Jun. 15 at 5:52 PM
$SPKL $EOSE $AMPX $ENVX
SPKL → ZincFive: the nickel-zinc play for AI data-center UPS. The setup few are pricing in:
FLOAT: ~7.7M of 10M IPO shares already redeemed — only ~2.2M Class A public shares left. A microscopic pre-close float; volume will move this hard. See IONQ and BRUN.
VALUE: deal struck at 7.7x EV/2026F rev (
$753M @
$10). At ~
$13.70 the market’s already marking it ~10.5x / ~
$1.03B implied — still well under the peer median 26.6x.
Comps:
$EOSE 14.5x ·
$AMPX 18.5x ·
$ENVX 34.7x ·
$SLDP 52.6x. ZincFive posts peer-level growth (35-57%) + an
$81M backlog covering most of ’26 guide.
NFA — read the S-4.