GE Vernova Inc.

GE Vernova Inc. is an American electric power company that designs, manufactures, and services technologies across the full electricity value chain — generation, transmission, orchestration, conversion, and storage — with an installed base that produces approximately 25% of the world's electricity and generated $38.1 billion in revenue in fiscal 2025.

This is a story about a company that spun out of a conglomerate at the exact moment the world decided it needed more electricity than anyone had planned for. GE Vernova was listed on April 2, 2024, in what was essentially a tracking-stock-style distribution from General Electric. In the two years since, global electrification demand — driven by data center construction, industrial reshoring, and grid modernization — has transformed it from an under-earning industrial into one of the most consequential energy-infrastructure companies on the public markets. The backlog has grown from $116 billion at spin-off to $163 billion as of Q1 2026, with equipment backlog up roughly 80% at considerably better margins.

The file turns on a single question: whether the market's $246 billion valuation of GE Vernova adequately prices the durability of the current demand cycle, or whether the company's extraordinary backlog growth and pricing power represent a structural shift in electricity infrastructure spending that will outlast any single buildout wave. The bull case is that GE Vernova owns the scarce assets — the gas turbine production capacity, the HVDC know-how, the transformer factories, the nuclear SMR technology — that the world needs to electrify over the next two decades and that nobody can replicate quickly. The bear case is that Wind remains a persistent drag, that gas turbine orders will mean-revert after the data center pull-forward, and that the current valuation embeds expectations the business cannot compound into.