SES AI’s Power Drain: Investors Allege Business Prospects Were Overcharged

According to the complaint, SES AI told investors it was building the future of batteries with AI. Big partnerships. Massive revenue targets. A non-binding AISPEX MOU targeting up to $45 million. A significant Data Blanket purchase order. A planned Hisun joint venture. A breakthrough platform called Molecular Universe.

But the lawsuit claims investors were not getting the full picture.

In January 2025, SES announced a non-binding AISPEX MOU targeting up to $45 million. The complaint says executives also promoted a significant purchase order with drone company Data Blanket and a planned joint venture with Hisun. Executives pointed to exciting growth and a new source of recurring revenue.

The problem? The complaint and the Wolfpack Report it cites claim those deals involved companies with limited or questionable operations. Some were allegedly tied to a shabby building, a residential home, or undeveloped land. The complaint also alleges SES created the appearance of revenue through transactions tied to Molecular Universe.

Then in March 2026, the company disclosed logistics constraints that delayed revenue and issued weak 2026 guidance. The stock plunged about 37%.

Now, SES investors are learning more about the lawsuit.