GE Vernova is The AI Energy Bottleneck Player I Won’t Stop Buying

GEV's $176B backlog and 88% organic Q2 order growth reflect a company rationing turbine capacity to meet surging AI power demand.

CEG and VST sell electrons, but GEV builds the machines that make them possible, capturing 134% organic orders growth in gas equipment.

Q2 free cash flow of $5.1B already eclipsed all of 2025, prompting GEV to double its dividend and authorize $10B in buybacks.

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My cost basis on GE Vernova ( NYSE:GEV ) keeps climbing because I keep hitting the buy button, and the reason is simple: every hyperscaler on earth needs more electricity, and this company builds the turbines that produce it.

I am buying a backlog. That backlog closed the most recent quarter at $176 billion, with management guiding to $200 billion in 2027. Q2 orders alone came in at $24.2 billion, up 88% organically. Those are the numbers of a company rationing capacity to meet demand.

Power keeps me refusing to trim. GE Vernova signed 20 GW of gas contracts in Q2 alone and expects at least 125 GW of gas equipment under contract by year-end 2026. Annual turbine output scales from 20 GW in Q3 2026 to 24 GW in 2028 and 30 GW in 2030. CEO Scott Strazik told analysts the company expects to be "mostly sold out through 2030", with 2031 slots already filling.

Electrification is the second engine. Q2 orders grew 66% organically at a book-to-bill of 1.7x, and data center orders crossed $5 billion year-to-date, more than double the entire 2025 total. Strazik said current data-center scope of roughly $300 million per gigawatt could grow to two to three times that as solid-state transformers and medium-voltage UPS blocks commercialize.

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Free cash flow in Q2 hit $5.1 billion, exceeding all of full-year 2025. Management raised 2026 free cash flow guidance to $11.5 billion to $12.5 billion from a prior range of $6.5 billion to $7.5 billion. The revision is a full re-underwrite of the business. The board doubled the quarterly dividend to $0.50 per share and lifted buyback authorization to $10 billion. Roughly $7 billion has already been deployed at an average price of $560 per share. My cost basis is higher, and I am fine with that.