The AI stock selloff hits clean energy
OCTOBER 28, 2026
STEPHEN LACEY | This was supposed to be the year when clean energy rode the AI wave onto Wall Street. Instead, the pipeline for energy IPOs is dwindling. What happened?
A combination of high interest rates, uncertain AI revenue growth, investor concerns over capital expenditures, and local friction slowing projects are all putting pressure on AI companies — and the energy providers serving them.
Companies that planned to go public this year — Holtec, The Nuclear Company, SB Energy, and Form Energy — have all shelved their plans. This year’s breakout geothermal listing, Fervo, has seen its stock price drop 70% since May. And IPPs have taken big hits to their valuations.
This week on Open Circuit, we dig into what the uneasy market means for power development.
We’ll look at shifting market conditions for the AI trade, the reasons for delayed IPOs, alternative pathways for exits, and who may come out ahead. We’ll end with a look at some “wild cards” that may shift the picture, including China’s AI strategy, the role of distributed data centers, and power pricing.
More Stories and Podcasts
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Events and Resources
EVENT | NOVEMBER 5 | DERVOS 2026: Join the DER Task Force for the fifth annual Dervos in Brooklyn. DERs aren’t the sideshow anymore. They’re the main event. Register to hear all the unfiltered hot takes.
FRONTIER FORUM | NOVEMBER 13 | Beyond peak load: The expanding role of VPPs: Lessons learned from Eversource and National Grid’s experience deploying VPPs to tackle the grid’s most pressing challenges.
FRONTIER FORUM | NOVEMBER 18 | Rethinking the substation: Software as the new operating layer: How software-defined substations help utilities adapt to the changing needs of the grid.
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