AI power and cooling stocks
Power & Cooling
Generation, grid gear, thermal management
AI data centers draw far more electricity per rack than the previous generation and run too hot for air alone. Generators, grid equipment and liquid-cooling suppliers are the physical limit on how fast capacity can be added.
| Company | Ticker |
|---|---|
| Vistra Power generator, including nuclear, signing long-term supply deals with data centers. | VST |
| Constellation Energy Largest US nuclear fleet; power-purchase agreements with data-center operators. | CEG |
| GE Vernova Gas turbines and grid equipment for new data-center power. | GEV |
| Eaton Electrical distribution and power-quality equipment inside data centers. | ETN |
| Vertiv Power and liquid-cooling infrastructure for AI racks. | VRT |
How power companies earn from AI
AI racks draw several times the electricity of the previous generation and run too hot for air cooling, so the physical limit on the build-out is power and heat rather than chips. GE Vernova sells gas turbines and grid equipment; Vistra and Constellation sell electricity, increasingly under 15-20 year contracts with data-center operators; Eaton sells the switchgear and distribution inside the building; Vertiv sells the power and liquid-cooling systems at the rack.
Only Vertiv is close to a pure data-center company. The generators and the industrials sell to utilities, factories and aircraft as well, and they report data-center exposure as orders or as a share of sales, not as revenue. That is why four of the five are rated partial. Watch orders and backlog here; revenue lags them by years because turbines and power plants are built slowly.
Editorial, written from the reported figures on each company page. Company names link to those pages: VST, CEG, GEV, ETN, VRT.
The numbers right now
Reported by the companies; each line links to the release or filing it comes from.
- GE Vernova data-center orders over $5 billion year to date, more than double the 2025 total; gas turbine slot reservations 116 GW, targeting 125 GW by year-end.Source · Q2 2026, quarter ended June 30, 2026
- Vertiv net sales $3.27 billion, up 24%; Q3 organic growth guided to 34-36%; backlog $15.0 billion at December 31, 2025, up from $7.2 billion.Source · Q2 2026, quarter ended June 30, 2026
- Eaton: data-center orders up about 85% and data-center revenue up about 65%; data centers and distributed IT were 21% of 2025 sales.Source · Q2 2026, quarter ended June 30, 2026
- Constellation signed a further 920 MW of 15-20 year nuclear power-purchase agreements starting 2029-2032.Source · Q2 2026, quarter ended June 30, 2026
- Vistra committed up to $1.0 billion to Helix Digital Infrastructure with KKR, KIA and NVIDIA, as its preferred power provider.Source · Announced August 7, 2026
What to watch in power
- Contract announcements with named data-center counterparties and megawatt figures; most releases in this category still do not name the customer. source
- GE Vernova's turbine slot count against its 125 GW year-end target; that queue is the hard constraint on new gas-fired capacity. source
- Whether Vertiv's backlog keeps growing as fast as its revenue; a backlog that flattens while sales rise is the early sign of a slower build. source
Quotes
Compare
Latest 10-K, 10-Q and 8-K filings in Power & Cooling
Source: SEC EDGAR- VRT8-KEarnings release · items 2.02,7.01,9.012026-10-28documentfolder
- VRT10-QQuarterly report2026-10-28documentfolder
- GEV8-KEarnings release · items 2.02,9.012026-10-28documentfolder
- GEV10-QQuarterly report2026-10-28documentfolder
- VRT8-KCurrent report · items 2.01,7.01,9.012026-10-27documentfolder
- VRT8-KCurrent report · items 7.01,9.012026-10-26documentfolder
- ETN8-KCurrent report · items 8.01,9.012026-10-16documentfolder
- ETN8-KCurrent report · items 5.022026-10-05documentfolder
- VST8-KCurrent report · items 1.01,2.03,9.012026-10-05documentfolder
- VRT8-KCurrent report · items 7.01,9.012026-09-24documentfolder
- VST8-KCurrent report · items 1.01,8.01,9.012026-09-24documentfolder
- GEV8-KCurrent report · items 5.022026-08-27documentfolder
- VST10-QQuarterly report2026-08-10documentfolder
- VST8-KEarnings release · items 2.02,9.012026-08-07documentfolder
- CEG8-KEarnings release · items 2.02,7.01,9.012026-08-06documentfolder