Data Center Power Stocks Lose $900 Million in Market Value in One Day

Data center power equipment provider Forgent Power Solutions Inc. (NYSE: FPS) closed down 7.31% at $51 on the New York Stock Exchange. Its market capitalization fell to about $13.3 billion—erasing roughly $900 million in value in a single day—with trading volume of 1.8 million shares.

On June 1, the company completed a common stock offering of approximately 48 million shares, including those held by its parent, Neos Partners, at $47 per share. On May 14, it reported record-high order intake and backlog in its third-quarter results, prompting it to raise its guidance for fiscal year 2026. ()

Headquartered in Dayton, Minnesota, Forgent Power Solutions designs and manufactures electrical distribution equipment—such as transformers and switchgear—for data centers, power grids, and energy-intensive industrial facilities. Having debuted on the NYSE in February 2026, it is regarded as a prime beneficiary of the surge in data center and power infrastructure investment driven by the expansion of cloud computing and artificial intelligence. ()