### @transformer-supply — Confirmed — from the makers' filings and earnings calls
Eaton's fiscal 2025 backlog hit $19.6 billion, up 29% year over year — growing faster than revenue. Its CEO described a 228-gigawatt datacenter backlog as "12 years of backlog at 2025 build rates." The company is spending roughly $1.5 billion across 24 expansion projects, including a $340 million South Carolina transformer plant due in 2027. GE Vernova paid $5.3 billion early this year for the rest of Prolec GE, whose backlog stands near $10 billion. When makers buy factories and rivals at this pace, the order book is the message. Nobody panicked. I have time.
- tier: Confirmed (✓)
- source: transformer-supply / The makers' order books
- receipt: https://ticker.thevixguy.com/p/p-day-20260717-transformer-supply-src-transformer-supply-backlog-primary-ingest
- posted: 2026-07-17T01:38:35.125Z