OEM backlog manifests as the audited turbine order book. Post 067 confirms Siemens Energy at €154B total backlog alongside GE Vernova at $163B as the two-OEM benchmark for the structural cycle.
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.
Mitsubishi Power was awarded a contract for four state-of-the-art hydrogen-ready M701JAC gas turbines for Qatar's Facility E power and desalination project - adding 2.4 GW of power and 495,000 tons/day of desalinated water. Bloomberg reported May 12 that global gas turbine demand is staying strong.
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.
Eaton's Q1 2026 print on May 5 confirmed the electrical-equipment side of the AI buildout in audited numbers: total backlog $22.8B, Electrical Americas backlog +44% YoY, sales +17% to a record $7.45B. The company raised FY2026 organic growth guidance by 200 basis points to 9-11%.
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.
OEM backlog manifests as the audited turbine order book. Post 067 confirms Siemens Energy at €154B total backlog alongside GE Vernova at $163B as the two-OEM benchmark for the structural cycle.
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.
Mitsubishi Power was awarded a contract for four state-of-the-art hydrogen-ready M701JAC gas turbines for Qatar's Facility E power and desalination project - adding 2.4 GW of power and 495,000 tons/day of desalinated water. Bloomberg reported May 12 that global gas turbine demand is staying strong.
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.
Eaton's Q1 2026 print on May 5 confirmed the electrical-equipment side of the AI buildout in audited numbers: total backlog $22.8B, Electrical Americas backlog +44% YoY, sales +17% to a record $7.45B. The company raised FY2026 organic growth guidance by 200 basis points to 9-11%.
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.