Solar Power Leader Plummets 7% in a Day, $1.4 Billion Market Cap Vanishes

NEXTPOWER INC (NASDAQ: NXT) closed at $145.30, down 7.10%, wiping out about $1.45 billion (approximately KRW 2 trillion) in market capitalization in a single day. Even after the decline, its market cap stands around $21.8 billion (roughly KRW 30 trillion), with trading volume of 1.98 million shares—broadly in line with recent averages.

NextPower recently announced an up-to-$365 million acquisition of Prevalon Energy, expanding its power conversion and grid solutions portfolio. In mid-May, the company reported fiscal 2026 fourth-quarter results that beat market expectations on both revenue and guidance, prompting major brokerages to raise their price targets into the $140–156 range.

Headquartered in Fremont, California, NextPower is an energy technology company that supplies solar trackers and software for utility-scale solar power plants. Founded in 2013 and known as Nextracker until 2025, the company—led by founder and CEO Dan Shugar—counts large utilities and solar project developers among its key customers and is widely regarded as a prime beneficiary of the global expansion in solar infrastructure investment.