Temple 8 Research
AI Buildout, Macro & Energy Infrastructure Research
Ideal Power could re-rate sharply because its solid-state bidirectional switches let power flow both ways between the grid and facility-level energy storage, and it is the highest-conviction name of its size. The switches are at the same stage as Wolfspeed's without competing with them, and the latest earnings report was good. @hiteshkar adds that if qualified, it would be the most unique product on the market, ideal for behind-the-meter protection. x.com x.comÂ
Ideal Power's gap between almost no revenue and a ~$100M valuation is the opportunity, if it turns a test project into repeat orders. Its bidirectional switch replaces two one-way parts and wastes about a quarter of the energy in always-on jobs like breakers, which AI data centers and grids moving to 800V need by the millions. Its pipeline rose from $200M to $300M in a quarter, a big breaker maker signed a multiyear deal, and a hyperscaler will test it in Nvidia's 800V racks. No orders yet. … Show more
Ideal Power's B-TRAN switch fits the solid-state breakers required in Nvidia's 800V DC racks, an overlooked chokepoint. At 800V DC, mechanical breakers are too slow to stop fault arcs; B-TRAN is one two-way switch instead of two, wasting about a quarter of the energy. A May 14 LOI covers a prototype for a US hyperscaler, due end-2026, with a possible 2027 ramp. With $0 revenue, it is a lottery ticket on that turning into repeat orders, with $16M+ cash and no debt cushioning the downside. x.comÂ
Ideal Power fits SemiAnalysis's 800VDC data center thesis: its patented B-TRAN bidirectional switch powers solid-state circuit breakers, the protection technology SemiAnalysis calls critical because DC arcs do not self-extinguish. With its Q1 2026 results, it reported signing an LOI to co-develop a B-TRAN-enabled breaker prototype for a US hyperscaler. At a $135m market cap, the upside is asymmetric if the company executes. x.comÂ
HVDC and 800V DC power delivery is the theme to focus on now, with STMicroelectronics, Navitas, Hyliion and Ideal Power as the preferred bets. Across the AI buildout, power and optics keep gaining narrative strength and attention, while packaging remains critical but is increasingly well understood by the market. x.com x.comÂ
Ideal Power has de-risked somewhat, though a delay in Stellantis automotive certification argues for waiting weeks or months. It signed a long-term supply agreement with a high-volume Asian wafer foundry where functional B-TRAN first silicon is already made, at a cost it says supports gross margins at scale. It also got a first stocking order for its 800V solid-state circuit breaker kit, a first revenue signal, and holds $41.3M of cash with no debt and about four years of runway. x.com x.com … Show more
Ideal Power's 800V data-center case gains a named commercial partner in Lazzen, which is building B-TRAN-enabled products for AI data centers. Per @TheBullWhisper's find, the 1-2% figure in investor materials captures only conduction losses, so the system-level impact may be larger once cooling and rack density are counted. @TheBullWhisper adds that its value could be far bigger if it wins hyperscaler designs. x.comÂ
Forgent Power Solutions is the highest-upside energy infrastructure stock, a picks-and-shovels play on expanding and upgrading the electrical grid that could be worth $60+ versus about $38 today. @TrackNetWorth counters that grid connection delays will cap the upside before it reaches that target. x.com x.comÂ
Enphase and SolarEdge are a paired bet on AI data center power electronics. Both bring deep bidirectional conversion and safety expertise from residential and microgrid markets, which data centers need for sudden power swings as GPU clusters cycle and for fail-safe protection where one breaker failure can destroy a rack. Direct 13 kV-to-800 V solid-state transformers are about two years out, so both look only partly noticed after correcting to attractive multiples. SolarEdge is slightly ahead. … Show more
Capstone Energy+ is a little-known play on behind-the-meter power, a market expected to grow from $108 billion to $520 billion. Everyone knows Bloom Energy, but few know Capstone, which looks positioned to land a data center deal soon, with accelerating revenue growth, improving margins, positive free cash flow and net income, a healthy balance sheet and an attractive valuation. x.comÂ
Behind-the-meter power generation stocks should be rallying, since data-center permitting delays and a backed-up grid push demand toward on-site power. INIO is a prime example: the stock has sold off even though it is a massive behind-the-meter beneficiary with accelerating demand, especially as data centers become more modular and smaller. x.comÂ
