Modine Manufacturing (NYSE:MOD) shares rose more than 5% in pre-market trading Friday after Hunterbrook Media published a report suggesting the company's data center cooling opportunity could be significantly larger than its current public disclosures indicate.
Hunterbrook, whose affiliated investment firm holds a long position in Modine, said internal planning information found on GitHub points to nearly $23 billion in modeled demand from major data center customers.
Shares leveled off around 2.3% higher by Friday afternoon.
The data includes potential business tied to Google, Amazon Web Services and Crusoe, according to Hunterbrook. The report said Modine's previously unnamed $4 billion hyperscaler agreement appears to involve Google, with broader live demand from Google totaling an estimated $8.2 billion, or about $6.1 billion on a probability-adjusted basis.
AWS could represent an even larger opportunity. Hunterbrook identified roughly $12.4 billion in gross modeled AWS demand extending through 2033, including about $741 million already classified as won business. Adjusted for probability, the AWS opportunity was estimated at approximately $5.6 billion.
Hunterbrook's analysis of Modine's internal pipeline pointed to about $540 million in data center revenue for the September quarter, roughly 20% above the company's existing guidance. The report also estimated fiscal 2027 data center revenue could reach approximately $2.3 billion, implying growth of more than 100%, well above Modine's current guidance range of 60% to 80%.