The company generated 5.27 billion Malaysian ringgit ($1.6 billion) in revenue last year, high enough to place it at No. 243 on the Southeast Asia 500. Even more staggeringly, the company grew its revenues by more than 720%, making it the fastest-growing company in terms of revenue on this year’s list.
NationGate also earned $342 million in profits, a respectable 163% increase from the year before.
The company’s data computing segment drove much of its revenue, contributing 88% this year compared to 17% in 2023. NationGate also works with the automotive and telecommunications sectors.
More than half of Nationgate’s revenue comes from Malaysia; another third comes from Singapore. The two countries are arguably Southeast Asia’s data center hubs.
NationGate sees “immense potential” in AI, and that its entry into AI server manufacturer will help it tap into “double digit” annual growth in data center investments in both Southeast Asia and globally.
But the AI boom brings risks too.
Both Malaysia and Singapore have faced scrutiny due to allegations that both countries are channels for controlled U.S. chips to make their way to China. In particular, U.S. officials are reportedly examining whether DeepSeek, the Chinese AI startup, circumvented U.S. export control measures with the help of third parties in Singapore.
More broadly, countries in Southeast Asia were subject to possible U.S. rules that would cap the number of AI chips they could buy. (The Trump administration scrapped this proposal last month.)
Nationgate has distanced itself from the subject and has clarified that it was not involved in the investigations. But investors are still spooked. NationGate’s shares are down by some 40% this year.
