GE Vernova (NYSE: GEV) is the energy-technology company spun out of General Electric in April 2024. It operates across three segments: Power (gas and nuclear), Wind, and Electrification (grid equipment, power conversion, and software). For the AI buildout, it is a foundational supplier: data centers need firm, dispatchable power, and the transmission infrastructure to receive it. GE Vernova makes both.
On gas turbines, GE Vernova holds the largest order book in the industry. Its gas turbine backlog reached 83 gigawatts by year-end 2025, up sharply from 62 gigawatts just one quarter earlier, with the company targeting 100 gigawatts under contract by year-end 2026. GE Vernova reiterated its guidance for 20 GW of annualized turbine production by mid-2026 and said it could stretch production at its two existing facilities to annualized production of 24 GW by mid-2028. CEO Scott Strazik said he expects turbine reservations to be sold out through 2030 by the end of 2026. The gap between demand and manufacturing capacity is the defining chokepoint: delivery slots already stretch into the late 2020s.
On grid equipment, the company is moving aggressively. In October 2025, GE Vernova announced it would pay $5.28 billion to buy the 50% stake it did not already own in transformer-maker Prolec GE, as the artificial intelligence boom fuels grid equipment demand. Prolec GE is expected to achieve $3 billion in revenue at approximately 25 percent adjusted EBITDA margin in 2025, with low double-digit revenue growth projected in the following years. Prolec GE produces transformers across most ratings and voltages with approximately 10,000 global employees across seven manufacturing sites. The acquisition is expected to close by mid-2026.
Financially, the scale of demand is showing up in results. GE Vernova demonstrated strong performance in Q4 2025, with a 9% year-over-year increase in full-year revenue to $38 billion. Its healthy and growing backlog grew more than 25 percent to $150 billion, up $31 billion in 2025. A slide deck accompanying CEO remarks said GE Vernova expected the current quarter to be its largest for electrical equipment orders direct to hyperscaler tech companies. Strong future guidance projects 2026 revenue of $44 to $45 billion. The company has committed $11 billion in capital expenditures and R&D from 2025 through 2028 to sustain that trajectory.