The supercapacitor sector is no longer a niche corner of the passive components market. On June 25, the A-share supercapacitor concept index closed at 3,909.28 points, up 2.48%, with sector turnover of 76.958 billion yuan and net capital inflows of 3.042 billion yuan. Several listed component makers hit their daily limit, with the domestic market leader climbing 10.00% to 111.02 yuan per share.
As one of the three major passive electronic components, capacitors are essential for energy storage, filtering, coupling and decoupling — from the simplest lighting circuit to the most advanced AI computing racks. Amid the rapid build-out of AI infrastructure, supercapacitors have become a standard component of AI data center (AIDC) power systems thanks to microsecond response times and a charge-discharge cycle life exceeding one million cycles.
A leading Japanese aluminum electrolytic capacitor maker has announced across-the-board price increases, widening its range from the previous 9%–12% to 10%–15%. The company cited surging AI server demand, order volumes exceeding existing capacity, and rising costs for aluminum foil, chemicals and electricity amid ongoing geopolitical tensions in the Middle East. Another major Japanese supplier followed with its own price hikes.
These synchronized moves reinforce market expectations of tight supply and rising prices. Analysts note that Japanese aluminum electrolytic products now quote above 100 yuan, compared with just 30–50 yuan before the increases. The domestic leader has issued its own price adjustment notice covering electrolytic, film and supercapacitor product lines.
According to Changjiang Securities, supercapacitors deliver a power density of 30,000–50,000 W/kg — nearly a hundred times the 200–500 W/kg of lithium batteries — while their cycle life of up to one million cycles dwarfs the 8,000–12,000 cycles of mainstream lithium batteries.
NVIDIA has designated lithium-ion hybrid supercapacitors (LIC) as standard power components for AI servers starting with the GB300 platform. A single NVL72 rack requires more than 300 units, and the next-generation Rubin platform will raise per-rack quantities even further. Supercapacitors and BBU are being upgraded into standard power architectures for the GB300 era and integrated into the Energy Storage Tray system.
The gap between exploding demand and rigid supply is the core driver of this rally. The 2026 global NVL72 architecture alone is expected to generate total demand of 24.198 million LIC supercapacitors, with the GB300 platform requiring 15–18 million units — while core global suppliers can produce only about 6.5 million units per year.
Globally, Business Insights data shows the supercapacitor market reached USD 2.80 billion in 2025 and is projected to grow to USD 3.29 billion in 2026 and USD 9.51 billion by 2032, a CAGR of 19.4%. China accounted for 42.7% of the global market in 2025, making it the world's most important supercapacitor market.
Industry analysts note that value in the chain is concentrated in midstream LIC device manufacturing. LIC hybrid capacitors offer 3–4 times the energy density of EDLC double-layer capacitors and are currently the only mainstream solution for AI rack power. The domestic leader is the only A-share company with large-scale LIC production capacity, directly competing with the global LIC leader. Its supercapacitor revenue reached 352 million yuan in 2025, up 52.51% year on year, with single-unit pricing of 100 yuan versus 350 yuan from overseas rivals.
Brokerages confirm the company has entered the power supply chains of NVIDIA, Meta and other leading compute vendors, projecting revenue of 7.09 billion yuan, 10.04 billion yuan and 14.04 billion yuan from 2026 to 2028. However, they caution that the sector's rally is concept-driven ahead of fundamentals — the domestic leader's Q1 2026 supercapacitor revenue was only 106 million yuan, just 7.66% of total revenue, with about 12 million yuan from AI server power applications.
Supercapacitors have moved from lab concepts to rack-level standard configuration. The ramp of the Rubin platform in the second half of 2026 will be the key window for earnings realization across the supply chain. Domestic substitution remains uncertain, as batch certification, customer introduction and capacity ramp-up all take time — but the structural shift in AI power architecture is already underway.
