Hyperscaler capex commitments diversify across nuclear bets. Post 073 documents X-energy's IPO as validation of the SMR investment thesis: $1.02B raised, $12B market cap, with Amazon's anchor commitment confirming hyperscaler willingness to underwrite long-cycle nuclear capex even as the 2026-2029 buildout depends on gas turbines.
X-energy priced its IPO on April 23 at $23 per share - above the $16-19 marketed range - raising $1.02 billion. The 44.25M-share offering was upsized; shares began trading on Nasdaq on April 24 under ticker XE and closed up 31%, implying a $12B market cap. Largest nuclear IPO on record.
Williams Companies announced Project NEO at its Q1 2026 earnings on May 5 - a 682 MW behind-the-meter gas plus battery storage facility targeted for service in H2 2028. NEO is Williams' fifth and largest commercialized Power Innovation project, part of a $9.6B portfolio under execution plus $6B in backlog.
As of late May the SPEED Act remains stalled in the Senate without draft language. Senate Environment and Public Works Chair Capito and Ranking Member Whitehouse signal continued interest in a bipartisan package, but the negotiators have made clear they are not necessarily pursuing the House text - and may not finalize before the 2026 midterm window closes.
Siemens Energy's Q2 FY2026 print on May 12 booked another €17.7B in all-time-record orders, with Gas Services alone delivering €8.9B and 77 turbine orders (12 GW). Order backlog reached €154B; FY26 guidance was raised to 14-16% revenue growth and ~€4B net income.
Chevron's Energy Forge One subsidiary applied in mid-May for a $227 million property-tax break under Texas's JETI program for the Pecos behind-the-meter gas plant supplying a Microsoft AI data center. The facility's environmental impact assessment discloses up to 11 million tons of CO2 per year - one of the largest single-site industrial emitters in the region.
Meta's Hyperion data center campus in Richland Parish, Louisiana is expanding from 3 to 10 natural gas plants, totaling more than 7 GW. Entergy will build the 7 additional plants (5.2 GW); Meta pays its full cost of service. Total Hyperion project cost projected above $200 billion.
The four hyperscalers reported Q1 2026 on April 29 and collectively raised 2026 capex guidance from the pre-quarter $630B figure to roughly $725B - up 77% from 2025's $410B. Microsoft alone now plans $190B, with $25B of that attributed to memory chip and component costs.
GE Vernova's Q1 2026 print on April 22 turned the pre-guide into audited numbers: gas turbine backlog jumped from 83 GW to 100 GW in a single quarter, total backlog hit $163B, and the company pulled its $200B backlog target forward from 2028 to 2027. Pricing is rising faster than inflation.
The AI power buildout has moved from forecast to order book. The richest companies in the world are prepared to spend almost without limit. They have discovered that money cannot manufacture time.
Hyperscaler capex commitments diversify across nuclear bets. Post 073 documents X-energy's IPO as validation of the SMR investment thesis: $1.02B raised, $12B market cap, with Amazon's anchor commitment confirming hyperscaler willingness to underwrite long-cycle nuclear capex even as the 2026-2029 buildout depends on gas turbines.
X-energy priced its IPO on April 23 at $23 per share - above the $16-19 marketed range - raising $1.02 billion. The 44.25M-share offering was upsized; shares began trading on Nasdaq on April 24 under ticker XE and closed up 31%, implying a $12B market cap. Largest nuclear IPO on record.
Williams Companies announced Project NEO at its Q1 2026 earnings on May 5 - a 682 MW behind-the-meter gas plus battery storage facility targeted for service in H2 2028. NEO is Williams' fifth and largest commercialized Power Innovation project, part of a $9.6B portfolio under execution plus $6B in backlog.
As of late May the SPEED Act remains stalled in the Senate without draft language. Senate Environment and Public Works Chair Capito and Ranking Member Whitehouse signal continued interest in a bipartisan package, but the negotiators have made clear they are not necessarily pursuing the House text - and may not finalize before the 2026 midterm window closes.
Siemens Energy's Q2 FY2026 print on May 12 booked another €17.7B in all-time-record orders, with Gas Services alone delivering €8.9B and 77 turbine orders (12 GW). Order backlog reached €154B; FY26 guidance was raised to 14-16% revenue growth and ~€4B net income.
Chevron's Energy Forge One subsidiary applied in mid-May for a $227 million property-tax break under Texas's JETI program for the Pecos behind-the-meter gas plant supplying a Microsoft AI data center. The facility's environmental impact assessment discloses up to 11 million tons of CO2 per year - one of the largest single-site industrial emitters in the region.
Meta's Hyperion data center campus in Richland Parish, Louisiana is expanding from 3 to 10 natural gas plants, totaling more than 7 GW. Entergy will build the 7 additional plants (5.2 GW); Meta pays its full cost of service. Total Hyperion project cost projected above $200 billion.
The four hyperscalers reported Q1 2026 on April 29 and collectively raised 2026 capex guidance from the pre-quarter $630B figure to roughly $725B - up 77% from 2025's $410B. Microsoft alone now plans $190B, with $25B of that attributed to memory chip and component costs.
GE Vernova's Q1 2026 print on April 22 turned the pre-guide into audited numbers: gas turbine backlog jumped from 83 GW to 100 GW in a single quarter, total backlog hit $163B, and the company pulled its $200B backlog target forward from 2028 to 2027. Pricing is rising faster than inflation.
The AI power buildout has moved from forecast to order book. The richest companies in the world are prepared to spend almost without limit. They have discovered that money cannot manufacture time.