Grid & electrical infrastructure (EPC)
Quanta Services
The No.1 in grid and electrical-infrastructure construction (EPC). It builds transmission, substation and distribution plus datacenter electrical infrastructure for utilities and hyperscalers. 2025 revenue $28.5B (+20%), a record $44B backlog. The construction axis of the datacenter and electrification boom, the build layer between generation/transformers and datacenters.
Business categories Transmission Cables & Power EPC · Power & Grid · primary Construction & Plant EPC · Industrial Infrastructure & Heavy Industry
PWR Updated Sep 23, 2026 5 AI consumers· 5 recurring
Per the valuechain.wiki graph, Quanta Services is directly linked to 5 companies (0 supply, 5 revenue relationships) and reaches 12 companies within two hops; the links are backed by 6 dated sources, 3 of them primary filings (as of 2026-09-23).
Financials & Segments
- Total revenue · 2025 revenue $28.5B (+20%), $44B backlog
- Customer concentration · Grid build for utilities and hyperscalers.
- Segments · Electric (T&D/substation) · Renewable/comms infra
Revenue from
- PG&E Corporation High confidence· Contract value $116M · Q1 2019 · Pre-petition receivables under two Quanta contracts assumed by PG&E
Quanta Services has long provided contracted electric infrastructure services to PG&E and, when a court approved PG&E's assumption of two Quanta contracts in 2019, was authorized to receive payment of about $116 million in related pre-petition receivables.Confirms EN Quanta Services Published May 2, 2019: Quanta Services Reports First Quarter 2019 Results - Hyperscalers · data centers (power construction) High confidence
Datacenter electrical-infrastructure build for hyperscalers (record $44B backlog).Confirms EN Quanta Services Published Feb 26, 2026: Quanta Services FY2025 results ($28.5B, $44B backlog) - NextEra Energy High confidence
Builds grid and generation for NextEra, the largest renewables/utility player — a key customer channeling electrification and renewables demand into Quanta's revenue.Confirms EN Quanta Services Published Feb 26, 2026: Quanta Services FY2025 results ($28.5B, $44B backlog) - American Electric Power Medium confidence
Builds grid for AEP, the largest US T&D utility — a stable customer that issues repeat orders through the aging-grid replacement cycle. - Core Scientific Low confidence
Builds the electrical infrastructure of Core Scientific as it converts from bitcoin mining to AI datacenters — a slice of the retrofit-DC demand that repurposes mining power gear for AI. - NuScale Power Low confidence
Builds the electrical infrastructure for NuScale's SMR plants — an optional exposure to next-gen carbon-free generation if it commercializes; directional rather than material for now.
Pays to
- equipment · personnel · materials (undisclosed) Low confidence
Power gear, labor and materials.Confirms EN Quanta Services Published Feb 26, 2026: Quanta Services FY2025 results ($28.5B, $44B backlog) - Transformers · components (undisclosed) Low confidence
Transformers, cables and components.
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 |
|---|---|---|---|---|---|---|---|
| CoreWeave | lead2 | · | · | · | · | · | +14.6 |
| Entergy | lead2 | +17.1 | +3.6 | -6.1 | +56 | +25.3 | +13.2 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Xcel Energy | lead2 | +4.4 | +6.4 | -8.7 | +12.3 | +13.9 | +4.1 |
| FirstEnergy | lead2 | +41.8 | +4.8 | -8.9 | +13.2 | +17.3 | +3.5 |
| WEC Energy Group | lead2 | +8.7 | -0.5 | -7 | +16.1 | +16 | +3.1 |
| Eversource Energy | lead2 | +8.2 | -5.1 | -23.4 | -2.5 | +22.9 | +1 |
| American Electric Power | lead1 | +10.7 | +10.4 | -11 | +18.2 | +29.4 | +8.9 |
| NextEra Energy | lead1 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +6.2 |
| Core Scientific | lead1 | · | · | · | · | +3.6 | +5.8 |
| PG&E Corporation | lead1 | -2.6 | +33.9 | +10.9 | +12.3 | -19.7 | -17.5 |
| NuScale Power | lead1 | · | · | -67.9 | +445 | -21 | -49.2 |
| Quanta Services | node | +59.5 | +24.6 | +51.7 | +46.6 | +33.7 | +48 |
YTD as of 2026-09-04 · source: Yahoo Finance
Quanta Services operates across Grid & electrical infrastructure (EPC). It stayed steadily positive in recent years and is +48% in 2026. The stock (+48%) and its demand side (avg +2%) are moving in step. Among connected nodes the furthest ahead is Core Scientific (+22.9%) and the furthest behind is NuScale Power (-31.5%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. The construction axis of the datacenter and electrification boom, the build layer between generation/transformers and datacenters.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target $920 · Price $624.41 (09-04) · Upside +47%
A prime beneficiary of the grid and data-center infrastructure supercycle; consensus targets were revised up 39% in three months, with UBS and Truist lifting targets into the $900s between May and July 2026.
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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