GE Vernova (NYSE: GEV), spun off from General Electric two years ago, has seen its stock surge nearly 750% since its market debut, driven by surging electricity demand.
The company operates three business segments that together position it as one of the most balanced plays on growing global power needs.
Its Power segment, which accounted for 55% of 2025 orders, produces gas turbines for combined-cycle plants, steam turbines, and services for nuclear power facilities.
The Electrification segment, representing 33% of 2025 orders, sells transformers, breakers, substations, and high-voltage direct current systems to customers worldwide.
GE Vernova also provides automation, optimization, and protection services for electrical grids through its Electrification division, adding a recurring revenue layer to the business.
The Wind segment, contributing 13% of 2025 orders, sells both onshore and offshore wind turbines, rounding out the company’s diversified energy portfolio.
The so-called “AI grid supercycle” is now emerging as the company’s biggest single long-term catalyst, fueled by demand from hyperscalers like Amazon and AI infrastructure providers like Crusoe.
That surging demand helped push GE Vernova’s backlog to $163 billion at the end of the first quarter of 2026, more than triple its projected 2026 revenue of $45.5 billion.
According to Fortune Business Insights, the global AI market could grow at a compound annual growth rate of 26.6% between 2026 and 2034, providing a long runway for continued backlog expansion.
Unlike less diversified industry peers, GE Vernova can supply both green energy and fossil fuel solutions, giving it a competitive advantage as the AI infrastructure buildout accelerates across multiple power categories.
Analysts expect GE Vernova’s revenue and earnings per share to grow at CAGRs of 16% and 24%, respectively, between 2025 and 2028, reflecting strong visibility into future performance.
At $1,110 per share, the stock trades at 36 times this year’s earnings, a valuation that appears reasonable given the scale of the company’s backlog and the projected pace of AI-driven electricity demand growth.
