NextEra Energy (NEE)
Largest wind/solar developer. PPA supplier to hyperscalers.
- Ticker: NEE
- Sector: energy (renewable)
- DC exposure tier: mid
NextEra Energy (NEE) is a moderate-exposure data-center supply-chain name in the energy sector. Data Center Index tracks NextEra Energy's capex history, project wins, and supplier exposure across the AI infrastructure buildout, refreshed daily from SEC filings and project announcements.
NextEra Energy data center thesis
NextEra is the largest US wind/solar developer (~38 GW Energy Resources backlog) plus FPL's regulated Florida utility. Energy Resources is the renewables PPA channel into hyperscalers, while FPL is a steady rate-base compounder. 2026 capex guide is $12-13B, and the Duane Arnold nuclear reactivation (615 MW) signals NEE pivoting beyond renewables to chase DC offtake.
Bull case
- Energy Resources signs more PPAs to hyperscalers than any other US developer, and the renewables backlog runs ~38 GW, the largest pre-built channel for DC carbon-free megawatts.
- Duane Arnold restart (615 MW) extends NEE's DC-offtake playbook beyond solar/wind into nuclear, where 24/7 carbon-free baseload commands premium PPA pricing.
- 2026 capex guide of $12-13B funds the largest renewables + storage pipeline in the US, with FPL's Florida rate-base growth providing predictable regulated earnings to fund the merchant Energy Resources growth.
Bear case
- Stock at $93 sits near the 52-week high (84% of range) and trades at a premium multiple to peer utilities; any rate-base growth slowdown at FPL or PPA pricing softness gets punished.
- IRA tax credit reversal or curtailment under any future administration would directly compress Energy Resources project IRRs, and renewables economics are highly sensitive to credit transferability.
- Florida regulatory risk is real: periodic rate cases at FPL could underwrite less generous ROEs as ratepayer affordability becomes a political issue alongside the DC load surge.
Data center exposure rationale
Energy Resources renewables/storage signs PPAs with hyperscalers; DC offtake is a stated growth driver, but FPL regulated utility still drives most consolidated earnings.
NextEra Energy revenue and capex
In fiscal 2025, NextEra Energy reported revenue of $25.8B, capital spending of $24.6B and operating income of $8.3B.
| Fiscal year | Revenue | Capex | Operating income |
|---|---|---|---|
| 2025 | $25.8B | $24.6B | $8.3B |
| 2024 | $23.5B | $24.7B | $7.5B |
| 2023 | $24.8B | $25.1B | $10.2B |
Tracked NextEra Energy data center projects
- NextEra Energy's Duane Arnold Nuclear Plant Reactivation, 615 MW est., Palo, IA · announced
- Meta Huntsville, 146 MW est., Huntsville, AL · operational
Analysis mentioning NextEra Energy
- The 10 Biggest AI Capex Spenders of 2026, 2026-05-16