The sequence is deliberately staged and hedged: we booked an energy management system as first orders this quarter and a second in April; a stability block with a medium‑voltage UPS could see incremental orders in H2 2026 if things go our way; and a solid‑state transformer is slated for first delivery to an unnamed hyperscaler this fall, with six months of testing before any order, likely in H1 2027. We’re candid it doesn’t come at once, and most of the integrated offering remains ahead of us. Based on how we see things today, it’s just a start.
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I'm what the data center plugs into - the gas turbines, the transformers, the HVDC lines and the grid software, spun out of GE in 2024 to power and wire the electricity system. Since the spin my backlog has grown from $116 billion to $163 billion, and I now expect to reach $200 billion in 2027, a year earlier than I'd guided. On the data center piece, I would just tell you the number is smaller than the noise around it: roughly 9 to 13% of revenue is data-center-attributable - an estimate, not a disclosed figure - and I have not named one hyperscaler as a customer. Ninety customers across 24 countries, and 80% of my gas under contract is still traditional utilities. The counterintuitive part: my gas turbines are really not the gating item on a three-year build - the EPC, the permitting and the fuel availability are. And Wind still loses money, about $400 million this year. We've had a solid start, but it's just that - a start.
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The data center piece is smaller than the noise suggests — our estimate puts it at 9 to 13% of 2026 revenue, 6 to 9% of $163B backlog. Gas power roughly 20% of a $7-8B segment, Electrification orders implying $2.8-4.3B against $44.5-45.5B total. Built from disclosed segment figures, not direct reporting. Traditional power and grid remains the center of gravity. Based on how we see things today, it's just a start.
Putting the pieces together, an estimated 9 to 13% of 2026 revenue is data‑center‑attributable: gas power at roughly 20% of a $7‑8 billion segment is about $1.4‑1.6 billion, and Electrification’s data‑center orders imply roughly $2.8‑4.3 billion of revenue, against total company revenue of $44.5‑45.5 billion. Based on how we see things today, this slice is modest in a business whose gravity remains traditional power and grid, and it’s just a start as we meet this moment.
The constraint isn't the turbine — it's everything around it. Lead times run directionally around three years, with 2029 and 2030 capacity still open; we sold a lot of 2030 slots this quarter because customers, working around EPC schedules, needed the later window. On a three-year build, EPC, permitting, and fuel availability gate the project, not the machine. We're adding capacity anyway: 280 machines installed in ~15 months, ~1,800 U.S. workers added across 2025-2026, targeting 20 GW annualized by mid-2026 and 24 GW in 2028. Based on how we see things today, it's just a start.
The string of pearls is staged deliberately: energy management system orders booked this quarter and April; a stability block with medium-voltage UPS could see incremental H2 2026 orders if things go our way; solid-state transformer targets first delivery to an unnamed hyperscaler this fall, then six months of customer testing before any order, likely H1 2027. Customers attach LEGO blocks over time — we're candid it doesn't come at once. Most of the integrated offering is still ahead of us, not yet in the revenue base. Based on how we see things today, it's just a start.
The quarter shows what meeting this moment looks like directionally: $18.3B orders, up 71% organically, book-to-bill roughly 2, revenue up 7%, adjusted EBITDA $896M up 87% with margin expanding 390 bps, and $4.8B free cash flow — more than all of 2025, helped by down payments. Backlog $163B, $200B target pulled to 2027. Full-year guide raised: revenue $44.5-45.5B, adjusted EBITDA margin 12-14%, free cash flow $6.5-7.5B. Balance sheet roughly $10.2B cash, below 1x gross debt to adjusted EBITDA. We frame it as a strong start, not a finish. Based on how we see things today, it's just a start.
Two data center figures we disclosed for Q1 2026: roughly 20% of our 100 GW gas turbine contract supports data centers, and Electrification booked about $2.4 billion of data‑center orders in the quarter – more than full‑year 2025, as the CEO repeated for emphasis. No hyperscaler is named; we describe the gas base as 90 customers across 24 countries, a diversified, utility‑anchored book. Based on how we see things today, we’re meeting this moment and it’s just a start.
Lead times run directionally around three years, with slots still open in 2029 and 2030 — we filled a lot of 2030 positions this quarter as customers, navigating EPC timelines, asked for the later window. The turbine isn't the constraint; EPC, permitting, and fuel availability pace the build. We've added 280 machines across the factories in roughly 15 months and about 1,800 U.S. production workers since 2025. Output targets: 20 GW annualized by mid-2026, stepping to 24 GW in 2028. Based on how we see things today, it's just a start.
Two data center figures we disclosed for Q1 2026: roughly 20% of our 100 GW gas turbine backlog is earmarked for data centers, and the Electrification segment booked about $2.4 billion of data‑center orders in the quarter – more than the full‑year 2025 total, a point the CEO emphasized. Based on how we see things today, we’re meeting this moment, and it’s just a start.
Directionally, Q1 shows what meeting this moment looks like: $18.3B orders, up 71% organically, book-to-bill roughly 2, $4.8B free cash flow — more than full-year 2025. Backlog $163B, $200B target pulled to 2027. We frame it as a strong start, not a finish. Based on how we see things today, it's just a start.
On the transformer piece: our solid-state transformer targets first delivery to an unnamed hyperscaler this fall, then six months of customer testing before any order, likely H1 2027. It's one bead in the string of pearls — energy management system orders booked this quarter and April, stability block with medium-voltage UPS could see incremental H2 2026 orders if things go our way. We're candid it doesn't come at once; most of the integrated offering is still ahead of us. Based on how we see things today, it's just a start.
We're building the string of pearls one bead at a time. Energy management system: first orders booked this quarter, second in April. Stability block with medium-voltage UPS could see incremental orders in H2 2026 if things go our way. Solid-state transformer: first delivery to an unnamed hyperscaler this fall, then six months of customer testing before any order, likely H1 2027. We're candid it doesn't come at once — most of this integrated offering is still ahead of us, not yet in the revenue base. Based on how we see things today, it's just a start.
Lead times run directionally around three years, with capacity still open in 2029 and 2030 — we sold a lot of 2030 slots this quarter because customers, working around EPC schedules, needed the later slot. The turbines aren't the gating item; EPC, permitting, and fuel are. Added 280 machines in ~15 months and ~1,800 U.S. workers across 2025-2026. Targeting 20 GW annualized by mid-2026, 24 GW in 2028. Based on how we see things today, it's just a start.
Two Q1 data points: roughly 20% of our 100 GW gas turbine backlog is data-center-tagged, 80% traditional utility and industrial. Electrification booked about $2.4 billion of data center orders in the quarter — more than all of 2025, a figure the CEO underscored. No hyperscaler is named. Ninety customers across twenty-four countries, a diversified, utility-anchored book. The demand is real and growing, arriving through a customer list we don't disclose. Based on how we see things today, it's just a start.
Putting the pieces together, we estimate 9 to 13% of 2026 revenue is data-center-attributable — gas power at roughly 20% of a $7-8B segment, Electrification orders implying $2.8-4.3B, against $44.5-45.5B total. On backlog it's smaller still, 6 to 9% of $163B. These are estimates from disclosed figures, not reported numbers. The exposure is real but a minority slice; our center of gravity remains traditional power and grid. Based on how we see things today, it's just a start.