Industry Notes

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Why no mega-cap solar manufacturers

Mega-caps exist—just not in module making

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Market-cap sketch
NextEra
1800 $bn
CATL
2200 $bn
First Solar
250 $bn

NextEra ~$180 bn is generation+utility; CATL ~$220 bn is batteries; First Solar is mid-$100 bn class with a subsidy story. Escapes are inverter/storage, asset ownership, or policy-walled markets.

Source：公开市值口径（2026年7–8月）：NextEra；宁德时代；First Solar

Research notes, not investment advice.