Year In Review Letters
January 2026
Dear Clients and Future Clients,
I am pleased to be writing this letter reflecting on a very successful year and celebrating Barkers Point Capital’s 6th anniversary! Thank you to my clients for the trust you have placed with my firm and thank you to our investor clients for your willingness to provide risk capital.
Looking back on 2025, the most important investment themes were AI and Power, and the “insatiable” demand for both. It was hard not to see a daily story on either one. While market sentiment shifted more negatively in the last quarter of the year, there is no doubt about the longer-term positive trends for datacenters and the need for capital to support the growth. Similarly, power generation, including renewable power, will be increasingly valuable.
This year was a tremendous success, and I am particularly proud of the firm’s placement activity at the intersection of these fundamental investment trends. The firm was early in identifying the investment opportunity and potential with its first datacenter financing in 2022 and has continued to stay active with a growing client base across project finance, corporate finance and venture capital mandates.
My hope is to work with clients that have substantial potential but are early enough in their corporate evolution that my firm can have a significant impact. Therefore, their growth and success become a reflection and report card in many ways. Congrats to two of my early clients on becoming Unicorns this year: Nscale, which has become one of the leading AI Infrastructure companies in Europe and HevenAerotech, a cutting-edge drone company utilizing hydrogen for long range missions. Well done to both companies and looking forward to seeing even greater successes in the future.
Below are other major highlights of 2025:
Completed Financings
• Multiple equity financings for Nscale (assisted in $75 mm SAFE + $1.1 billion Series B) – AI Datacenters
• GPU and DC debt financings for Nscale (assisted in $1 bn + raise – Q1 2026 expected closing)
• Secured debt financing for Terra Energy ($35 mm) – Residential Solar
• Project financing for Daroga Power (size not disclosed by client) – Carbon Capture
• Arkhouse – Public Market Activist Fund – Several successful capital raises and ongoing representation
• Merlin Ventures – Israel Focused Cyber Fund – several successful capital raises and ongoing representation
As a boutique merchant banking firm, we continue to stay focused on renewable power, alternative energy, datacenter financings and related technology companies that provide valuable ancillary services or components. The financing for Terra Energy, a fast growing residential solar as a service business, is a great example of Barkers Point’s ability to help a client navigate a successful financing by differentiating its business model in a sector with significant headwinds.
In addition, Barkers Point is working with several companies that offer “speed to power” or “greater efficiency” and these will become increasingly important and valuable as the datacenter market matures. This includes companies that offer services/solutions as well as hardware innovation. As the business develops and becomes increasingly competitive, the need for innovation and capital accelerates and 2026 promises to be an exciting year for Barkers Point Capital.
A growing business segment for Barkers Point Capital is to represent and raise capital for managers with unique fund strategies. The goal is to identify smaller funds that offer attractive risk adjusted returns in less discovered sectors and socialize these within the growing Barkers Point Capital investor network. Multiple studies have shown that funds with such characteristics can outperform. This year, Barkers Point Capital completed fund raises for Arkhouse, an activist fund targeting mispriced public real estate related securities and Merlin Ventures, which focuses on backing early-stage Israeli cyber teams. We look forward to expanding this activity in 2026 with several unique managers in defense tech and dual-use technologies, areas supported by significant government policy tail winds, increased capital spending and strong market performance.
Barkers Point Capital clients typically own a substantial portion of their business and therefore whom they trust with their capital raising needs is one of the most important decisions they ever make. I don’t take this responsibility lightly.
In closing, wishing everyone a healthy, successful and peaceful new year. Please don’t hesitate to reach out if Barkers Point Capital Advisors can help navigate your next capital raising.
Best,
Barry Kupferberg
Founder & Managing Partner
To view a PDF copy of this letter, click here.
December 2024
Dear Clients and Prospective Clients,
This past year was successful on several fronts. Barkers Point was fortunate to have completed five capital raises in 2024, including several in some of the most exciting and emerging sectors of the energy and AI infrastructure landscapes. Thank you to my clients for the trust you have placed with my firm and thank you to the investor community for your willingness to provide risk capital. Capital formation is key to driving innovation and progress.
Barkers Point is now entering its 5th year in business. The core mission remains advising and assisting clients in navigating the U.S. capital markets. A typical client is often raising its first institutional-type capital and generally developing core infrastructure, advancing an emerging technology or utilizing technology to offer improved and enhanced services. The firm is often working with companies at the intersection of technology and infrastructure.
Almost always, my clients own a substantial portion of their business and therefore whom they trust with their business is one of the most important decisions they ever make. I don’t take this responsibility lightly. In exchange, I offer transparent, honest advice based on years of experience. I am also wise enough to know what I don’t know and keen to learn every day. I am pleased to share this year that three clients have asked my firm to undertake repeat offerings, which to me is the ultimate compliment.
Below are the major highlights of 2024:
Accomplishments
- $155 mm equity financing for Nscale (Arkon) – to finance AI Datacenter
- Interim $19 mm Financing for Nscale (Arkon) – to finance AI Datacenter
- Daroga Power / SER Capital Partners – Carbon Capture Joint Venture Formation ($100mm+ corporate and project financing to finance carbon capture projects)
- Capital raising for Arkhouse activist campaign, a real estate activist firm
New Mandates Initiated
- Growth capital raise for a U.S. based residential solar business with a differentiated
business model - Private equity capital raise for an Israel based energy tech firm utilizing advanced
technology to innovate the fluid measurement business - Capital raising for a company that recycles low value food waste to produce high quality
animal feed - Several mandates for companies using AI tools and businesses serving the datacenter
market
Proprietary and Confidential
12/21/24
Outlook for 2025
The markets roared in 2024, and we are seeing early signs of an IPO window opening. Interest
rates are low, energy prices have moderated, and high inflation appears tamed (albeit not as low
as the Fed might like). These factors all suggest strong tailwinds for 2025. Yet most markets are
at or near historical highs and valuations are stretched, so it is possible all the good news is
factored in. In addition, uncertain geopolitical events around the world as well as the upcoming
transition in U.S. administrations can change the market trajectory quickly. My bet is we are in
for a year with substantially more volatility.
In the infrastructure business, the most discussed topic is robust demand for power (unlike
anything we have seen in decades) driven by AI datacenters and increasing electrification. This
will necessitate more construction of energy and data infrastructure and lead to significant need
for capital. Barkers Point is pleased to be an active player in the convergence of these trends.
In closing, wishing everyone a healthy, prosperous and peaceful new year. Please don’t hesitate
to reach out if Barkers Point Capital Advisors can be of assistance to help navigate your next
capital raising.
Best,
Barry Kupferberg
bk@barkerspointcap.com
+1-917-416-3746
To view a PDF copy of this letter, click here.
January 2024
Dear Clients and Prospective Clients,
As I reflect on 2023 and think about the future, I truly have much to be thankful for and this note is meant to show my appreciation. The past year produced immense sadness and severe challenges for many, and my hope is we see better days ahead.
Barkers Point Capital Advisors was founded with a mission to advise and assist domestic and international clients navigate the U.S. capital markets. Often, the firm is focused on helping businesses finance emerging and innovative technologies.
I want to thank my clients for helping to make 2023 a successful and rewarding year. Most clients are entrepreneurs that own their business and so success is very personal. I sincerely appreciate the trust you place in my firm and strive every day to keep that trust by providing valuable insight and service. I also treasure the friendships that have been created and fostered.
Barkers Point was fortunate this past year to have been involved in and closed transactions in some of the most innovative sectors of the economy:
- Completed more than $135 mm of debt and equity financings for a renewable datacenter infrastructure business (AI and Bitcoin hosting).
- Raised significant capital for a real estate activist firm targeting a public company.
- Executed a term sheet for development and project capital (closing expected in Q1) on behalf of a renewable energy developer client.
- Continued activity on behalf of sustainable aviation companies (drones and cargo aircraft).
- Commenced several new mandates for companies providing critical software for agriculture, water, and other infrastructure related businesses.
- Expanded activity in non-energy sectors including biotechnology, retail and real estate.
The new year is starting off with a significant backlog of business activity and exciting new mandates. I look forward to new successes in helping clients achieve their goals.
Below are some examples of Barkers Point clients in the press:
Please don’t hesitate to reach out to to see if Barkers Point can be helpful with your business and capital needs.
I pride myself on providing transparent and honest advice and can assure you that Barkers Point will work very hard for you. Wishing you all the best for a healthy and prosperous 2024!
Sincerely yours,
Barry Kupferberg, Managing Partner
To view a PDF copy of this letter, click here.