New 'Data Center Beneficiary' Surges Over 1 Trillion Won Due to Earnings Surprise

Shares of AAON Inc. (Nasdaq: AAON) jumped more than 8% intraday to $139.65, driving its market capitalization up by roughly $1 billion (about ₩1.4 trillion) in a single day.

In its first-quarter results announced yesterday, AAON reported revenue of approximately $497 million—a 54% year-over-year increase—and a record backlog of about $2.13 billion (around ₩3 trillion). It also raised its full-year revenue growth guidance from 18–20% to 40–45%, sparking a surge in investor enthusiasm. Amid a growth narrative centered on data-center cooling demand, Oppenheimer raised its price target on AAON shares to $145, and some analysts have dubbed AAON a “pick-and-shovel play” on data-center build-outs.

Founded in 1988 and headquartered in Tulsa, Oklahoma, AAON is a U.S. manufacturer of commercial and industrial HVAC systems, specializing in custom climate-control solutions for buildings, hospitals, and data centers. As of 2024, its annual sales have grown to about $1.2 billion (roughly ₩1.6 trillion), and through acquisitions such as BASX, the company has expanded its footprint in high-value, specialized air-handling markets, including data centers and clean rooms.