GE Vernova, spun off from General Electric in April 2024, reported Q2 2026 results on 22 July: orders surged 88% organically to $24.22bn, and its gas-turbine backlog grew from 100 GW to 116 GW, with data-centre orders alone reaching more than $5bn year-to-date, already more than double all of 2025. The company guided to at least 125 GW of gas-turbine backlog by year-end, and total company backlog reached $176bn, up from $163bn last quarter and on track for $200bn in 2027, under chief executive Scott Strazik.

The driver remains explicit: data centres and AI facilities needing behind-the-meter generation are GE Vernova's fastest-growing customer segment, from xAI's 41-turbine, 1.2 GW Colossus order to Chevron subsidiary Energy Forge One's 2.67 GW Project Kilby, a 20-year power-purchase agreement with Microsoft sited in ERCOT territory, outside FERC's curtailment reach. At the current backlog level, an order placed today would still wait years for hardware delivery.

That growth sits alongside regulatory risk: the DOE's Section 202(c) emergency curtailment orders, now invoked three times in 2026, target exactly the behind-the-meter gas generation GE Vernova sells, meaning turbines built for grid independence can still be ordered offline during a heat emergency if they sit inside PJM's footprint.

Common Questions

How long is the wait for a GE Vernova gas turbine?

As of December 2025, GE Vernova's gas turbine backlog stood at 80 GW with deliveries booked into 2029. New orders placed in early 2026 could face waits of three years or more.Source: Lowdown data-centres briefing

Why are gas turbine orders surging in 2025 and 2026?

Data centres and AI facilities are ordering gas turbines to power behind-the-meter generation, bypassing grid-connection queues. xAI's 41-turbine order for Colossus is the most prominent example; GE Vernova says hyperscalers are its fastest-growing customer segment.Source: Lowdown data-centres briefing

What did GE Vernova spin off from?

GE Vernova was spun off from General Electric in April 2024 as an independent energy technology company focused on gas turbines, wind turbines, and grid equipment.Source: GE Vernova

Why is GE Vernova's gas turbine backlog growing so fast?

Data centres and AI facilities needing behind-the-meter generation are the fastest-growing customer segment. xAI ordered 41 turbines (1.2 GW) for its Colossus complex, and hyperscalers are booking hardware years ahead of construction in some cases.Source: GE Vernova / Lowdown data-centres

How large is GE Vernova's gas turbine backlog in 2026?

GE Vernova's gas turbine backlog reached 80 GW in December 2025, with deliveries booked into 2029 and beyond. Its total backlog across all divisions reached $163 billion at the end of Q1 2026.Source: GE Vernova

Does the DOE curtailment order affect GE Vernova gas turbines?

Yes, indirectly. The DOE's 18 May 2026 Section 202(c) order grants PJM authority to curtail data centres with behind-the-meter backup generation during emergencies. GE Vernova supplies that category of gas turbines, making the BTM segment a regulatory risk as well as a demand opportunity.Source: DOE / Lowdown data-centres update 4

What is Project Kilby and who is building it?

Project Kilby is a 2.67 GW co-located gas plant in West Texas being built by Chevron's Energy Forge One under a 20-year Power Purchase Agreement with Microsoft, using GE Vernova turbines. At approximately $7bn capex, it is the largest dedicated data-centre generation deal of 2026, with first power delivery expected in 2028.Source: Chevron / GE Vernova

How big is GE Vernova's gas-turbine backlog after Q2 2026 results?

GE Vernova's gas-turbine backlog grew from 100 GW to 116 GW in Q2 2026, reported 22 July, with the company guiding to at least 125 GW by year-end. Data-centre orders alone reached more than $5bn year-to-date, already more than double all of 2025.Source: GE Vernova Q2 2026 earnings

What was GE Vernova's total backlog after Q2 2026?

GE Vernova's total company backlog reached $176bn at the end of Q2 2026, up $13bn from the prior quarter and on track for $200bn in 2027, driven by power-generation and grid-equipment orders that surged 88% organically to $24.22bn in the quarter.Source: GE Vernova Q2 2026 earnings

Source Material

GE Vernova investor relations GE Vernova official site

How the World Sees Them

Investors

GE Vernova's backlog is a multi-year earnings visibility signal. The company's stock has benefited from AI infrastructure demand, but over-reliance on gas order flow creates transition risk if decarbonisation policies harden.

Climate advocates

A three-year backlog of gas turbine orders for AI infrastructure is incompatible with IEA-aligned emissions pathways. Critics argue regulators should attach carbon conditions to large-load approvals before orders ship.

Data centre industry

The turbine backlog is a hard physical constraint on behind-the-meter strategy. Operators ordering gas generation in 2026 will not have hardware until 2029 at the earliest, forcing more creative approaches to bridging power.