GE Vernova

Who they are

GE Vernova became an independent, NYSE-listed company on April 2, 2024, when General Electric split itself into three businesses (aviation, healthcare, and energy) and spun off its power arm debt-free, with $3.6 billion in cash and a $3 billion revolving credit facility behind it. CEO Scott Strazik, a 20-year GE veteran, has run it since day one. It's organized into three segments — Power (gas and steam turbines), Wind, and Electrification (the transformers, switchgear, and grid equipment that move electricity once it's generated) — each run by its own segment CEO reporting to Strazik.

What they do

The Electrification segment is the one that matters most for this chain: it builds the high-voltage transformers and switchgear every data center needs to actually receive grid power, and demand has outrun supply so badly that this equipment — not GPUs — is now the thing delaying AI data centers. GE Vernova's own numbers tell the story: hyperscale data center orders in this segment hit $900 million in the first months of a recent year alone, already pacing to double the prior full year's $600 million total, and the company's Electrification equipment backlog has more than tripled versus its $6.4 billion year-end-2022 level. In October 2025, GE Vernova agreed to pay $5.3 billion for the remaining 50% of Prolec GE, its transformer joint venture with Mexican conglomerate Xignux — a deal that also frees GE Vernova from a contractual restriction that had largely kept it out of selling transformers directly into North America, the single hottest transformer market on the planet right now.

How GE Vernova makes money

Equipment orders and long-term service contracts across all three segments, but Electrification is the growth story: segment revenue was up 32% year-over-year with equipment orders more than doubling, and the company guided to 25% organic revenue growth for the year (up from an earlier 20% forecast) with roughly 10% annual growth projected out to 2030. Prolec's own data center-linked sales grew from about 10% of its total revenue in 2024 to nearly 20% in 2025 — and Strazik has said there's more to come.

The bigger trend

GE Vernova's total company-wide backlog has climbed to roughly $163 billion, and its data center-linked Electrification orders in a single recent quarter already exceeded its entire prior full year — a pattern showing up across nearly every grid-equipment maker right now, Korean transformer builders like HD Hyundai Electric and LS Electric included. The Prolec GE buyout is the clearest evidence of how tight this market has become: a company was willing to pay $5.3 billion just to remove a contractual handcuff stopping it from selling more transformers into the one region that needs them most.

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