# Who are Siemens Energy's customers? Who does Siemens Energy earn revenue from?
Canonical: https://valuechain.wiki/siemens-energy · Facet: customers · Updated: 2026-09-11T15:35:55.363296+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Siemens Energy's confirmed revenue counterparties include Digital Realty, Duke Energy Corporation plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 4 revenue edges, backed by 8 dated sources, 3 of them primary filings (as of 2026-09-11).

### Siemens AG (분사 모회사·잔여지분 ~10%) (high)  → /siemens-ag.md
- metric: ownership 10%
- note: After the 2020 spin-off, former parent Siemens AG holds ~10% as a financial-asset residual stake and is gradually monetizing it — a purely financial, non-controlling relationship.
- [confirms] Siemens AG (EN, filing, published 2025-12-04) https://www.siemens.com/applications/b09c49eb-3a14-73b3-9f71-e30e3c2dfdbd/assets/pdfs/en/Siemens_Report_FY2025.pdf: "Siemens AG retains a residual ~10% financial stake in Siemens Energy after the 2020 spin-off."

### 유틸리티·하이퍼스케일러 (터빈·그리드) (high)
- note: Utilities and hyperscalers order gas turbines, grid and transformers — the €146B backlog pre-commits several years of revenue, and the crux is the capacity to turn it into deliveries.
- [confirms] Siemens Energy (DE, filing, published 2025-11-19) https://www.siemens-energy.com/global/en/home/investor-relations.html: "Siemens Energy annual/IR: €146B backlog, turbines and grid."
- [mentions] Yahoo Finance (EN, analysis, published 2025-11-19) https://finance.yahoo.com/news/siemens-energy-ag-smegf-q4-170107583.html: "FY2025 record revenue, Grid +25.4%, mid-term outlook raised."
- [confirms] Siemens Energy (EN, filing, published 2025-11-19) https://www.siemens-energy.com/global/en/home/press-releases/earnings-release-q4-fy-2025.html: "Siemens Energy FY2025 (ended Sep 2025) revenue EUR 39.1B (+15.2% comparable), net income EUR 1.685B. Grid Technologies (transformers, switchgear) grew +25.4% with record quarterly revenue — driven by data-center and electrification demand. Customers are utilities and hyperscalers."
- [confirms] Power Engineering (EN, news, published 2025-11-01) https://www.power-eng.com/gas/turbines/siemens-energy-to-invest-1b-in-u-s-manufacturing-as-grid-gas-turbine-demand-rises/: "Gas turbines, grid and transformers to utilities and hyperscalers (€146B backlog)."
- [confirms] Energy Connects (EN, news, published 2025-11-01) https://www.energyconnects.com/news/gas-lng/2025/november/siemens-energy-boosts-outlook-on-turbine-data-center-demand/: "Gas turbines, grid and transformers to utilities and hyperscalers (€146B backlog)."

### Digital Realty (mid)  → /digital-realty.md
- note: Data-center REIT Digital Realty sources onsite power and grid equipment — an emblematic customer of AI-datacenter electrification demand.
- [confirms] Siemens Energy Annual Report (EN, filing, published 2025-11-19) https://assets.siemens-energy.com/dam/32b27e9a-af91-4915-8b51-b3af012d0d98/A-Siemens_Energy_Annual_Report_2025-pdf_Original%20file.pdf: "FY2025 revenue €39.1bn (+15.2% comparable)"
- [confirms] Siemens Energy (EN, filing, published 2025-11-19) https://www.siemens-energy.com/global/en/home/press-releases/earnings-release-q4-fy-2025.html: "Siemens Energy FY2025 (ended Sep 2025) revenue EUR 39.1B (+15.2% comparable), net income EUR 1.685B. Grid Technologies (transformers, switchgear) grew +25.4% with record quarterly revenue — driven by data-center and electrification demand. Customers are utilities and hyperscalers."
- [confirms] Energy Connects (EN, news, published 2025-11-01) https://www.energyconnects.com/news/gas-lng/2025/november/siemens-energy-boosts-outlook-on-turbine-data-center-demand/: "Grid and turbines to datacenters and utilities."

### 데이터센터 그리드 인프라 (변압기·차단기) (mid)
- note: Siemens Energy's Grid Technologies supplies data centers with transformers, circuit breakers and onsite power equipment, and the AI data-center boom drove FY2025 orders in this segment.
- [confirms] Siemens Energy (EN, ir, published 2026-07-05) https://www.siemens-energy.com/us/en/home/products-services/solutions-industry/data-center.html: "Siemens Energy supplies data centers with gas turbines, transformers and transmission solutions for onsite generation and grid connection."
- [confirms] Siemens Energy (EN, filing, published 2025-11-19) https://www.siemens-energy.com/global/en/home/press-releases/earnings-release-q4-fy-2025.html: "Siemens Energy FY2025 (ended Sep 2025) revenue EUR 39.1B (+15.2% comparable), net income EUR 1.685B. Grid Technologies (transformers, switchgear) grew +25.4% with record quarterly revenue — driven by data-center and electrification demand. Customers are utilities and hyperscalers."
- [confirms] Energy Connects (EN, news, published 2025-11-01) https://www.energyconnects.com/news/gas-lng/2025/november/siemens-energy-boosts-outlook-on-turbine-data-center-demand/: "Siemens Energy said it has profited from rising orders for transformers and circuit breakers used in data centers."

### 듀크 에너지 (mid)  → /duke-energy.md
- note: Siemens Energy supplies Duke Energy with gas turbines made in Charlotte, which Duke Energy identified as part of its North Carolina supply-chain spending without disclosing the amount paid to this supplier.
- [confirms] Duke Energy Investor Relations (EN, ir, published 2026-06-30) https://investors.duke-energy.com/news/news-details/2026/Duke-Energys-nearly-1-billion-investment-with-North-Carolina-suppliers-strengthens-American-supply-chains-local-economies-and-the-nations-energy-future/default.aspx: "Supplier investments include gas turbines from Siemens Energy in Charlotte, N.C."

Reverse side: https://valuechain.wiki/siemens-energy/suppliers.md · Ripple: https://valuechain.wiki/siemens-energy/ripple.md

---
Full node: https://valuechain.wiki/siemens-energy.md · JSON: https://valuechain.wiki/siemens-energy.json