T1 Energy is a US-based clean energy company focused on the production of domestic solar panel and battery technologies. T1 Energy specializes in producing next-generation, high-efficiency solar panel cells and modules, known as TOPCon, which experience less performance degradation over time. It has two main production facilities:

G1 Dallas (Wilmer, Texas): A currently operational solar module manufacturing facility with a capacity of 5GW. The company has already begun commercial sales from this facility, reporting revenue of $177 million in the first quarter of 2026.

G2 Austin (Texas): A 5GW domestic cell manufacturing facility built to reduce import dependency in the supply chain. Initial production is targeted for the last quarter of 2026.

T1 Energy's acquisition of KORE Power in early June 2026 for approximately $32 million aims to transform the company from a purely solar panel manufacturer into a player providing full-fledged infrastructure for data centers at the heart of the AI ​​craze. This merger brings T1 Energy closer to a vertically integrated structure. The company can now offer this package from a single source to large corporate clients and energy distribution companies. This provides the company with advantages in terms of speed, efficiency, and margin.

In 2025, it achieved a major success by producing 2.79 GW of solar modules. By April 2026, it was announced that annual production rates had reached 3.4 GW. 2026 Year-End Target: Management aims to achieve a total production of between 3,100 MW and 4,200 MW throughout 2026. The company currently has firm contracts for 3,000 MW for this year. In the first three months, a full 683.3 MW of modules were produced from the factory. While maximum capacity has not yet been reached, significant progress is being made.

G1 Dallas has a capacity of 5 GW, while G2 Austin is targeted to reach 8 GW. Looking at revenue per MW in the solar energy sector:

T1 Energy $260,000

First Solar $309,000
Chinese Manufacturers $100-130,000

So where is the problem right now? Although the revenue isn't bad, the gross profit margin is currently very tight. This is because they purchase the solar cells, the main component of the panel, from abroad. This input cost will decrease when the G2 Austin cell comes online. Looking at First Solar, they operate with a gross profit margin of over 40% because they receive support for participating in public projects and because they are fully vertically integrated and completely avoid the Chinese crystal-silicon supply chain. They are the kings of cash and margin in the sector.

T1 Energy's revenue per MW will be between $1.2 million and $1.5 million when providing AI services across the project. With the start of the first 50 MW AI-based service by the end of this year, the revenue there is expected to be between $60-70 million. Considering that total revenue is expected to be $1.59 billion, this means we will see that the AI ​​side's impact on revenue is currently around 4%. The crucial point is that it's on the 396 MW queue; if it starts receiving new orders, it could get bulk approval, which would significantly contribute to the company and lead us to re-evaluate the multipliers. If it doesn't receive contracts, or even if it does, it will receive approval in installments, which will take several years. Therefore, future business demand is vital for the company.

The company's current gross margin is at 7%, well below the industry average and considerably below its own average of 30%. This is due to the pressure from the construction in Austin. It is expected that the margin will gradually and rapidly increase to the 32-38% range once the construction is completed. While revenue of $947 million is expected this year, looking at the breakdown, the G1 Dallas side (solar panels) is expected to be $880 million, and the Korea Power side is expected to be $67.58 million. No revenue is expected from the AI ​​side.

The AI ​​side of revenue is expected to reach $50 million in 2027 and $250 million in 2028, representing 15% of total revenue. Currently, the company's market capitalization is $2.55 billion, while its projected revenue for the end of 2027 is $1.37 billion. This means the P/S ratio is below 2 on the forward side, indicating a significant discount.

If the company secures the 396 MW contract, it could potentially operate with a high multiplier like other energy companies, potentially reaching a P/S ratio of 10x. Considering its projected 2028 revenue of $1.85 billion, I wouldn't be surprised if the company reached $18-20 billion in the long term. Taking into account the potential for price dilution, the share price could easily reach $50, but this depends on securing the 396 MW contract.

The company may not be naming names, but key figures at the heart of the AI ​​world have already taken their places at T1 Energy. Leopold Aschenbrenner, a former OpenAI superintelligence researcher, and his hedge fund focused solely on AI infrastructure, made a massive $44 million stake in T1 Energy in May 2026. This level of involvement from someone so deeply within the AI ​​ecosystem is the strongest smart money signal to the market regarding which tech giants T1 is in contact with behind the scenes. I continue to like the company in the long term and find it extremely undervalued. Considering both its margin return and the transformation in the AI ​​sector, I remain looking at it for the long term.