8 segments · 115 companies · as of Sep 18, 2026
Power Generation
Firm electricity and new generating capacity for AI campuses
Where it sits
Feeds: Data Center Infrastructure
AI campuses need electricity around the clock. Existing nuclear fleets, new gas plants, onsite generation and contracted renewables meet different parts of that demand. Reactor licensing, turbine production and utility approvals determine when announced megawatts become usable power.
Why now
Hyperscaler PPAs and dedicated power projects are expanding in 2026 while large turbine backlogs extend delivery schedules. Nuclear restarts can arrive before most new reactors, but financing, licenses and construction still separate announcements from operating supply.
Nuclear fleets & restarts
Operating reactors provide scarce continuous low-carbon electricity. Long-term PPAs, uprates and restarts compete on delivery date, licensing risk and access to transmission; a restart target is not current output.
Crane remains offline with a 2027 Microsoft-backed restart target; operating Clinton has a separate 20-year Meta PPA
leaderOperating Comanche Peak has an AWS PPA up to 1,200 MW; Meta deals cover 2,176 MW existing output plus future uprates
majorSusquehanna supplies Amazon under an expanded 1,920 MW agreement through 2042, with staged delivery
majorDuane Arnold remains offline; Google's 25-year PPA supports the 615 MW restart targeted for Q1 2029
majorPalisades began fuel loading August 30, 2026; a commercial restart is not established as of September 18
challengerVogtle 3 and 4 add AP1000 baseload to Georgia Power, whose service territory has expanding data-center demand
majorCarolinas nuclear fleet anchors firm grid supply alongside new Microsoft and other data-center service agreements
majorVia KHNP, operates Korea's nuclear fleet and APR1400 units; exposure is grid supply, not a named AI-only PPA
majorDiablo Canyon's 2,240 MW has NRC licenses through 2044-45; California currently authorizes operation only through 2030
majorSalem and Hope Creek, 3,468 MW, are filing 20-year renewals to 2056-2066; data-center PPAs remain optionality
majorCallaway's operating 1,236 MW reactor supplies Missouri baseload as large-load electricity commitments grow
majorVia APS, operates Palo Verde with a 29.1% interest and roughly 1,146 MW entitlement for Arizona grid supply
majorFermi 2 supplies operating nuclear baseload to Michigan; its NRC operating license runs through March 2045
majorMonticello and Prairie Island supply existing Upper Midwest nuclear output; refurbishment supports continued operation
majorArkansas Nuclear One, Grand Gulf, River Bend and Waterford 3 provide operating nuclear supply in the South
majorNorth Anna, Surry and Millstone provide firm nuclear output; these operating assets are distinct from new-reactor plans
majorFrench operating PWR fleet supplies firm electricity through the grid; life-extension work is separate from new EPR builds
leaderDarlington's operating CANDU fleet and refurbishment program support Ontario baseload; Pickering has separate outage plans
majorOperates Ontario's leased Bruce nuclear site; major-component replacement and uprates extend existing CANDU supply
majorListed CNNC subsidiary operates Fuqing, Tianwan and other Chinese reactors; it is a generator, not the uranium-mining parent
majorPNM's Palo Verde ownership supplies existing nuclear baseload to New Mexico alongside its other generation
niche
Sources: investors.constellationenergy.com, nrc.gov, gov.ca.gov, holtecinternational.com, corporate.pseg.com
Advanced Fission Reactors
Advanced fission developers pursue firm power with small light-water, gas-cooled, molten-salt and fast reactors. Construction permits, test criticality, fuel availability and financed deployments are separate milestones; none implies an operating commercial fleet.
BWRX-300: Darlington is under construction; the 300 MWe boiling-water design targets first power around 2030
leaderXe-100, 80 MWe modules; Amazon-backed Energy Northwest program pairs reactor deployment with TRISO-X fuel
challengerNatrium: Meta backs initial development of two 345 MW reactors; storage increases dispatchable output
challenger470 MW SMR design advances under UK and CEZ contractual commitments signed in April 2026
challenger77 MWe modules form the US460 design; TVA/ENTRA1's 6 GW framework is not a financed reactor order
challengerAurora fast-reactor campus planned in Ohio with Meta; the 1.2 GW ambition remains a future development
emergingHermes 2, 50 MWe for TVA and Google, broke ground in April 2026 with delivery targeted for 2030
challengerAP1000 supports new fleet proposals; the US $80 billion partnership is a framework, not booked plant orders
majorSMR-300 pressurized-water design is separate from Palisades' existing-reactor restart; new units need licensing
emergingTwo Integral Molten Salt Reactors form a 390 MWe plant design using LEU; the Texas deployment remains developmental
emergingKRONOS MMR at Illinois entered NRC construction-permit review in May 2026; acceptance is not approval
emergingSOLO microreactor entered voluntary NRC preapplication readiness review in July; no construction license is established
emergingAalo-X reached test criticality on July 4, 2026; sodium-cooled commercial reactor modules still need deployment
emergingKaleidos portable gas-cooled microreactor is selected for DOME testing; a scheduled test is not commercial power
emergingWard 250 achieved zero-power criticality under the DOE pilot program; this does not demonstrate electricity generation
emergingBorehole PWR concept uses a non-nuclear prototype at Parsons, Kansas; site LOIs are not licensed reactor orders
emergingPWR-5 pilot at Texas A&M-RELLIS advances DOE safety review; PWR-20 commercial proposals remain developmental
emergingMSR-1 molten-salt research reactor at Abilene Christian University has a construction permit; power scale-up is future
emergingLFR-AS-30 lead-cooled demonstrator advances French regulatory work; construction application is targeted for 2027
emergingDevelops thorium molten-salt systems; planned 1 MWth test reactor is thermal research, not commercial electric output
emerging
Sources: kairospower.com, globenewswire.com, aalo.com, naturaresources.com, deepfission.com, copenhagenatomics.com
Nuclear equipment & engineering
Reactor vendors depend on qualified forgings, vessels, pumps, fuel-handling systems and engineering. Nuclear quality assurance and scarce manufacturing capacity create bottlenecks even after a design is chosen.
AP1000 nuclear steam supply, engineering and installed-fleet service; jointly owned by Brookfield and Cameco
leaderNatrium guard vessel and internals contracted in August; Changwon also reserves forgings for sixteen Xe-100 reactors
majorPrecision nuclear components and Kinectrics engineering support advanced-reactor development and fleet services
majorEMD manufactures AP1000 reactor coolant pumps, four per reactor, alongside nuclear valves and controls
majorFermi Project Matador: FEED for four proposed AP1000 units; engineering work is not a final EPC commitment
majorMuroran nuclear forgings; July 2026 plan doubles nuclear-product capacity by FY2028 from the current base
majorTakasago designs replacement steam turbines for Kyushu's 1,180 MW Genkai 3 and 4 nuclear units
majorVia Framatome, supplies nuclear steam systems, fuel and instrumentation for European and global reactor fleets
majorIn-core and ex-core neutron monitoring plus radiation protection instruments support reactor operation and safety
nicheAPR1400 nuclear plant and reactor-system engineering, with exposure to KHNP's domestic and export projects
majorParticipates in FEED for Romania's proposed six-module, 462 MW NuScale project; construction is not yet assured
challengerJapanese nuclear engineering and GE Vernova Hitachi reactor collaboration support BWR fleet and new-build supply
major
Sources: doosan.com, curtisswright.com, jsw.co.jp, hdec.kr, news.samsungcnt.com, mirion.com
Gas turbines, engines & components
Turbines and reciprocating engines turn fuel into dispatchable electricity. Large combined-cycle units maximize efficiency, while modular engines arrive in smaller blocks; factory slots, hot-section parts and heat-recovery equipment constrain supply.
HA and aeroderivative turbines; Q2 2026 backlog plus slot reservations reached 116 GW, including 53 GW firm backlog
leaderSGT6-9000HL large turbines and steam trains; manufacturing expansion addresses multi-year utility order queues
leaderMitsubishi Power supplies five M501JAC units for Taiwan's 2,800 MW Tung Hsiao project with CTCI
majorJenbacher J624/J620 engines: 300 units totaling 1.5 GW ordered by VoltaGrid for delivery through 2028
majorSolar Titan gas-turbine packages support Joule's up-to-4 GW campus framework; separate from Caterpillar reciprocating gensets
major42 Wartsila 50SG engines ordered for a 790 MW Texas data center; deliveries start in 2028
majorSeven 380 MW gas turbines ordered by an unnamed US data-center client in March 2026; deliveries begin in May 2029
challengerNovaLT16, Frame 5 and BRUSH generators underpin Kodiak's initial 1 GW award, with delivery through 2030
majormtu 20V4000 L64 gas engine offers roughly 2.8 MW per unit for continuous data-center power
majorSedalia, Missouri PE6000 factory supplies 13 turbines at 50 MW each for Crusoe AI power projects
challengerJ&F Power's $1.465bn turbine order lifts disclosed data-center genset bookings past $3.1bn; customer undisclosed
challengerFTAI Power adapts CFM56 aircraft engines into 25 MW turbines; commercial scale remains an execution milestone
emergingInvestment-cast industrial turbine airfoils and rolled rings supply the hot-section manufacturing bottleneck
nicheKorean HRSG production recovers turbine exhaust heat for steam generation in new combined-cycle plants
nicheSuperpower turbine program: Crusoe ordered 1.21 GW; first deliveries are planned, not operating capacity
emergingVia PCC, investment-cast turbine blades and airfoils supply hot-section components to industrial gas-turbine OEMs
major
Sources: gevernova.com, siemens-energy.com, power.mhi.com, innio.com, wartsila.com, mhi.com
Fuel cells & bridge power
Dedicated generation can energize campuses before utility expansion arrives. Fuel-cell modules, gas-engine fleets and power-service contracts compete on commissioning speed, fuel access, emissions permits and the ability to deliver continuously.
Oracle framework expands to 2.8 GW, with 1.2 GW contracted initially; solid-oxide Energy Servers run on natural gas
leaderStateline JV totals 900 MW; a separate April 2026 hyperscaler contract adds over 600 MW under a 10-year term
majorOracle's 2.3 GW modular gas-power rollout uses Jenbacher engines; Blackstone and Halliburton announced equity funding
majorSocrates develops 556 MW of gas-fired onsite power for Meta in Ohio; phased delivery and the NEO project remain future capacity
majorFormer Enchanted Rock builds a 366 MW El Paso Electric bridge-power project for Meta's campus
majorLiberty Power Innovations reserved 400 MW for Vantage in 2027 within an up-to-1 GW deployment framework
challengerPROPWR's 60 MW Midwest hyperscaler power project is operating, pairing gas generation with battery support
challengerMoser-based power platform contracts 120 MW in Socorro, Texas; temporary 26 MW supply precedes the permanent plant
challengerInitial 1 GW Baker Hughes equipment award supports a new power platform; 1.8 GW is the broader framework
challengerStandardized 12.5 MW blocks combine ten 1.25 MW carbonate fuel-cell modules for continuous campus generation
challengerJeollabuk-do plant manufactures Ceres-licensed SOFC stacks and systems with 50 MW of annual nameplate capacity
challengerLicenses metal-supported SOFC technology to Doosan, Delta and Weichai; licensees manufacture power systems
nicheFuel-flexible linear generators form modular prime-power plants that can operate islanded and connect to the grid later
challengerFull notice to proceed covers four 300 MW gas boilers and steam turbines for Applied Digital-backed Base Electron
challengerHSK78 and QSK60 gas gensets form Circe Energy's grid-independent West Texas prime-power microgrid, delivering 2026-30
majorG3520K gas generator sets pair with batteries for campus prime power; distinct from Solar Turbines' turbine packages
majorRental gas generator fleets bridge grid delays; a Dublin colocation project used 12 units pending utility connection
majorIndustrial natural-gas generators and microgrid controls serve distributed power; campus prime-power scale is emerging
challengerLNG fuels US campus onsite power: $200 million contract starts Q1 2027; a second commissioning contract targets Q3 2026
majorKlondike develops onsite gas power for data-center sites; delivery remains unverified amid the parent's restructuring
emerging
Sources: accessnewswire.com, investor.bloomenergy.com, ir.solaris-energy.com, voltagrid.com, investors.libertyenergy.com, cummins.com
Utilities & dispatchable power
Utilities and independent producers turn large-load agreements into generation and grid investment. Signed service contracts, cost allocation and deliverable fuel distinguish executable demand from speculative connection requests.
63 GW of large-load ESAs and letters of agreement through 2030 supports a major 765 kV buildout; not current load
leaderVirginia data-center pipeline reached 53.8 GW across study and contract stages; only a subset is firm service demand
majorMeta's Louisiana expansion calls for seven CCGTs exceeding 5.2 GW plus roughly 240 miles of 500 kV lines
majorClosed LS Power portfolio purchase adds 13 GW across 18 gas plants plus CPower demand response
majorCalpine acquisition closed in January 2026, adding a large gas fleet; a separate 4.4 GW PJM divestiture was announced
majorLotus added 2.6 GW of gas generation; the 5.5 GW Cogentrix purchase remains pending after August FERC approval
majorClosed Cornerstone in June 2026, adding Lawrenceburg, Waterford and Darby gas plants to the PJM fleet
majorGeorgia Power's approved capacity program adds gas and other resources as data-center service commitments grow
majorMicrosoft and Compass service agreements accompany new Carolinas gas capacity and the existing nuclear fleet
majorGenCo agreements pair hyperscaler demand with dedicated infrastructure; April 2026 Alphabet deal includes 340 MW
majorMichigan regulators approved 1.4 GW of service for Oracle's Saline Township campus under a long-term tariff contract
majorOwns 51% of the Blackstone gas-generation venture targeting Pennsylvania data centers; projects require customer contracts
challengerGoogle Pine Island agreement proposes 1.4 GW wind, 200 MW solar and 300 MW/30 GWh Form iron-air storage
majorComEd holds 9 of the 11 GW of high-probability data-center load; only 4 GW sits under signed TSAs
majorMissouri electric-service agreements cover 2.2 GW of new large loads; transmission and generation must precede delivery
majorWe Energies connects Wisconsin data-center demand through regulated network and generation investment
majorRegulated transmission and distribution expansion serves contracted Mid-Atlantic data-center loads
majorBatch Zero submissions total 14 GW against a 21 GW peak, ~11 GW energized by 2029, $900m deposits posted
majorFive LLPS electric-service agreements total 2.5 GW; non-tariff loads led by Panasonic lift the total to 3 GW
majorVia Oncor, builds Texas transmission and distribution capacity for large loads; Oncor does not own power generation
majorLong Ridge operates a 505 MW gas plant; the agreed sale to MARA remains pending absent a verified closing
nicheMontana-Dakota Utilities serves Applied Digital's Ellendale campus and plans grid supply for its Center, North Dakota project
niche
Sources: aep.com, pjm.com, entergy.com, nrg.com, nisource.com, dteenergy.com
Renewables & geothermal
Hydro, geothermal, wind and solar contracts supply clean energy to growing campuses. Geothermal and hydro can provide firm output; variable renewable PPAs require storage, transmission or other generation to match hourly demand.
Microsoft framework targets over 10.5 GW of new renewables; Google hydro framework begins with 670 MW under PPAs
leaderMeta contracts total 2.5 GW across 13 solar and storage projects scheduled to enter service during 2026-28
majorMorris Solar, 250 MW in Missouri, has a Microsoft PPA through 2040; a separate Google Texas deal runs 20 years
majorCape Station: September 2026 Google PPA covers 396 MW from 2028; an additional 600 MW is an option
challengerUp-to-150 MW Nevada geothermal agreement supports Google through NV Energy; delivery is subject to approvals
majorVia acquired Intersect digital power business, develops colocated generation; legacy grid assets sit separately in IPX
challengerGoogle contracted 1 GW of Texas solar for 15 years: 805 MWp Wichita and 195 MWp Mustang Creek
majorMeta PPA covers 298 MWac Rabbit's Foot Solar, targeting 2027; Amazon contracts 110 MW Nordseecluster B wind
majorMeta's four additional PPAs total 791 MW from Yellow Wood, Pleasant Prairie, Decoy and Seaway projects
majorVia 50%-owned Ocean Winds, participates in Moray West offshore wind, where Amazon contracted 473 MW
majorAvangrid's Microsoft PPA covers Bluebird Solar, 100 MWac in Washington, with operation expected in 2028
majorOwns contracted solar and BESS assets including Daggett; private sponsor Google PPAs are not all owned by this listed vehicle
majorOwns 90% of 250 MW Hardin Solar III with Microsoft offtake; Maple Flats has a separate Verizon contract
nicheAshalim land award supports proposed colocated solar, storage and data-center development; no operating campus is assumed
challenger
Sources: bep.brookfield.com, ir.fervoenergy.com, investor.ormat.com, blog.google, corporate.totalenergies.us, rwe.com
Fusion Power Development
Fusion developers pursue electricity from experimental plasmas using magnetic, pulsed or inertial approaches. None supplies commercial fusion electricity today; PPAs, test results and financing do not establish a functioning grid power plant.
Orion fusion project targets Microsoft electricity sales under a 50 MW PPA; commercial fusion is unproven
emergingGoogle contracted 200 MW from the planned Virginia ARC fusion plant, targeting the early 2030s
emergingField-reversed-configuration fusion program targets a future power plant; Trump Media merger is still pending
emergingST40 spherical tokamak and HTS magnets support fusion experiments; the 2026 upgrade does not add grid generation
emergingPulsed magnetic fusion demonstrator targets net facility gain before any electricity-producing plant
emergingAlpha stellarator demonstrator and Stellaris plant design target future fusion power; neither supplies the grid
emergingTVA's Infinity Two stellarator project has an LOI and initial licensing work; construction and fusion output are future
emergingCentury and Z-pinch experiments develop pulsed fusion systems; commercial electricity delivery remains unproven
emergingLM26 demonstrates magnetized-target fusion physics; July GFUZ listing finances experiments, not operating grid supply
emergingFusion-neutron and isotope operations build toward a long-term power roadmap; current products are not grid electricity
emerging
Sources: nasdaq.com, tokamakenergy.com, typeoneenergy.com, proximafusion.com, pacificfusion.com, shinefusion.com
Glossary
- PPA
- Power purchase agreement: a contract for electricity, often over 15-25 years; it does not necessarily deliver 24/7 clean power.
- CCGT
- Combined-cycle gas turbine plant: exhaust heat makes steam for a second turbine, improving fuel efficiency.
- SMR
- Small modular reactor; a design or contract is distinct from a licensed, financed and operating nuclear plant.
- Bridge power
- Generation serving a campus before permanent utility interconnection or additional grid capacity is available.
- FID
- Final investment decision: approval to commit project capital, beyond an early study or nonbinding agreement.
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