Drogue raises $20 million for ocean-powered floating data centers
The Washington, D.C., startup plans to send a multi-megawatt prototype to sea in early 2028, using differences in ocean temperatures to generate electricity.
xFusion advances toward $1.2 billion IPO after Shenzhen review
The Chinese AI server maker plans to raise 8 billion yuan on ChiNext. The listing committee questioned its margins and the sustainability of operating growth.
China's xFusion Digital Technologies has cleared a Shenzhen Stock Exchange review as it pursues an initial public offering targeting 8 billion yuan ($1.2 billion). The proposed listing would be on ChiNext, the exchange's growth board.
An exchange filing dated November 12 said the listing committee concluded that xFusion met the requirements for disclosure, listing and share issuance. The filing also indicated that nothing further required a response from the company.
The committee sought explanations for xFusion's gross-margin trend and the sustainability of growth in its operating performance. Among the factors it cited were shifts in computing-capacity demand, downstream customers' capital spending, xFusion's technology and net operating cash flow, along with customer and supplier concentration. It also questioned whether the related risks had been adequately disclosed.
The fundraising target appears in xFusion's May prospectus, which describes a computing-infrastructure business that includes AI servers. The prospectus identifies CITIC Securities as the proposed IPO's sponsor.