Prysmian Group (PRYMF)
World leader in HV cable. Critical for DC grid interconnections.
- Ticker: PRYMF
- Sector: power equipment (hv cable)
- DC exposure tier: mid
Prysmian Group (PRYMF) is a moderate-exposure data-center supply-chain name in the power equipment sector. Data Center Index tracks Prysmian Group's capex history, project wins, and supplier exposure across the AI infrastructure buildout, refreshed daily from SEC filings and project announcements.
Prysmian Group data center thesis
Prysmian is the world's largest HV cable manufacturer, and HV cable is the quiet equal of transformer scarcity; every behind-the-meter DC tie-in needs it. Revenue grew from $17.4B in 2022 to $21.2B in 2025 with capex stepping from $0.46B to $0.83B as the company expands cable factory capacity to meet grid-mod and DC demand. The OTC ticker is up 202% in twelve months, but liquidity is essentially nonexistent; this is a thesis investors execute via the Milan listing.
Bull case
- Revenue scaled from $17.4B in 2022 to $21.2B in 2025 (+22%) with capex up 80% as Prysmian expands HV/EHV cable capacity, a multi-year reinvestment cycle to match grid-mod, offshore-wind, and DC interconnect demand.
- HV cable lead times of 24-52 weeks have crept higher each of the last four quarters; every behind-the-meter DC tie-in needs HV cable, and Prysmian sits in a duopoly with Nexans for the largest projects, giving it durable pricing power.
- Global DC interconnect orders stack on top of offshore-wind transmission and IOU grid-mod work; the same Power Grid order book benefits from three structural tailwinds at once, none of which depends on any single hyperscaler maintaining capex pace.
Bear case
- OTC liquidity is essentially zero: 30-day average volume is 967 shares; anyone serious about this thesis executes on the Milan listing where reporting and FX overhead is a real cost.
- Operating-income disclosure is opaque on the OTC feed and segment data lags the Italian filings; the same FX, reporting, and execution risks that hit ABB hit Prysmian harder given the smaller US float.
- After 202% in twelve months at the 100% 52-week-range mark, the OTC tape may not reflect a sustainable price; any cooling in offshore-wind or DC interconnect order pace would resurface the cyclicality the cable industry has historically had.
Data center exposure rationale
Power Grid HV/EHV cable orders increasingly tied to DC site interconnects; DC is one of several grid-mod and offshore-wind growth drivers.
Tracked Prysmian Group data center projects
- Romania Black Sea AI Gigafactory, 1.5 GW est., Cernavodă, Romania · announced
- NEOM Oxagon Net-Zero AI Data Center (Saudi Arabia), 1.5 GW, Oxagon, Saudi Arabia · under construction
- Campus AI (Fouju), 1.4 GW, Fouju, France · under construction
- Start Campus Sines Data Campus, 1.2 GW, Sines, Portugal · operational
- AWS Zaragoza La Cartuja Baja Data Center Campus, 850 MW est., Zaragoza, Spain · permitted