Data Centres: More Than $5 Billion of Grid Orders in Half a YearNarrow moat

GE Vernova (GEV) — moat facet

GE Vernova booked more grid orders from data centres in the first half of 2026 than in the two previous years combined.

The data-centre build-out has become a grid business for GE Vernova. Electrification took more than $5 billion of data-centre orders in the first half of 2026, more than double its total for all of 20251. The first quarter alone brought $2.4 billion2.

Grid Solutions revenue ($M)3,22620213,13320223,95520234,95720246,6202025GE Vernova Form 10-K FY2025 and Form 10 information statement
Grid revenue doubled in four years.

These are orders for the equipment that connects a data centre to power: substations, switchgear, power conversion and storage. Power Conversion & Storage revenue rose from $1,549 million in 2023 to $2,049 million in 20253, and Grid Solutions from $3,955 million to $6,620 million4.

The data-centre customer reaches the company through more than one door. It buys gas turbines for on-site generation, as the Bloom Energy page describes from the fuel-cell side, and grid equipment to connect to the network. For GE Vernova that means the same customer can appear in both the Power and Electrification backlogs.

The concentration is the point to keep in mind. A small number of very large data-centre builders are now placing billions of dollars of orders, and the 10-K's risk factors single out such first-time counterparties, a subject the Major Clients page covers.

The first quarter's release put a number on it early: $2.4 billion of data-centre orders in Electrification in three months5. By July the half-year figure was more than $5 billion6, so the second quarter was at least as strong as the first.

Data-centre orders are the number to follow. They doubled 2025's total in six months; a second half of 2026 below the first would say the most important new customer is slowing down.

Moat trajectory: Widening

Data-centre Electrification orders above $5bn in H1 2026, more than double 2025.

The number that tests this moat
Reported
Data-centre Electrification orders, year to date
More than $5bn (H1 2026), over double 2025

The new customer's appetite for grid gear; a weaker second half would mean it is slowing.

Source: GE Vernova Q2 2026 results release ↗
⚠ Threats to the moat
⚠ THREAT 01
Six Months of Orders Is Not a Trend
GE Vernova's data-centre grid orders doubled in six months, too fast and too recent to count as a trend.
References
  1. ReportedElectrification took more than $5 billion of data-centre orders in the first half of 2026, more than double its total for all of 2025.
    GE Vernova second-quarter 2026 results release (Form 8-K exhibit) - orders, revenue, segment EBITDA, free cash flow, the gas turbine backlog and slot reservations, data-centre orders and raised 2026 guidance - second-quarter results, orders, backlog and gas turbine slots. — Q2 2026 · publ. 22 July 2026 · source ↗
  2. ReportedThe first quarter alone brought $2.4 billion.
    GE Vernova first-quarter 2026 results release (Form 8-K exhibit) - gas turbine backlog and slot reservations, M&A gains, data-centre orders and the first 2026 guidance raise. — Q1 2026 · publ. 22 April 2026 · source ↗
  3. ReportedPower Conversion & Storage revenue rose from $1,549 million in 2023 to $2,049 million in 2025, and Grid Solutions from $3,955 million to $6,620 million.
    GE Vernova Form 10-K for fiscal 2025 - segment revenue by business unit and by equipment and services, and Offshore Wind contract losses. — FY2025 · publ. 29 January 2026 · source ↗
  4. ReportedPower Conversion & Storage revenue rose from $1,549 million in 2023 to $2,049 million in 2025, and Grid Solutions from $3,955 million to $6,620 million.
    GE Vernova Form 10-K for fiscal 2025 - segment revenue by business unit and by equipment and services, and Offshore Wind contract losses. — FY2025 · publ. 29 January 2026 · source ↗
  5. ReportedThe first quarter's release put a number on it early: $2.4 billion of data-centre orders in Electrification in three months.
    GE Vernova first-quarter 2026 results release (Form 8-K exhibit) - gas turbine backlog and slot reservations, M&A gains, data-centre orders and the first 2026 guidance raise. — Q1 2026 · publ. 22 April 2026 · source ↗
  6. ReportedBy July the half-year figure was more than $5 billion, so the second quarter was at least as strong as the first.
    GE Vernova second-quarter 2026 results release (Form 8-K exhibit) - orders, revenue, segment EBITDA, free cash flow, the gas turbine backlog and slot reservations, data-centre orders and raised 2026 guidance - second-quarter results, orders, backlog and gas turbine slots. — Q2 2026 · publ. 22 July 2026 · source ↗
Sources
Generated September 28, 2026