brings
Netcompany plans to contribute its experience running critical public IT systems, including 24/7 operations and security, and its Feniks Governance product. According to the company, raw GPU capacity needs access control, monitoring, security and operational accountability before regulated organisations can use it, and this is a key barrier to sovereign AI adoption. Feniks Governance is meant to provide that layer.
"Denmark will undoubtedly increase the use of responsible and sovereign AI, the question is whether the value is created here in Denmark or somewhere else," Rogaczewski said in the announcement.
The government's case
EIFO expects demand for AI capacity in Denmark to increase at least sixfold within five years, chief executive Peder Lundquist said. Business minister Martin Lidegaard said the investment would give Danish companies and researchers more computing power and help ensure that "ownership of tomorrow's technology is not left to others". Research and digital affairs minister Christina Egelund said Denmark must contribute to European technological sovereignty.
Netcompany was founded in 2000 and had 8,929 full-time employees at the end of 2025. It reported 2025 revenue of DKK 7,044.1 million and adjusted EBITDA of DKK 1,188.8 million.
What it means for European founders and investors
The deal shows a model for national AI infrastructure that differs from both pure public research clusters and US hyperscaler capacity: a foundation and a state fund bring the hardware, and a listed IT company adds the software and operations needed to sell it to regulated customers. For start-ups in Denmark and the Nordics, more sovereign capacity with enterprise controls could make it easier to sell AI products to hospitals, public agencies and banks that cannot send data abroad.
For investors, the pre-money valuation of DKK 875 million for an operator of 1,528 H100 GPUs is a useful reference point as similar projects multiply across Europe. Sovereign AI is also driving private rounds, as in Cohere's Series E led by Schwarz Group and the UK's backing for Fractile's USD 720 million round, announced on 11 November.
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