AI Data Center Power Stocks Surge 35% Above IPO Price, Market Cap Soars to 700 Billion

Forgent Power Solutions, Inc. (NASDAQ: FPS), a U.S. power infrastructure company, closed at $36.50 on the New York Stock Exchange on March 24, up 5.4%. That represents roughly a 35% gain from its $27 IPO price, lifting its market capitalization to about $8.5 billion. In a single day, its market cap expanded by approximately $490 million, and trading volume topped one million shares.

In early February, Forgent completed a large‐scale IPO, offering 56 million shares and raising around $1.5 billion. On February 9, it exercised the full greenshoe option, reaffirming strong investor demand. Then, on March 16, the company filed its first quarterly report—a Form 10‐Q for Q2 of fiscal 2026—highlighting robust revenue growth and successful debt refinancing.

Forgent designs and manufactures customized power‐distribution equipment for data centers, electrical grids, and energy‐intensive industrial facilities. It is among the few vendors capable of supplying an entire data center’s power system. With generative AI and cloud expansion driving a surge in data‐center power demand, the market now ranks Forgent alongside Vertiv as a power‐infrastructure stock poised to benefit from AI‐related growth over the medium to long term.