GE Vernova secured over $2 billion in direct data center equipment orders in 2025, tripling its 2024 levels, as AI data centers drive a surge in electricity consumption that industry forecasts estimate will rise 133% by 2030. The company’s Power segment, which supplies turbines and generators to hyperscale computing facilities, reported year-over-year order growth of 180%. Backlog across all divisions reached $150 billion at year-end, with data center contracts representing roughly 1.3% of that total but commanding higher margins and shorter lead times than traditional power-generation projects.

On February 2, 2026, GE Vernova closed a registered public offering of $2.6 billion aggregate principal amount of senior notes in three tranches: $600 million of 4.250% due 2029, $1.0 billion of 4.750% due 2032 and $1.0 billion of 5.125% due 2042. Net proceeds will be allocated toward general corporate purposes, including financing the remaining 50% acquisition of Prolec GE, which bolsters the company’s electrical distribution portfolio in Latin America and adds approximately $1.2 billion of annual revenues. The transaction was priced to yield spreads of 125 to 145 basis points over comparable Treasuries.

In full-year 2025, GE Vernova reported revenues of $38.1 billion, up 9% versus 2024, driven by growth across Power, Electrification and Renewable segments. The company delivered a net income margin of 12.8%, reflecting improved operational leverage and cost controls in high-volume manufacturing. With a trailing price-to-earnings ratio of 44, the stock has more than doubled over the past year, supported by a $150 billion order backlog and exposure to secular electricity demand growth forecast at 4.3% in 2024 and projected AI-related power demand increases exceeding 3,000% by 2035.