GE Vernova (GEV)
Gas turbines + HVDC/grid equipment. Multi-year turbine backlog driven by hyperscaler demand. Largest single DC power beneficiary of 2025.
- Ticker: GEV
- Sector: power equipment (turbines grid)
- DC exposure tier: mid
GE Vernova (GEV) is a moderate-exposure data-center supply-chain name in the power equipment sector. Data Center Index tracks GE Vernova's capex history, project wins, and supplier exposure across the AI infrastructure buildout, refreshed daily from SEC filings and project announcements.
GE Vernova data center thesis
GE Vernova is the largest single beneficiary of the gas-turbine and HVDC reorder cycle the data-center buildout has triggered. FY26 Q1 backlog hit $163.3B (+32.3% YoY), driving the stock 161% in twelve months as Vantage, Digital Edge, and other developers lock in long-cycle power equipment. Revenue ran $38.1B in 2025 with operating income flipping from -$2.9B in 2022 to +$1.4B today; operating leverage on every incremental DC-linked turbine order is the entire setup.
Bull case
- FY26 Q1 backlog of $163.3B is up 32% YoY against $38B in trailing revenue, more than four years of work already on the books, with gas-turbine slot scarcity sitting at the front of every hyperscaler power-procurement conversation.
- Heavy power equipment (transformers, HV/EHV cable, grid stabilization, large gas turbines) sits in the same critical lead-time bucket as Eaton transformer book at 80-156 weeks; Vernova is the only US-listed name that can monetize all four constraints at scale.
- Tracked DC projects already linked to Vernova-served developers (Vantage Frontier 1.4GW, Digital Edge CGK 500MW, Vantage Quebec, Henderson NV1) total roughly 2.6GW of pipeline, and that captures only the named anchors, not the IOU grid-mod work running underneath.
Bear case
- Onshore Wind continues to drag; segment commentary still flags execution and pricing reset, and a soft wind quarter can swamp a clean Power and Electrification print.
- On a 161% twelve-month move the multiple already capitalizes a clean nuclear-restart plus gas-turbine plus grid-recap thesis; any execution miss on turbine deliveries gets re-rated hard.
- Hyperscaler customer concentration inside the Power backlog is rising; a single Microsoft or Amazon capex pause would visibly reshape book-to-bill, and the named DC-anchored backlog has limited substitute demand.
Data center exposure rationale
Gas Power gas-turbine orders increasingly tied to DC capacity additions; mgmt highlights DC as a growth thesis but the Power and Wind segments still serve a much broader utility customer base.
GE Vernova revenue and capex
In fiscal 2025, GE Vernova reported revenue of $38.1B, capital spending of $1.3B and operating income of $1.4B.
| Fiscal year | Revenue | Capex | Operating income |
|---|---|---|---|
| 2025 | $38.1B | $1.3B | $1.4B |
| 2024 | $34.9B | $883.0M | $471.0M |
| 2023 | $33.2B | $744.0M | -$923.0M |
Tracked GE Vernova data center projects
- Meta Hyperion, 5 GW, Holly Ridge, LA · under construction
- OpenAI Stargate Shackelford, 1.4 GW, Shackelford County, TX · under construction
- OpenAI Stargate Abilene, 1.2 GW, Abilene, TX · operational
- Crusoe Abilene Expansion, 900 MW, Abilene, TX · under construction
Analysis mentioning GE Vernova
- Why Data Centers Are So Big: A Gigawatt Campus Costs $38 Billion, and the Land Is Under 1% of It, 2026-09-17
- SpaceX Is Casting Its Own Gas Turbine Blades to Buy Back 18 Months, 2026-09-03
- Texas Froze a 474-Gigawatt Data Center Interconnection Queue and Nobody Cancelled a Switchgear Order, 2026-09-01
- America's Data Center Transformers Run on One Company's Steel, and the Wait Is Now 160 Weeks, 2026-08-28
- SpaceX's $1.75 Trillion IPO Funds the Most Vertically Integrated Data Center Stack in AI, 2026-06-16