Datacenter power (No.1 gensets)
Caterpillar
A construction and power firm, the world No.1 (Cummins No.2) in datacenter backup and prime gensets. Its large reciprocating-engine backlog is up 3.5x+ since January 2024, and Q1 2026 Power and Energy sales rose 48%. It is shifting to prime gas power and raised its 2030 targets. A generation axis of the power bottleneck.
Business categories Data Center On-Site Power · AI Compute Infrastructure · primary
CAT Updated Sep 24, 2026 6 AI consumers· 5 recurring
Per the valuechain.wiki graph, Caterpillar is directly linked to 11 companies (1 supply, 10 revenue relationships) and reaches 77 companies within two hops; the links are backed by 14 dated sources, 3 of them primary filings (as of 2026-09-24).
Annual return · 2026-10-09'21+16%'22+18.6%'23+25.9%'24+24.7%'25+60.3%YTD+40.6%
Money in ▸Data centers · mining · construction (power generation · equipment)●Revenue ~48%Halliburton Company●Count 12 pumpsCRH plc●Republic Services, Inc.◐Count 18 bulldozersWaste Management, Inc.◐Count 1 pilot_bulldozerMicrosoft◐Amazon◐Meta Platforms◐Newmont Corporation◐Freeport-McMoRan Inc.◐Martin Marietta Materials, Inc.◐
Caterpillar$67.6bn
▸ Money outNucor Corporation◐Engines · components · manufacturing (undisclosed)○Steel · logistics (undisclosed)○
Financials & Segments
- Total revenue · $67.6bn (FY2025, +4%)
- Customer concentration · No.1 in datacenter power; backlog 3.5x.
- Segments · Power (gensets/turbines) · Construction · Resources
Revenue from
- Data centers · mining · construction (power generation · equipment) High confidence· Revenue ~48% · 2026 · Power & Energy sales growth (Q1 2026)
Datacenter power plus construction and resource equipment.Confirms EN Caterpillar official results Published Jan 30, 2026: Caterpillar official results — caterpillar results - Halliburton Company High confidence· Count 12 pumps · 2013 dual-fuel fleet project · Halliburton fracturing pumps using Caterpillar dual-fuel engine technology
Caterpillar supplied dual-fuel engine technology for Halliburton's Q-10 hydraulic-fracturing pumps, with public evidence confirming a 2013 project while the scale and continuity of the current supply relationship are not disclosed.Confirms EN Halliburton Investor Relations Published Jan 11, 2013: Halliburton Uses Clean-Burning U.S. Natural Gas to Power a Complete Hydraulic Fracturing Fleet - CRH plc High confidence
Caterpillar is an equipment partner deploying 70-to-100-ton battery-electric off-highway trucks and charging solutions at a CRH site in North America, with CRH participating as Caterpillar's first aggregates-industry customer under the program, but payments were not disclosed.Confirms EN Caterpillar Inc. Published Jan 8, 2024: Caterpillar Signs Strategic Agreement with CRH for Electric Off-Highway Trucks and Charging Solutions - Republic Services, Inc. Medium confidence· Count 18 bulldozers · 2023 · Caterpillar electric-drive bulldozers reported in operation by Republic Services
Caterpillar provides heavy equipment, condition monitoring, and oil-analysis services across Republic Services' landfills, transfer stations, and recycling facilities, with Republic Services' 2023 sustainability report stating that 18 Caterpillar electric-drive bulldozers were in operation. - Waste Management, Inc. Medium confidence· Count 1 pilot_bulldozer · late 2025 pilot · Bulldozers operated with Cat Command at the Marana Landfill pilot
Caterpillar provides Cat Command remote-control technology for a bulldozer that WM operates at its Marana Landfill in Arizona and expanded its collaboration with WM into autonomous-equipment testing after field evaluation began in late 2025, but commercial terms were not disclosed.Confirms EN WM Media Room Published Aug 7, 2026: Driving the Landfill of the Future: Inside WM's Pilot of Cat Command Remote-Controlled Technology - Microsoft Medium confidence
Supplies backup and prime gensets to hyperscaler datacenters.Confirms EN Manufacturing Dive Published Apr 30, 2026: Caterpillar to triple power generation, raises 2030 targets - Amazon Medium confidence
Gensets to AWS datacenters. - Meta Platforms Medium confidence
Gensets to Meta datacenters. - Newmont Corporation Medium confidence
Caterpillar supplies electric autonomous haulage equipment and MineStar operating technology to Newmont mines. Revenue from Newmont is not disclosed.Confirms EN Newmont Corporation Published Nov 10, 2021: Newmont and Caterpillar Announce Revolutionary Strategic Alliance to Achieve Zero Emissions Mining - Freeport-McMoRan Inc. Medium confidence
Caterpillar operates a certified rebuild program with Freeport-McMoRan to maintain Cat mining-truck fleets across its operations, but the value of the underlying equipment and service contracts is not disclosed. - Martin Marietta Materials, Inc. Medium confidence
Caterpillar is an aggregates-business partner providing Martin Marietta with mobile quarry equipment and related services, and Martin Marietta's report and a Caterpillar customer story confirm the equipment relationship, but spending is undisclosed.Confirms EN Martin Marietta Materials Published May 16, 2026: Martin Marietta 2025 Sustainability Report
Pays to
- Nucor Corporation Medium confidence
Caterpillar recognized Nucor with its 2021 Platinum supplier award based on measures including product quality and delivery performance, but the commercial value was not disclosed. - Engines · components · manufacturing (undisclosed) Low confidence
Engine/genset parts and manufacturing. - Steel · logistics (undisclosed) Low confidence
Steel, materials and logistics.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +134.7 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +127.4 |
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +115.6 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +68.2 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +66.4 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | +52.6 |
| Schlumberger | lead2 | +39.6 | +81.2 | -0.8 | -24.5 | +3.3 | +52.3 |
| ConocoPhillips | lead2 | +86.6 | +71.7 | +2 | -12.2 | -2.3 | +46.4 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +34.1 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +26.3 |
| Labcorp Holdings Inc. | lead2 | +54.4 | -24.4 | +13.8 | +2.2 | +10.6 | +25.3 |
| Becton, Dickinson and Company | lead2 | +1.9 | +5.1 | -2.7 | -5.4 | -12.6 | +22.8 |
| Union Pacific Corporation | lead2 | +23.3 | -15.9 | +21.6 | -5.1 | +3.9 | +22.1 |
| Live Nation Entertainment, Inc. | lead2 | +62.9 | -41.7 | +34.2 | +38.4 | +10 | +21.8 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +21.7 |
| Carrier Global Corporation | lead2 | +45.3 | -22.7 | +41.5 | +20.3 | -21.8 | +14.3 |
| Waters Corporation | lead2 | +50.6 | -8.1 | -3.9 | +12.7 | +2.4 | +14.2 |
| JPMorgan Chase | lead2 | +27.7 | -12.6 | +30.6 | +44.3 | +37.3 | +12.9 |
| Kenvue Inc. | lead2 | · | · | · | +3.1 | -15.9 | +12.4 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.3 |
| Agilent Technologies, Inc. | lead2 | +35.5 | -5.5 | -6.4 | -2.7 | +1.9 | +11.5 |
| Mitsubishi Materials | lead2 | -4.9 | +13.4 | +25.7 | -6.5 | +88.5 | +11.1 |
| Illinois Tool Works Inc. | lead2 | +23.6 | -8.5 | +21.6 | -1 | -0.4 | +11 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +10.3 |
| Parker-Hannifin Corporation | lead2 | +18.3 | -6.9 | +60.8 | +39.6 | +39.5 | +10.2 |
| Automatic Data Processing, Inc. | lead2 | +42.6 | -1.3 | -0.2 | +28.4 | -10.2 | +9.6 |
| Sumitomo Metal Mining | lead2 | +20.5 | +5.4 | -19.4 | -10.2 | +168.7 | +9.5 |
| Hilton Worldwide Holdings Inc. | lead2 | +40.2 | -18.7 | +44.7 | +36.1 | +16.5 | +8.5 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| The Kraft Heinz Company | lead2 | +8 | +18.2 | -5 | -13 | -16.3 | +6.1 |
| Expedia Group, Inc. | lead2 | +36.5 | -51.5 | +73.3 | +22.8 | +53.3 | +5.8 |
| Hubbell Incorporated | lead2 | +35.6 | +15.1 | +42.4 | +28.9 | +7.4 | +4.7 |
| Procter & Gamble | lead2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Omnicom Group Inc. | lead2 | +21.9 | +15.7 | +9.6 | +2.5 | -2.6 | +4.4 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +0.6 |
| Ralph Lauren Corporation | lead2 | +16.7 | -8.4 | +39.8 | +62.9 | +55 | -0.2 |
| Dover Corporation | lead2 | +45.7 | -24.3 | +15.2 | +23.3 | +5.2 | -0.5 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -1.8 |
| Veralto Corporation | lead2 | · | · | · | +24.3 | -1.6 | -3.2 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -6.7 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| Roper Technologies | lead2 | +14.7 | -11.6 | +26.9 | -4.1 | -13.8 | -7.9 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -8 |
| Workday, Inc. | lead2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| Axon Enterprise, Inc. | lead2 | +28.1 | +5.7 | +55.7 | +130.1 | -4.4 | -9.2 |
| Constellation Brands, Inc. | lead2 | +16.1 | -6.4 | +5.8 | -7.1 | -36 | -9.2 |
| Salesforce, Inc. | lead2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -12.9 |
| Lowe's Companies, Inc. | lead2 | +63.3 | -21.5 | +14 | +13 | -0.3 | -13.9 |
| GE HealthCare Technologies Inc. | lead2 | · | · | · | +1.3 | +5.1 | -15.9 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -16.5 |
| Take-Two Interactive Software, Inc. | lead2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.6 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -20.4 |
| IDEXX Laboratories, Inc. | lead2 | +31.7 | -38 | +36.1 | -25.5 | +63.6 | -20.9 |
| Fiserv | lead2 | -8.8 | -2.6 | +31.4 | +54.6 | -67.3 | -21.1 |
| Comcast Corporation | lead2 | -2.2 | -28.7 | +29.1 | -11.8 | -17.3 | -22.3 |
| Cognizant Technology Solutions Corporation | lead2 | +9.6 | -34.5 | +34.4 | +3.5 | +9.7 | -23.6 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -35.2 |
| Fair Isaac Corporation | lead2 | -15.1 | +38 | +94.5 | +71 | -15.1 | -44.9 |
| Boston Scientific Corporation | lead2 | +18.2 | +8.9 | +24.9 | +54.5 | +6.8 | -55.2 |
| Corteva, Inc. | lead2 | +23.6 | +25.6 | -17.5 | +20.2 | +18.9 | -80.1 |
| Freeport-McMoRan Inc. | lead1 | +61.4 | -7.3 | +13.7 | -9.4 | +35.4 | +46.1 |
| Newmont Corporation | lead1 | +7.4 | -20.8 | -8.8 | -7.8 | +172.8 | +18.8 |
| Halliburton Company | lead1 | +22 | +74.5 | -6.5 | -23.2 | +7 | +16.8 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Republic Services, Inc. | lead1 | +47 | -6.2 | +29.6 | +23 | +6.4 | +3.6 |
| Waste Management, Inc. | lead1 | +43.8 | -4.5 | +16.2 | +14.3 | +10.5 | +0.5 |
| Meta Platforms | lead1 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| Martin Marietta Materials, Inc. | lead1 | +56.1 | -22.7 | +48.6 | +4.1 | +21.3 | -17 |
| CRH plc | lead1 | +27.1 | -20.5 | +81.3 | +35.9 | +35.9 | -23.6 |
| Caterpillar | node | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +40.6 |
| Nucor Corporation | benef1 | +118.4 | +17.4 | +33.8 | -32 | +42 | +54.7 |
| NuScale Power | benef2 | · | · | -67.9 | +445 | -21 | -49.2 |
YTD as of 2026-10-09 · source: Yahoo Finance
Caterpillar operates across Datacenter power (No.1 gensets). It stayed steadily positive in recent years and is +42.9% in 2026. The stock (+42.9%) and its demand side (avg +3.2%) are moving in step. Among connected nodes the furthest ahead is Amazon (+12%) and the furthest behind is Meta Platforms (-6.4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. A generation axis of the power bottleneck.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 3 · Sell 0 · Avg. target $1,009 · Price $800.47 (10-09) · Upside +26%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Truist Financial · Jamie Cook | Buy | $1,218 | Jul 2, 2026 | Report ↗ |
| JPMorgan Chase · Tami Zakaria | Overweight | $1,165 | Jun 17, 2026 | Report ↗ |
| UBS Group | Neutral | $900 | Jun 2, 2026 | Report ↗ |
| DA Davidson · Michael Shlisky | Neutral | $845 | May 5, 2026 | Report ↗ |
| Morgan Stanley · Angel Castillo | Equal Weight | $915 | May 1, 2026 | Report ↗ |
Reiterated Buy at $1,218 on datacenter power-generation and backup demand plus a record backlog.
Analyses covering this node
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026
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