I wanna bridge with you everywhere; Initiate Outperform

研报英文原文证据摘录

I wanna bridge with you everywhere; Initiate Outperform

Utilities

IPPs - Market Overweight

SOLARIS ENERGY INFRASTRUCTURE, INC. (SEI) July 6, 2026

I wanna bridge with you everywhere; Initiate Outperform Rating:

Outperform

The Wolfe Byte Price: $67.19

We initiate on Solaris (SEI) with an Outperform and $120 Price Target. SEI has Price Target:

created a lot of value by leveraging turbine access to provide fast BTM power $120

solutions, enabling long-term contracts with high-quality hyperscalers. xAI was % Upside:

78.6%just the start, lots of momentum here.

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Speed to power solutions provider with high quality customers under contract. Company Information

Solaris is a former oilfield services company that smartly leveraged its expertise 52-Week Range $25 - $83

to pivot to power solutions right as turbines were becoming scarce and grid Market Cap. (MM) $4,941

interconnections lengthened. They supported xAI's high-profile Colossus 1 data Enterprise Value (MM) $7,210

Shares Out. (MM) 73.5

center buildout that was done in a record 122 days. Since then, they've grown the Avg. Value Traded (MM) $265.84

order book to 2+ GWs with 7-15 year contract terms and have another 0.8 GW of SI% of Float 32.1%

capacity that likely becomes contracted near-term. We see SEI at one of the lowest EV/ EBITDA 7.2x

multiples across AI power thematic stocks, yet with visibility to a growth trajectory Price Performance

that is amongst the highest (Page 31). YTD LTM

SEI 46% 112%

Order book and returns attractive, contracts expanding/lengthening. SEI started UTY Index 8% 14%

with the Stateline JV that translates to 900 MWs for xAI/SpaceX in TN/MS. This year S&P 500 9% 20%

they've locked in 660 MWs with Hatchbo (reportedly META) and 640 MWs with 90