GE Vernova (NYSE: GEV) has accumulated a staggering $176 billion backlog, a figure that surpasses the entire gross domestic product of several nations.

The company tracks this backlog as its remaining performance obligation, which surged to $176 billion at the close of the second quarter of 2026.

That figure represents a 37% increase year over year, driven by what the company describes as a global electricity investment supercycle.

The backlog has since grown by another $13 billion since the end of the second quarter, underscoring the relentless pace of incoming orders.

Quarterly orders hit $24.2 billion, reflecting organic growth of 88%, with GE Vernova’s Power and Electrification segments leading the charge.

The rapid build-out of artificial intelligence infrastructure is generating unprecedented demand for GE Vernova’s gas turbines, which offer a cleaner alternative to coal while supporting the broader expansion of renewable energy sources.

During the second quarter alone, the company signed 20 gigawatts of new gas equipment orders, including 18 gigawatts of slot reservation agreements and 2 gigawatts of firm orders.

Slot reservation agreements require upfront deposits from customers to secure a future production position, typically three to five years out, signaling deep and durable demand.

GE Vernova also converted 10 gigawatts of prior reservation agreements into firm orders and shipped three gigawatts of equipment during the same period.

Those transactions pushed the Gas Power equipment backlog from 44 gigawatts to 53 gigawatts, while slot reservations climbed from 56 gigawatts to 63 gigawatts.

Capacity constraints and soaring global demand mean the company is largely sold out of gas turbine production slots through 2030.

GE Vernova expects to have more than half of its 2031 production slots under contract before the end of 2026, illustrating how far forward customer commitments now extend.

The structure of the backlog itself offers investors meaningful visibility into future earnings across both near- and long-term horizons.

On the equipment side, 36% of the remaining performance obligation is expected to be recognized within one year, with 97% recognized within five years.

The services backlog operates on a much longer runway, with only 16% expected to be recognized within a year and 54% within five years.

That expanding services backlog is considered a major driver of GE Vernova’s future growth, and it is set to deepen further as equipment sales continue to rise.

Looking ahead, the company projects its total backlog will reach $200 billion by 2027, reflecting sustained momentum across its global customer base.

GE Vernova is on track to deliver 20 gigawatts of annual gas turbine output in the third quarter of 2026, scaling to 24 gigawatts in 2028 and targeting 30 gigawatts by 2030.