GE Vernova reports $176 billion backlog amid AI power demand

GE Vernova is experiencing significant growth driven by the rising electricity demand from artificial intelligence infrastructure. In the second quarter of 2026, the company reported $24.2 billion in orders, an 88% organic increase, with total backlog reaching approximately $176 billion.

The company’s Power segment saw a 134% organic increase in orders, fueled by sharp demand for gas turbines. GE Vernova signed 20 gigawatts of new gas equipment contracts during the quarter, bringing its total gas equipment backlog and slot reservation agreements to 116 gigawatts. Management aims to reach at least 125 gigawatts in gas equipment commitments by the end of 2026 and plans to expand annual gas turbine production capacity toward 30 gigawatts by 2030.

In the Electrification segment, orders rose 66% organically to $6.3 billion. Data-center orders within this segment exceeded $5 billion in the first half of 2026, more than doubling the total for 2025. Analysts note that the company’s gas power business is effectively sold out through 2030, as utilities build generation capacity to support hyperscalers and AI data centers.