Quanta Services (PWR)
Largest electrical contractor in US. Major DC power infrastructure builder.
- Ticker: PWR
- Sector: construction (epc electrical)
- DC exposure tier: mid
Quanta Services (PWR) is a moderate-exposure data-center supply-chain name in the construction sector. Data Center Index tracks Quanta Services's capex history, project wins, and supplier exposure across the AI infrastructure buildout, refreshed daily from SEC filings and project announcements.
Quanta Services data center thesis
Quanta Services is the largest US electric-power infrastructure contractor; they string transmission lines, build substations, and energize the high-voltage interconnects that tie DCs to the grid. Backlog reached $26.2B in Q1 2026, up 48.7% YoY, with revenue scaling from $20.9B in 2023 to $28.5B in 2025 as utility capex on transmission grew to meet DC load.
Bull case
- Backlog grew to $26.2B in Q1 2026 (+48.7% YoY), the third straight quarter of 30%+ growth; substation and high-voltage transmission scope is the binding constraint between DC site selection and energization.
- Quanta is the price-setter in skilled line-crew capacity; utilities are signing multi-year MSAs to lock crews 24-36 months out, lifting book-to-bill durably above 1.3 and giving 18+ months of revenue visibility.
- Utility transmission capex is structurally inflecting: 4-7 year interconnect queues are forcing utilities to commit to multi-year build programs to serve DC load, and Quanta has the only national footprint that can self-perform at scale.
Bear case
- Stock is at the 90.7th percentile of its 52-week range after a 128% one-year run, trading at a multiple that prices in flawless execution across an unprecedented backlog ramp.
- Utility capex digestion is real: once committed transmission programs hit construction peak in 2027-2028, book-to-bill normalizes; any FERC or state-PUC rate-case slip pushes revenue right and stretches working capital.
- Execution risk on mega-projects is non-trivial: fixed-price right-of-way and storm-restoration work has historically produced margin volatility, and a single bad project on a multi-billion line can wipe a quarter.
Data center exposure rationale
Electric Power Infrastructure builds the substations and transmission tying DCs to the grid; DC-driven capex is a named tailwind alongside grid-mod and renewables.
Quanta Services revenue and capex
In fiscal 2025, Quanta Services reported revenue of $28.5B, capital spending of $609.2M and operating income of $1.6B.
| Fiscal year | Revenue | Capex | Operating income |
|---|---|---|---|
| 2025 | $28.5B | $609.2M | $1.6B |
| 2024 | $23.7B | $604.1M | $1.3B |
| 2023 | $20.9B | $434.8M | $1.1B |
Tracked Quanta Services data center projects
- Meta–Vistra Nuclear Uprate Agreement (OH/PA), 2.1 GW est., Perry, OH · announced
- OpenAI Stargate Abilene, 1.2 GW, Abilene, TX · operational
- Meta Prometheus, 1 GW, New Albany, OH · operational
- Azure Northern Virginia, 1 GW est., Northern Virginia, VA · operational
- Google New Albany, 250 MW, New Albany, OH · operational