Plug Power Is Skyrocketing Today -- Is the Stock a Buy for 2026?

By Keith Noonan | January 22, 2026, 1:45 PM

Key Points

Plug Power stock is rising today thanks to an AMA that CEO Andy Marsh is participating in on Reddit.
Plug Power wants to dramatically expand its share count in order to raise new funds.
The stock looks like a risky buy.
10 stocks we like better than Plug Power ›

Plug Power (NASDAQ: PLUG) stock is surging higher in Thursday's trading and was up 16.4% as of 1:20 p.m. ET. The hydrogen-power specialist's valuation is surging in response to an Ask Me Anything (AMA) event on Reddit that CEO Andy Marsh is participating in. The AMA event will take place between 2 p.m. and 3 p.m. EST and provide investors with some insights into Plug Power's growth initiatives and desired fundraising moves.

Image source: Getty Images.

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In addition to providing some material information about Plug Power's strategies and the company's desire to sell new shares, some investors may be betting that the Reddit session will help Plug Power achieve meme-stock status. Despite today's pop, Plug Power's share price is down 84% over the last three years of trading.

Is Plug Power stock a buy right now?

Plug Power will be hosting a special shareholders meeting on Jan. 29th, and management will make the case for an affirmative vote on charter amendments to facilitate the sale of new stock. The company is hoping to increase its share count from 1.5 billion to 3 billion.

In last year's third quarter, Plug Power posted revenue of $177 million -- up 1.7% year over year. Meanwhile, the business posted a net loss of $361 million. Backlog trends also suggest that sales could begin declining again soon.

Selling new shares would allow the company to fund its operations without taking on debt, but it would have a huge dilutive impact for existing shareholders. With the business still posting big losses and the potential for huge stock dilution on the horizon, I wouldn't buy shares right now.

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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool recommends Reddit. The Motley Fool has a disclosure policy.

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