Power generation & grids · Gas turbines

GE Vernova

A power and grid company spun from GE. A direct beneficiary of surging AI-datacenter power demand, with gas-turbine and grid orders soaring. Datacenter-specific deals include 29 LM2500XPRESS turbines to Crusoe. ~$44.6B revenue expected in 2026; Electrification backlog ~$45.3B. At the very bottom of the chain: generation and transmission.

Business categories Gas Turbines & Generators · Power & Grid · primary Grid Equipment & Automation · Power & Grid Renewable Power Systems · Power & Grid

GEV Updated Sep 24, 2026 5 AI consumers· 4 recurring

Per the valuechain.wiki graph, GE Vernova is directly linked to 12 companies (2 supply, 10 revenue relationships) and reaches 73 companies within two hops; the links are backed by 16 dated sources, 5 of them primary filings (as of 2026-09-24).

Annual return · 2026-10-09'25+99%YTD+54%
Money in ▸Ameren Corporation●Count 4 combustion_turbine_generatorsAI data centers · utilities (power generation & grid)●NRG Energy●Baker Hughes Company●Duke Energy Corporation◐Count 11 gas_turbinesXcel Energy◐Count 5 gas_turbinesMicrosoft◐Amazon◐Alphabet (Google)◐NextEra Energy◐PPL Corporation◐
GE Vernova~$44.6B revenue
▸ Money outD-Wave Quantum◐R&D & engineering (undisclosed)○components & materials · plant (undisclosed)○Workday, Inc.○

Financials & Segments

  • Total revenue · ~$44.6B revenue (2026E)
  • Customer concentration · Datacenter power demand pulls turbines and grid.
  • Segments · Power (gas turbines) · Electrification/grid · Wind

Revenue from

  • Ameren Corporation High confidence· Count 4 combustion_turbine_generators · contracted for 2028 in-service · GE combustion turbine generators contracted for the Big Hollow Energy Center
    GE Vernova contracted with Ameren Missouri to supply four GE 7FA.04 combustion turbine generators for the Big Hollow Energy Center, with a preliminary purchase order in 2024 and final notice to proceed in 2025 securing the production slots.
    Confirms EN Missouri Public Service Commission Published Jun 26, 2025: Direct Testimony of Christopher A. Stumpf on the Big Hollow CTG Project
  • AI data centers · utilities (power generation & grid) High confidence
    Supplies gas turbines and grid to AI data centers and utilities like Crusoe ($45.3B Electrification backlog) — upstream of a structure where each data center needs generation and grid first.
    Confirms EN SEC EDGAR Published Feb 1, 2026: GE Vernova 2025 annual report (ARS/10-K)
    Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis
  • NRG Energy High confidence
    Project development agreement with NRG Energy for 5.4 GW of gas combined-cycle capacity plus 3.6 GW of 7HA gas turbine slot reservations, supplying turbines and equipment for NRG's data center large-load buildout.
    Confirms EN SEC EDGAR Published Feb 24, 2026: NRG Energy Form 10-K (FY2025)
    Confirms EN Utility Dive Accessed Jul 11, 2026: NRG aims for 2026 next step in 5.4-GW gas deal with GE Vernova, Kiewit
  • Baker Hughes Company High confidence
    GE Vernova maintains a heavy-duty gas-turbine supply agreement and an aeroderivative technology supply and development agreement with Baker Hughes, but payments were not disclosed.
    Confirms EN SEC EDGAR Published Feb 5, 2026: Baker Hughes Co 2025 Form 10-K
  • Duke Energy Corporation Medium confidence· Count 11 gas_turbines · April 2025 arrangement · Number of GE Vernova 7HA gas turbines that may advance under the arrangement
    GE Vernova entered an arrangement to supply Duke Energy with 7HA gas turbines and associated equipment for rising generation needs, and the announced plan covers projects for up to 11 turbines.
    Confirms EN Duke Energy News Center Published Apr 24, 2025: Duke Energy and GE Vernova announce significant arrangement for gas turbines and associated equipment
  • Xcel Energy Medium confidence· Count 5 gas_turbines · 2026 strategic alliance reservation agreement · Number of GE Vernova F-class gas turbines reserved for purchase
    GE Vernova signed a reservation agreement with Xcel Energy for the purchase of F-class gas turbines and also reserved wind-turbine capacity for the utility's future projects, with five gas turbines disclosed in the order and no pricing disclosed.
    Confirms EN Xcel Energy Newsroom Published Feb 3, 2026: Xcel Energy and GE Vernova Announce Strategic Alliance Agreement to Advance the Future of Energy
  • Microsoft Medium confidence
    Supplies gas turbines and power equipment to Microsoft data centers — the channel for hyperscalers securing power alongside GPUs.
    Confirms EN SEC EDGAR Published Feb 1, 2026: GE Vernova 2025 annual report (ARS/10-K)
    Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis
  • Amazon Medium confidence
    Supplies gas turbines and power equipment to Amazon data centers — a generation channel in the race to secure AI power.
    Confirms EN SEC EDGAR Published Feb 1, 2026: GE Vernova 2025 annual report (ARS/10-K)
    Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis
  • Alphabet (Google) Medium confidence
    Supplies gas turbines and power equipment to Alphabet (Google) data centers — a beneficiary of rising on-site generation demand.
    Confirms EN SEC EDGAR Published Feb 1, 2026: GE Vernova 2025 annual report (ARS/10-K)
    Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis
  • NextEra Energy Medium confidence
    Gas turbines and generation gear to the utility.
    Confirms EN SEC EDGAR Published Oct 23, 2025: NextEra FY2025 Q3 results (8-K)
  • PPL Corporation Medium confidence
    GE Vernova supplies the 7HA.03 gas turbine, steam turbine, generator, and heat-recovery steam generator ordered by PPL Corporation subsidiaries LG&E and KU for Mill Creek Unit 5 and will also provide long-term monitoring and operating services.
    Confirms EN GE Vernova Published Apr 11, 2024: GE Vernova’s advanced technology to help LG&E and KU further diversify utilities’ portfolio

Pays to

  • D-Wave Quantum Medium confidence
    Uses D-Wave QCaaS/quantum annealing as a commercial customer.
    Confirms KO Quantum News Published Aug 8, 2025: D-Wave posts wider loss amid revenue growth
    Confirms EN D-Wave Quantum Published Aug 7, 2025: D-Wave Reports Second Quarter 2025 Results
  • R&D & engineering (undisclosed) Low confidence
    Power/grid R&D.
    Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis
  • components & materials · plant (undisclosed) Low confidence
    Turbine/generator parts and materials.
    Confirms EN SEC EDGAR Published Feb 1, 2026: GE Vernova 2025 annual report (ARS/10-K)
  • Workday, Inc. Low confidence
    A customer of Workday HCM (Core HR), recorded both on Workday's newsroom customer list and in the independently compiled enterprise-software deployment database appsruntheworld. No contract value is disclosed, and appsruntheworld is an independently compiled but unverified database, so this is flagged as low confidence.
    Confirms EN Workday Published Sep 5, 2026: Workday Newsroom: Company Overview & Customer Facts
    Mentions KO Tech42 Published Mar 5, 2026: Workday tops $9.5B in FY2026 revenue as profitability improves amid AI investment
    Mentions EN Gartner (announced via PR Newswire) Published Sep 11, 2025: Workday Named a Leader in 2025 Gartner Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises for Tenth Consecutive Year
    Mentions EN Apps Run The World Published Jan 1, 2021: GE Vernova selects Workday HCM for Core HR

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
CrowdStrikelead2-3.3-48.6+142.5+34+37+134.7
Palo Alto Networkslead2+56.7-24.8+111.3+23.4+1.2+127.4
Datadoglead2+80.9-58.7+65.1+17.7-4.8+115.6
Snowflakelead2+20.4-57.6+38.6-22.4+42.1+68.2
Illuminalead2+2.8-46.9-31.1-1.3-1.8+66.4
Schrodingerlead2-56-46.3+91.5-46.1-7.3+52.6
Schlumbergerlead2+39.6+81.2-0.8-24.5+3.3+52.3
Airbnb Inclead2·-48.6+59.2-3.5+3.3+34.1
Starbucks Corplead2+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 Companylead2+1.9+5.1-2.7-5.4-12.6+22.8
Live Nation Entertainment, Inc.lead2+62.9-41.7+34.2+38.4+10+21.8
Johnson Controlslead2+77.4-19.3-7.6+39.8+53+21.7
Carrier Global Corporationlead2+45.3-22.7+41.5+20.3-21.8+14.3
Waters Corporationlead2+50.6-8.1-3.9+12.7+2.4+14.2
Entergylead2+17.1+3.6-6.1+56+25.3+13.2
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
Illinois Tool Works Inc.lead2+23.6-8.5+21.6-1-0.4+11
Costco Wholesalelead2+51.8-19+49+39.6-5.4+10.3
Parker-Hannifin Corporationlead2+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
Hilton Worldwide Holdings Inc.lead2+40.2-18.7+44.7+36.1+16.5+8.5
3M Companylead2+4.9-29.6-3.3+46.1+26.4+6.8
The Kraft Heinz Companylead2+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 Incorporatedlead2+35.6+15.1+42.4+28.9+7.4+4.7
Xcel Energylead2+4.4+6.4-8.7+12.3+13.9+4.1
FirstEnergylead2+41.8+4.8-8.9+13.2+17.3+3.5
WEC Energy Grouplead2+8.7-0.5-7+16.1+16+3.1
Eversource Energylead2+8.2-5.1-23.4-2.5+22.9+1
Walmart Inclead2+2-0.5+12.9+74+24.5+0.6
Ralph Lauren Corporationlead2+16.7-8.4+39.8+62.9+55-0.2
Dover Corporationlead2+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 Corporationlead2···+24.3-1.6-3.2
Meta Platformslead2+23.1-64.2+194.1+66+13.1-6.4
DoorDash, Inc.lead2·-67.2+102.6+69.6+35-6.5
The Walt Disney Companylead2-14.5-43.9+4.3+24.4+3.3-6.7
Uberlead2-17.8-41+149-2+35.5-7.3
Roper Technologieslead2+14.7-11.6+26.9-4.1-13.8-7.9
ServiceNowlead2+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
GE HealthCare Technologies Inc.lead2···+1.3+5.1-15.9
Netflixlead2+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 Corporationlead2+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
Fiservlead2-8.8-2.6+31.4+54.6-67.3-21.1
Comcast Corporationlead2-2.2-28.7+29.1-11.8-17.3-22.3
Cognizant Technology Solutions Corporationlead2+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
Coupanglead2·-49.9+10.1+35.8+7.3-35.2
Fair Isaac Corporationlead2-15.1+38+94.5+71-15.1-44.9
Boston Scientific Corporationlead2+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
Baker Hughes Companylead1+19+26+18.6+23.1+13.4+25.9
Amazonlead1+2.4-49.6+80.9+44.4+5.2+12
NextEra Energylead1+23.4-8.5-25.3+21.5+15.5+6.2
Duke Energy Corporationlead1+19.1+2-1.6+15.6+12.7+5.3
Ameren Corporationlead1+17.1+2.5-16.1+27.5+15.3+4.5
Microsoftlead1+52.5-28+58.2+12.9+15.6+4
PPL Corporationlead1+12.9+0.4-3.8+24+11.4+1.8
NRG Energylead1+18.5-23.5+69.4+78.6+78.9-31.5
GE Vernovanode····+99+54
Workday, Inc.benef1+14-38.7+65-6.5-16.8-8.8
D-Wave Quantumbenef1·-85.3-38.9+854.5+211.3-44.3
Amazonbenef2+2.4-49.6+80.9+44.4+5.2+12
Alphabet (Google)benef2+65.3-39.1+58.3+36+66+8.3

YTD as of 2026-10-09 · source: Yahoo Finance

GE Vernova operates across NYSE, Power & grid, Gas turbines (AI power demand). Momentum stayed firm and it is +44.4% in 2026. The stock (+44.4%) is ahead of both its demand side (avg +0.5%) and supply side (avg -22.7%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is Amazon (+12%) and the furthest behind is D-Wave Quantum (-36.6%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. At the very bottom of the chain: generation and transmission.

Analysis generated from returns as of 2026-09-04

Analyst ratings

Consensus: Buy 3 · Hold 2 · Sell 0 · Avg. target $1,214 · Price $1,003.09 (10-10) · Upside +21%

BrokerRatingTargetPublished
Sanford C. Bernstein · Sunaina OcalanOutperform$1,206Jun 16, 2026Report ↗
Jefferies Financial Group · Julien Dumoulin-SmithBuy$1,210Jun 11, 2026Report ↗
Zacks ResearchHold—Apr 28, 2026Report ↗
BNP Paribas Exane · Moses SuttonNeutral$1,190Apr 27, 2026Report ↗
Barclays · Julian MitchellOverweight$1,250Apr 23, 2026Report ↗

Initiated coverage at Outperform, $1,206, citing a record backlog and AI-datacenter-driven power demand.

Analyses covering this node

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