- INIO is valued at $14.4bn versus BE’s $85bn despite guiding to similar 2026 revenue: $3.8–3.9bn versus $3.9–4.2bn.
- AI campuses pay for earlier power: INIO’s 5MW J624 reaches load in about 15 seconds, while grid connections can take 5–7 years; one-year acceleration is estimated at $4.50/W versus $0.45–0.70/W for the engines.
- Backlog rose from $1.0bn to $6.6bn, with $1.4bn prepaid and 2026–27 sold out. Services generated 48% of revenue but about 65% of segment profit; higher utilization could drive major overhauls from 2029.
- At $19.20, the author’s base case is $27, with $14.40 bear and $38 bull cases. Key risks are the November 30 lockup, sponsor selling, the Texas permit pause, and VoltaGrid’s 41% share of 2025 orders.
Investment pitches
filter:
84