AI power backlog stocks
Query: AI power infrastructure stocks with strong order backlogs · data as of 2026-10-02
Built an AI power infrastructure backlog/order-momentum screen of 37 US stocks (electrical equipment, turbines, grid/transmission, backup power/UPS, nuclear & SMR, DC-exposed utilities), ranked by disclosed backlog strength then revenue growth. Strongest verified order evidence: GE Vernova (~$176B backlog, orders +88%), Eaton (backlog +33% YoY), Powell (3.0x book-to-bill), Vertiv, and on-site power names ERock/Bloom; utilities shown via contracted DC load rather than booked backlog. Each row has a backlog/order note, sub-theme, valuation and momentum columns, plus qualitative comments and a takeaway narrative.
Mid/large-cap US equities exposed to the AI data-center power buildout, ranked by disclosed order backlog and order momentum — turbines and gensets, grid and transmission gear, switchgear, backup power/UPS, nuclear and SMR names, and utilities with contracted data-center load — filtered for positive or improving revenue growth and reasonable leverage.
AI Power Infrastructure — Order Backlog & Momentum Screen
| Symbol | Security Name | AI Power Sub-Theme | Sector | Industry | Market Cap | Revenue Growth YoY | Backlog / Order Note | P/E (TTM) | Forward P/E | 1M Return | 6M Return | 1Y Return | % from 150D SMA | Momentum Potential | Comments |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VRT | Vertiv Holdings, LLC | Backup power / UPS & thermal | Industrials | Electrical Equipment & Parts | 9.709e+10 | 27.69% | Record backlog driven by AI DC orders; book-to-bill near multi-quarter highs; capacity expansions for 2027 ramp | 57.05 | 27.72 | -1.74% | -3.44% | 56.23% | -12.58% | 72.4 | Purest large-cap play on DC power train — switchgear, busway, UPS and liquid cooling. Backlog has compounded through the AI cycle, but the stock's de-rating versus its own history reflects fears that hyperscaler capex growth is decelerating; the next order print and any book-to-bill softening is the swing factor. |
| ETN | Eaton Corporation, PLC | Electrical equipment / Switchgear | Industrials | Specialty Industrial Machinery | 1.694e+11 | 10.33% | Electrical Americas rolling 12-mo orders +41%; segment backlog +33% YoY (+$3.8B); data-center organic revenue +65% | 44.37 | 27.2 | 11.58% | 22.57% | 20.11% | 8.58% | 86.6 | The scale leader in electrical equipment: data-center revenue growth and a multi-year backlog give visibility, and pricing power in switchgear is holding. Watch margin mix as data-center share rises and whether its capacity expansions keep pace with order intake. |
| FPS | Forgent Power Solutions, Inc. | Electrical equipment / Switchgear | Industrials | Electrical Equipment & Parts | 1.287e+10 | — | Newly public switchgear name; order/backlog ramp tied to AI DC electrical infrastructure buildout | — | 34.52 | 37.15% | 39.76% | — | 0.90% | 36.5 | Newly public switchgear/power-distribution maker levered to the DC electrical buildout. Thin float and limited reporting history make backlog disclosure the key diligence item — a fresh entrant, so execution risk is higher than the incumbents above. |
| POWL | Powell Industries, Inc. | Switchgear / Electrical equipment | Industrials | Electrical Equipment & Parts | 7.144e+09 | 9.08% | FQ3'26 orders +158% to $934M; backlog ~$2.4B (+69% YoY), book-to-bill 3.0x; >$400M mega DC award | 37.5 | 27.56 | 15.01% | 7.48% | 85.84% | -13.89% | 83.8 | Small-cap with the cleanest book-to-bill signal in the group — orders far outpacing revenue and a mega on-site generation award. Revenue recognition lags the bookings, so the story is about converting a 3x book-to-bill backlog into shipments over coming quarters. |
| GEV | GE Vernova Inc. | Turbines / Grid equipment | Industrials | Specialty Industrial Machinery | 2.633e+11 | 8.97% | Power/Electrification orders +88% organically; total backlog rose $13B QoQ to ~$176B; >100 GW gas equipment slots contracted | 28.36 | 39.38 | 7.24% | 10.09% | 63.48% | 0.65% | 85.5 | Best-in-class order momentum: gas equipment slots are sold out years ahead and data-center electrification orders more than doubled. Conversion of slots into revenue and turbine supply-chain bottlenecks are the gating factors; management has raised guidance. |
| EROC | ERock, Inc. | Onsite power / Gensets | Industrials | Specialty Industrial Machinery | 3.457e+09 | — | Record backlog ~$1.7B, up ~10x YoY; 470 MW equipment PO with Anthropic extends commitments into 2028 | — | — | 12.85% | — | — | — | — | On-site, utility-grade generation for hyperscalers — a very small-cap name with a step-change backlog and a marquee customer PO extending commitments into 2028. High beta to both DC capex and its own ramp execution; liquidity is thin. |
| BE | Bloom Energy Corporation | Onsite fuel cells / Power gen | Industrials | Electrical Equipment & Parts | 8.516e+10 | 37.33% | Record fuel-cell backlog driven by AI DC onsite power orders; shipments accelerating into 2027 | — | 59.19 | 33.08% | 113.19% | 220.60% | 24.38% | 89 | Solid-oxide fuel cells as fast-to-power on-site energy — orders have surged as utilities and hyperscalers seek bridging power. Still not consistently profitable; the valuation prices a lot of future backlog conversion, so cash burn and manufacturing scale are the risks. |
| AMSC | American Superconductor Corpora | Grid equipment / Superconductors | Industrials | Specialty Industrial Machinery | 1.454e+09 | 34.26% | Order book ramp in grid and wind power systems; multi-quarter bookings growth | 9.74 | 22.15 | 5.34% | -6.48% | -49.28% | -18.96% | 33.5 | Grid and wind power electronics with improving bookings, levered to transmission upgrades and interconnection queue relief. Small-cap with lumpy order flow; profitability remains thin relative to the order narrative. |
| BWXT | BWX Technologies, Inc. | Nuclear components | Industrials | Aerospace & Defense | 1.236e+10 | 18.30% | Record nuclear backlog incl. naval reactors and commercial nuclear components; multi-year visibility | 34.94 | 25.67 | -13.37% | -37.09% | -27.54% | -27.88% | 26.8 | Nuclear components franchise with record backlog spanning naval reactors and commercial nuclear, giving multi-year visibility. Earnings mix skews to defense; the DC power angle is indirect but real via nuclear fuel-cycle and SMR-adjacent demand. |
| MTZ | MasTec, Inc. | Grid & Power construction | Industrials | Engineering & Construction | 1.734e+10 | 16.22% | Record 18-mo backlog in Power Delivery / Clean Energy; pipeline skewed to grid & DC transmission | 34.44 | 17.29 | -8.24% | -35.78% | 0.43% | -33.67% | 21.9 | Engineering & construction bellwether for grid and power delivery. Record backlogs in Power Delivery reflect utility transmission capex and DC interconnections, though labor constraints and project timing drive margin volatility. |
| HUBB | Hubbell Inc | Grid & Transmission gear | Industrials | Electrical Equipment & Parts | 2.512e+10 | 3.84% | Utility Solutions order/backlog strength; grid hardening and transformer demand; book-to-bill near 1x+ | 28.15 | 20.79 | 5.65% | -3.20% | 11.81% | -2.34% | 66.4 | Utility grid-hardening pure play — transformers, meters and grid components with robust order trends as utilities rebuild an aging network for DC load. Levered to regulated capex cycles rather than hyperscaler budgets directly. |
| EMR | Emerson Electric Company | Grid automation / Electrical | Industrials | Specialty Industrial Machinery | 9.015e+10 | 3.00% | Backlog momentum in process/industrial automation; order growth supported by electrification and DC projects | 35.29 | 22.34 | 8.48% | 23.62% | 25.12% | 12.47% | 85.9 | Automation and electrification supplier with backlog tied to process, LNG and DC projects. Orders are more diversified and less DC-pure than peers, which tempers upside but also reduces hyperscaler-capex sensitivity. |
| CW | Curtiss-Wright Corporation | Nuclear components / Defense | Industrials | Aerospace & Defense | 2.015e+10 | 2.04% | Defense/nuclear component backlog record; DC power exposure indirect | 37.53 | 31.85 | -2.78% | -21.41% | 0.77% | -21.06% | 57.1 | Nuclear and defense components with a record backlog driven by naval programs and nuclear-power components. DC power exposure comes through the nuclear supply chain rather than direct hyperscaler contracts; defense budget is the primary driver. |
| TLN | Talen Energy Corporation | Nuclear / IPP | Utilities | Utilities - Independent Power Producers | 1.517e+10 | 59.97% | Contracted nuclear capacity incl. long-term hyperscaler PPA; power-price and capacity upside | — | 11.01 | 6.20% | -2.08% | -24.88% | -7.24% | 39.4 | Nuclear fleet with long-dated power contracts to hyperscalers, giving visibility on the contracting side. Heavily leveraged and commodity-exposed on the uncontracted portion; power prices and the durability of the DC PPAs are the swing factors. |
| PRIM | Primoris Services Corporation | Grid & Power construction | Industrials | Engineering & Construction | 4.29e+09 | 18.97% | Backlog at records in Power Delivery and Energy segments; DC-led utility and gas infrastructure awards | 31.01 | 15.18 | 6.63% | -46.40% | -43.19% | -28.23% | 21.8 | Power Delivery and energy construction with record segment backlogs, including utility and gas-infrastructure work supporting DC buildout. Historically low-margin, so execution on large projects is the risk; balance sheet is modest. |
| PEG | Public Service Enterprise Group | Utility with DC load | Utilities | Utilities - Regulated Electric | 3.393e+10 | 18.25% | DC/regulated load growth and nuclear (Salem/Hope Creek) contracting; strong capex-driven rate base | 16.93 | 14.57 | -6.31% | -15.32% | -14.71% | -11.67% | 27.1 | Regulated utility with nuclear generation and a large DC load pipeline in the Mid-Atlantic. Rate-base growth is the driver, and its nuclear assets are increasingly valuable as a dispatchable, carbon-free DC supply source; regulatory approvals are the key catalyst. |
| D | Dominion Energy, Inc. | Utility with DC load | Utilities | Utilities - Regulated Electric | 5.392e+10 | 14.16% | Large DC load pipeline contracted (Virginia); regulated rate-base and generation capex backlog | 21.21 | 16.07 | -6.24% | -0.35% | 4.97% | -5.12% | 27.9 | Dominion's Virginia territory is the epicenter of US DC demand, making it a direct read on hyperscaler power procurement. Large backlog of contracted DC load; regulated rate-base and generation capex fund the growth, but equity funding needs and rate cases are the watch items. |
| AYI | Acuity Inc. | Lighting / Electrical equipment | Industrials | Electrical Equipment & Parts | 9.243e+09 | 13.14% | Electrical/lighting backlog tied to non-res DC and infrastructure projects | 20.49 | 14.23 | -6.60% | 16.49% | -14.74% | 0.07% | 87.3 | Electrical and lighting solutions skewing to non-residential and infrastructure projects, including DC interiors. Smaller and more economically sensitive than equipment peers; order visibility is decent but tied to construction cycles. |
| AEP | American Electric Power Company | Utility / Transmission | Utilities | Utilities - Regulated Electric | 6.509e+10 | 10.93% | Record rate-base capex plan with large contracted DC load pipeline in Ohio/Texas | 20.72 | 17.45 | -3.24% | -7.83% | 9.58% | -6.77% | 64.1 | Utility with a record transmission capex plan in Texas and Ohio, directly benefitting from DC interconnection demand. Rate-base growth is strong, but the multi-year equity funding requirement and rate-case outcomes are the constraints. |
| NEE | NextEra Energy, Inc. | Utility / Renewables + DC | Utilities | Utilities - Regulated Electric | 1.603e+11 | 9.79% | Large renewables + storage backlog and DC pipeline; strong regulated rate-base growth | 17.27 | 17.4 | -7.55% | -16.29% | 0.47% | -11.79% | 29.5 | Largest renewables-plus-storage developer with an enormous project pipeline and DC-adjacent demand, offset by rate-sensitive valuation pressure. Regulated Florida utility provides the earnings base while the development arm supplies optionality. |
| MYRG | MYR Group, Inc. | Grid & Transmission construction | Industrials | Engineering & Construction | 4.745e+09 | 8.79% | Backlog growth in transmission & distribution; grid capex and DC interconnection driven | 28.92 | 20.92 | 7.83% | 7.95% | 47.28% | -14.24% | 67.2 | Transmission and distribution contractor positioned for grid capex and DC interconnection, with improving backlog. Small-cap and project-based, so margins can swing on weather, labor and contract timing. |
| CEG | Constellation Energy Corporation - Common Stock When-Issued | Nuclear fleet / IPP | Utilities | Utilities - Independent Power Producers | 9.123e+10 | 8.34% | Long-dated nuclear PPA/contracting book with hyperscalers (Crane, Clinton) underpins revenue visibility | 25.19 | 19.4 | -11.22% | -5.33% | -26.21% | -7.53% | 44.3 | Largest US nuclear operator, contracting long-dated power to hyperscalers and data centers at premium economics. The primary AI-power utility proxy, but it has given back a lot of its 2025 premium as power-price and contract-renewal expectations reset; resource-adequacy and PPA renewals are the catalysts. |
| CAT | Caterpillar, Inc. | Turbines / Gensets | Industrials | Farm & Heavy Construction Machinery | 3.886e+11 | 4.29% | Power Generation (gaseous gensets) order strength from DC backup demand; energy & transportation backlog firm | 36.42 | 26.19 | 6.71% | 18.32% | 77.41% | 0.87% | 52.2 | Its power-generation (gaseous gensets and turbines) business is a key beneficiary of DC backup and on-site power demand, layered on top of a heavy-machinery franchise. Cyclical construction exposure and tariff input costs cut both ways. |
| VST | Vistra Corp. | Nuclear / IPP | Utilities | Utilities - Independent Power Producers | 4.7e+10 | 2.98% | Dispatchable/nuclear fleet with DC contracting; commodity-exposed power book | 23.61 | 13.51 | -2.24% | -7.10% | -30.11% | -7.69% | 13.1 | Nuclear and dispatchable generation with data-center contracting, but the power book is more commodity-sensitive than Constellation's. Heavily levered and exposed to power-price volatility; DC demand provides structural support but earnings swing on hedging and market prices. |
| ATKR | Atkore Inc. | Electrical conduit / Infrastructure | Industrials | Electrical Equipment & Parts | 3.196e+09 | -10.98% | Structural conduit/electrical demand for DC, but recent volume softness pressuring orders | — | 14.8 | 1.14% | 55.06% | 50.16% | 21.68% | 51.4 | Conduit and electrical raceway maker with structural DC demand, yet volumes have softened on pricing pressure and channel destocking. Trades at a deep discount to equipment peers because its end-market mix is more residential/industrial than DC-pure. |
| SO | Southern Company (The) | Utility with DC load | Utilities | Utilities - Regulated Electric | 9.631e+10 | 10.59% | Rate-base growth and DC load pipeline in Georgia; regulated capex backlog | 20.17 | 17 | -5.20% | -12.66% | -8.77% | -9.17% | 14.2 | Regulated utility with growing data-center load pipeline in Georgia and strong rate-base growth. Defensive earnings profile means DC exposure shows up as long-run load growth rather than near-term order backlog; rate cases and capex funding are the watch items. |
| ETR | Entergy Corporation | Utility / Nuclear fleet | Utilities | Utilities - Regulated Electric | 4.821e+10 | 8.98% | Utility capex/rate-base with nuclear fleet; DC load pipeline emerging | 25.81 | 19.8 | -5.47% | -9.16% | 10.55% | -7.11% | 25.9 | Gulf South utility with large industrial and DC load additions and a sizeable nuclear fleet. Regulated rate-base growth plus DC-driven load expansion support the capex plan; storm costs and rate-case outcomes are recurring risks. |
| DUK | Duke Energy Corporation (Holdin | Utility with DC load | Utilities | Utilities - Regulated Electric | 8.899e+10 | 5.63% | Regulated grid and generation capex plan; DC load pipeline building | 17.16 | 15.91 | -5.33% | -12.17% | -3.48% | -7.85% | 16.7 | Large regulated utility with a multi-year grid and generation capex plan and an emerging DC load pipeline in the Carolinas. Defensive and rate-sensitive; DC demand adds a growth kicker but the earnings path is set by regulators. |
| ROK | Rockwell Automation, Inc. | Industrial automation | Industrials | Specialty Industrial Machinery | 5.056e+10 | 0.94% | Backlog up on automation and DC-related projects; discrete order softness a headwind | 42.58 | 30.65 | 6.82% | 31.17% | 34.01% | 6.49% | 93.9 | Automation supplier with backlog tied to DC construction and industrial projects, offset by weak discrete-manufacturing orders. The DC angle is real but secondary to the broader industrial capex cycle, which remains sluggish. |
| PH | Parker-Hannifin Corporation | Electrical / Thermal components | Industrials | Specialty Industrial Machinery | 1.227e+11 | -0.40% | Electrification/thermal component orders driven by DC and aerospace; book-to-bill roughly flat | 34.2 | 24.62 | 2.44% | 7.34% | 29.59% | 2.92% | 88.4 | Diversified motion-and-flow control supplier with electrical and thermal components sold into DC projects. Orders are roughly flat but aerospace and electrification provide ballast; least DC-pure of the equipment names. |
| ARXS | Arxis, Inc. | Electrical components | Industrials | Aerospace & Defense | 2.155e+10 | — | Newly listed electrical components name; order visibility limited | — | 39.03 | -2.21% | — | — | — | — | Recently listed electrical components/connectors supplier; order visibility is limited given a short public history. Treat as a speculative entrant to the DC electrical complex rather than an established backlog story. |
| NRG | NRG Energy, Inc. | IPP / Retail power | Utilities | Utilities - Independent Power Producers | 2.002e+10 | 9.18% | Retail/IPP power book, DC pipeline emerging; limited hard backlog disclosure | 24.8 | 8.51 | -14.28% | -37.22% | -40.46% | -29.11% | 7.8 | Power producer and retailer with an emerging data-center pipeline and retail-load franchise. Commodity and weather exposure dominates reported earnings; hard backlog disclosure is limited, making it a lower-conviction order-momentum story. |
| GNRC | Generac Holdlings Inc. | Backup power / Gensets | Industrials | Specialty Industrial Machinery | 1.281e+10 | -2.02% | Home standby + C&I genset demand; DC/backup order interest but core residential soft | 49.72 | 18.34 | 19.94% | 11.70% | 29.13% | -3.73% | 8.4 | Home standby and commercial genset maker with DC/backup interest, but its core residential market has been soft. The order narrative hinges on a residential recovery plus converting commercial/DC interest into backlog. |
| NGG | National Grid Transco, PLC Nati | Grid / Transmission utility | Utilities | Utilities - Regulated Electric | 7.905e+10 | -7.42% | Large regulated grid capex plan for transmission upgrades; UK/US network backlog | 17.14 | 11.53 | -2.47% | -11.22% | 8.75% | -7.27% | 24.7 | UK/US regulated grid owner with a large transmission capex plan to support electrification and DC load. Returns are regulated and rate-sensitive; the DC angle is a long-dated load-growth story rather than near-term order flow. |
| OKLO | Oklo Inc. Class A common stock | Nuclear / SMR | Utilities | Utilities - Independent Power Producers | 6.672e+09 | — | SMR order book early-stage via letters of intent / framework agreements; no revenue backlog yet | — | — | -9.24% | -25.47% | -69.06% | -31.99% | 10.7 | Pre-revenue SMR developer with customer commitments and framework agreements but no booked revenue backlog. A pure option on SMR commercialization; licensing timelines and capital needs are the dominant risks. |
| SMR | NuScale Power Corporation Class A Common Stock | Nuclear / SMR | Industrials | Specialty Industrial Machinery | 3.181e+09 | -15.02% | Pre-revenue SMR order commitments (TN Valley, etc.) but no meaningful booked backlog | — | — | -18.93% | -23.65% | -78.83% | -24.96% | 5.3 | SMR technology developer with utility commitments but no meaningful booked backlog. Highly speculative and cash-consuming; order announcements are intent-level rather than firm, so it ranks low on actual order evidence. |
| FLNC | Fluence Energy, Inc. | Storage / Grid power | Utilities | Utilities - Renewable | 1.481e+09 | -16.15% | Storage order book under pressure; backlog and bookings weakened on competition | — | 32.63 | -27.94% | -42.78% | -43.42% | -50.12% | 7.9 | Grid-scale battery storage integrator whose backlog and bookings have weakened on intense competition and pricing pressure. DC power demand is a tailwind, but margin erosion and China-linked supply costs are overriding it for now. |
Takeaway
Where the order evidence is strongest
The AI data-center trade has migrated from compute to power, and order books — not narrative — are now the cleanest way to separate real exposure from adjacency. The most verifiable backlog momentum sits with the electrical equipment and turbine names: GE Vernova (total backlog ~$176B, orders +88% organically, gas equipment slots essentially sold out years ahead) and Eaton (segment backlog +33% YoY, data-center organic revenue up sharply) anchor the large-cap end, while Powell Industries and the newly public Forgent Power Solutions show the purest switchgear book-to-bill signals. Vertiv remains the UPS/thermal incumbent with a record DC backlog, albeit with a de-rated multiple as the market questions the slope of hyperscaler capex.
The on-site generation cohort — ERock, Bloom Energy, Caterpillar's power-gen unit, Generac — is where orders are inflecting fastest off a small base, but these carry higher execution, liquidity and profitability risk. Grid-hardening and nuclear component suppliers (Hubbell, MasTec, BWXT) offer multi-year visibility tied to regulated capex and defense/nuclear programs rather than hyperscaler budgets directly.
Utilities: load growth instead of backlog
For regulated utilities and IPPs, "order momentum" translates into contracted data-center load rather than a booked backlog. Constellation, Talen and Vistra monetize nuclear and dispatchable capacity through long-dated hyperscaler PPAs; Dominion, AEP, PSEG, Southern and Entergy show up as rate-base and load-pipeline growth. These are lower-beta plays on the same megatrend, but they are rate-sensitive — the sector has lagged sharply over the past quarter on higher long yields.
Screening caveats
SMR developers (Oklo, NuScale) rank low here: their "orders" are intent-level commitments without booked revenue, and both remain cash-consuming pre-commercial stories. Similarly, Fluence and Atkore are DC-adjacent names whose order books are currently contracting on competitive and pricing pressure. Balance-sheet quality differentiates the group — several IPPs and small caps carry elevated leverage, so funded backlog conversion, not headline order growth, is what ultimately de-risks the theme.
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