The Argan Stock Rally Still Isn't Over, Even After the Stock Has Nearly Doubled This Year

Argan, a power generation and infrastructure specialist, has nearly doubled in value this year driven by surging demand for electricity to power AI data centers. The company more than doubled its backlog to $2.9 billion in fiscal 2026, with 50% year-over-year revenue growth. Analysts expect the AI infrastructure boom to sustain beyond 2030, positioning Argan for continued strong growth as data center electricity demand is projected to nearly triple by 2030.