SES AI’s year took a sharp turn after multiple law firms announced securities class actions, accusing the company of misleading revenue guidance and related party dealings. Holding SES AI from the start of the year would have meant a 58.8% loss, including dividends. If you had bought on 1 January, that headline would feel personal, not abstract. The key question now is whether the underlying battery and AI businesses justify any additional capital at all.
The move put SES AI in the middle of this trade. Scan 33 best rare earth metal stocks for other companies exposed to it.
The Two SES AI Stories Investors Were Arguing About
The shares cost US$1.8 at the start of the period, so every argument about SES AI hinged on whether that reflected a realistic future for its batteries and AI tools.
The bullish narrative saw a Fair Value of US$2, a notional price implied by optimistic assumptions, built on 176.1% annual revenue growth and profit margins improving to 13.6% within three years.
The cautious case put Fair Value at US$1.33 and treated 160% assumed revenue growth with a 10% margin as vulnerable to customer concentration and slow AI adoption.
What The Results Changed For The SES AI Debate
SES AI landed a multiyear US$20 million ATG EPower distribution deal and reaffirmed 2026 revenue guidance of US$30 million to US$35 million, which backed parts of the optimistic growth story. The securities class actions over alleged revenue misstatements and related party dealings pulled hard in the opposite direction. Overall, the evidence cut both ways.
The whole episode turned on whether headline growth matched clean, repeatable demand. For any other stock, track contract quality, revenue recognition policies, and where counterparties actually operate rather than just the promised top line.
What You Would Be Paying For In SES AI Today
SES AI now trades at US$0.79, so the argument has shifted from headline hype to what the current tag really reflects. The latest filing from 11 August 2026 shows revenue of US$5.072 million in Q2 2026 and a loss of US$17.903 million, which points to progress but not profits.
Price moved faster than the business did. The key assumption for readers to test is how much ongoing losses are already baked into any valuation workup.
We value every stock in the world, every day. See what our valuation says SES AI is worth now.
SES AI And The Power Question
SES AI pulls you toward batteries and algorithms. One step away, something more basic decides whether any of that matters.
Every AI-heavy operation still needs steady electricity. Without dependable generation and grid hardware, data centers and factories cannot run those models at scale.
Another industrial player focuses on that side of the equation. It sells hardware, servicing and software that keep power plants and transmission gear working reliably for decades.
Rising demand for electricity, especially from AI buildouts, puts that role under a brighter light. The more critical that backbone becomes, the more interesting its economics look.
Could this be another way into the opportunity? → Explore the power-grid opportunity and its 32% discount to one Narrative's Fair Value
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