Tekcapital shares jumped on Thursday morning after the technology investment company announced record net assets and profitability driven by a newly formed company built around geothermal-powered data centre patents.
The AIM-listed intellectual property investment group said net assets jumped to US$201.7m at 30 June, from US$55.1m at the end of 2025, lifting net asset value per share to US$0.78 from US$0.27.
Tekcapital reported a record half-year profit, though almost all of the gain was an unrealised uplift in the value of its portfolio company Vesari.
Investors reacted positively to the news and Tekcapital shares rose as much as 30% on Thursday before short-term profit-taking kicked in.
Tekcapital has five portfolio companies, but the half-year report released on Thursday was all about Vesari.
Louis Castro, Director of Tekcapital, said: “The majority of our value uplift during the period is attributable to Vesari Inc., in which we were granted a 51% equity stake in May 2026.
“Vesari was formed to commercialise intellectual property to enable geothermal-powered AI data centres to efficiently produce behind-the-meter, carbon-free compute.”
“Eleven non-provisional U.S. patent applications were assigned to the company, with the USPTO confirming the recording of the assignment on 22 June 2026 though as at today’s date the patents are pending. Rather than protecting a single innovation, the portfolio spans the full integrated compute stack: geothermal power integration and islanded electrical architecture, cooling and waste-heat recovery, energy-aware workload orchestration and reservoir co-optimisation, LEO satellite connectivity, and the carbon-free commercial layer.”
The new portfolio company is targeting one of the hottest sectors for investors: AI data centres and the compute required to facilitate the AI revolution.
After the period ended, patent valuation firm Cardinal IP assessed Vesari’s portfolio at about US$293m as of 30 June under IFRS fair value rules.
There will be questions about Vesari’s valuation, but these questions apply across the entire sector, where listed companies, particularly in the US, can attract multibillion-dollar valuations pre-revenue while many others trade at Price-to-Sales ratios in excess of 50.
As previously announced, Vesari has begun early-stage talks with US investment bankers about routes to a stock market listing, including a possible reverse merger or de-SPAC.
This is when the true valuation of Vesari will be realised, and one would expect anticipation to build as further updates on the capital markets activity are released.
One notable takeaway from today’s report is that Vesari plans to bid on land in Nevada’s Great Basin to build its first campus.
Elsewhere, Microsalt, its low-sodium salt business, grew 2025 revenue 187% to US$2.14m and signed a joint development agreement with one of the world’s largest food and drink manufacturers.
Innovative Eyewear, its Nasdaq-listed smart glasses arm, reported a twelfth straight quarter of growth with preliminary second-quarter sales of about US$1m, up 71%, and a planned rollout across 345 eyewear stores and clinics in Canada. GenIP expanded to clients in 25 countries, while autonomous-vehicle company Guident raised US$2m and continues to work towards a public listing this year.