Atlas Energy Solutions shares surged as much as 19% on September 25 after the company disclosed approximately $613.5 million in cost-reimbursement agreements tied to power infrastructure for an undisclosed frontier AI lab. The deals cover balance-of-plant equipment and 283 megawatts of Caterpillar natural-gas generation, while a separate 328-megawatt commitment under Atlas's Global Framework Agreement with Caterpillar is scheduled for delivery in 2027. The combined capacity from the new and existing Caterpillar commitments totals 611 megawatts. The reimbursement structure has the AI customer fund equipment purchases, reducing Atlas's upfront financing and supply-chain exposure as it expands its behind-the-meter power business, which generates electricity at or near the data center rather than relying solely on the traditional grid. The agreements extend Atlas's shift from its traditional oilfield proppant and logistics operations into private power infrastructure. They follow a roughly 1.4-gigawatt, approximately $840 million Caterpillar framework agreement secured in March and a five-year, 120-megawatt power purchase agreement signed in April. President and CEO John Turner has described the reimbursement arrangements as a step toward longer-term power purchase agreements with the same customer. The agreements improve equipment funding visibility but do not eliminate demand risk. Until long-term power purchase agreements are signed, Atlas's revenue outlook remains provisional, and a delay or cancellation of the AI laboratory's data-center construction could leave the company with generating capacity without a buyer. AESI's technical indicators remain mixed, with the stock above its 50-day simple moving average but below its 100-day and 200-day averages. The shares carried a Hold consensus rating and an average analyst price target of $17.57.