Data Center Power Suppliers Post Backlog and Guidance Updates Alongside a Fuel Cell Deal

NTT DATA shipments start in 2027, while Constellation expects its first nuclear uprate under an October power agreement in 2028.

Rhea-AI Summary

Bloom Energy (BE) secured an agreement with NTT DATA to deploy 900 megawatts of onsite power across multiple data center projects globally. Initial shipments start in 2027. Oracle also intends to procure up to 2.8 gigawatts of Bloom systems under an expanded partnership.

GE Vernova (GEV) reported third-quarter orders of $29.3 billion and raised its 2026 revenue and free cash flow guidance. Constellation Energy (CEG) raised the midpoint and narrowed its full-year adjusted operating earnings outlook to $12.50–$12.80 per share; power agreements support planned nuclear capacity additions. Talen Energy (TLN) introduced 2027 guidance and announced a $1.5 billion accelerated share repurchase program. Quanta Services (PWR) reported third-quarter revenue of $12.01 billion versus $7.63 billion a year earlier and raised its 2026 financial expectations across all metrics.

26 points · 2 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.GE Vernova raised 2026 non-GAAP free cash flow guidance to $16–$17 billion from $11.5–$12.5 billion.
• Major point. Forward-looking: it has not happened yet and may not happen.Quanta raised its 2026 financial expectations across all metrics.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Bloom's NTT DATA agreement covers 900 MW of onsite power globally, with initial shipments starting in 2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Bloom's expanded Oracle partnership includes intended procurement of up to 2.8 GW of fuel cell systems.
• Moderate pointGE Vernova's third-quarter 2026 orders reached $29.3 billion, up 96% organically.
• Moderate pointGE Vernova's third-quarter 2026 revenue reached $12.6 billion, up 27%, or 18% organically.
• Moderate pointGE Vernova's backlog grew $20 billion sequentially to $197 billion.
• Moderate pointGE Vernova's Gas Power equipment backlog and slot reservations increased from 116 to 122 GW.
• Moderate point. Forward-looking: it has not happened yet and may not happen.GE Vernova expects Gas Power equipment backlog and slot reservations of at least 130 GW by year-end 2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.GE Vernova raised 2026 revenue guidance to $46.5–$47.5 billion from $45.5–$46.5 billion.
• Moderate pointConstellation reported third-quarter 2026 GAAP net income of $5.19 per share.
• Moderate pointConstellation reported third-quarter 2026 adjusted operating earnings of $5.06 per share, a non-GAAP measure.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Constellation raised its 2026 adjusted operating earnings guidance midpoint and narrowed the range to $12.50–$12.80 per share.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Constellation's October 20-year power agreement supports approximately 890 MW of additions; the first uprate is expected in 2028.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Constellation's Amazon agreement covers 20 years and 690 MW, supporting facility improvements and a 190 MW expansion expected online in 2030–2032.
• Moderate pointTalen reported third-quarter 2026 GAAP net income attributable to stockholders of $138 million.
• Moderate pointTalen reported third-quarter 2026 Adjusted EBITDA of $669 million, an adjusted earnings measure.
• Moderate pointTalen reported third-quarter 2026 Adjusted Free Cash Flow of $433 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Talen introduced 2027 Adjusted EBITDA guidance of $2,500–$2,850 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Talen introduced 2027 Adjusted Free Cash Flow guidance of $1,500–$1,750 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Talen announced a $1.5 billion accelerated share repurchase program. 2.4% of market cap
• Moderate pointQuanta's third-quarter 2026 revenue rose to $12.01 billion from $7.63 billion a year earlier.
• Moderate pointQuanta reported third-quarter 2026 net income attributable to common stock of $694.9 million, or $4.55 per diluted share.
• Moderate pointQuanta's third-quarter 2026 adjusted diluted earnings per share reached $6.06, compared with $3.33 a year earlier.
• Moderate pointQuanta reported $41.8 billion in remaining performance obligations, representing work still owed under contracts.
• Moderate pointQuanta reported $63.7 billion in total backlog.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Constellation's October power agreement entails more than $4.3 billion in investment across 11 nuclear units.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Constellation's Amazon agreement entails more than $3 billion in infrastructure investment at Calvert Cliffs.

Key Figures

Onsite power agreement: 900 megawatts 2026 revenue guidance: $46.5 billion to $47.5 billion 2026 free cash flow guidance: $16 billion to $17 billion +5 more

Onsite power agreement

900 megawatts

NTT DATA agreement for multiple global data center projects

2026 revenue guidance

$46.5 billion to $47.5 billion

GE Vernova raised its guidance

2026 free cash flow guidance

$16 billion to $17 billion

GE Vernova raised its guidance; non-GAAP measure

Full-year adjusted operating earnings guidance

$12.50 to $12.80 per share

Constellation raised the midpoint and narrowed the range

Incremental generation capacity

Approximately 890 MW

Constellation agreement involving nuclear units and the PJM grid

2027 Adjusted EBITDA guidance

$2,500 million to $2,850 million

Talen introduced its 2027 guidance range

Accelerated share repurchase program

$1.5 billion

Announced by Talen

Total backlog

$63.7 billion

Quanta identified this as a record third-quarter result

Key Terms

power purchase agreement, free cash flow, non-gaap, adjusted ebitda, +1 more

5 terms

power purchase agreement financial

"a 20-year power purchase agreement that will enable more than $4.3 billion in investment"

A power purchase agreement (PPA) is a long-term contract in which a buyer agrees to purchase electricity from a generator at an agreed price and schedule, similar to a multi-year subscription for power or a long-term lease of an energy source. Investors care because PPAs provide predictable revenue and cash flow for the generator, reduce market-price exposure, and shift credit and performance risk to the buyer, all of which affect valuation, financing and perceived investment stability.

free cash flow financial

"free cash flow, a non-GAAP measure, of $16 billion to $17 billion"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

View in glossary

non-gaap financial

"free cash flow, a non-GAAP measure"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

adjusted ebitda financial

"Adjusted EBITDA of $669 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

accelerated share repurchase program financial

"announced a $1.5 billion accelerated share repurchase program"

An accelerated share repurchase program is a way for a company to buy back its own shares quickly, often in a matter of days or weeks. It typically involves the company paying a financial firm to buy shares on its behalf, which can help boost the company's stock price and reduce the number of shares available to investors. This process is important because it can influence share value and signal confidence in the company's future.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Nov. 12, 2026 /PRNewswire/ -- Fly on Wall Street News Commentary - Shares of five companies that supply power, power equipment and grid construction for data centers all closed higher on Wednesday, Nov. 11, led by a fuel cell maker whose stock gained 13.0% on the day. Over the past two weeks, news from the same five has included a 900-megawatt onsite power agreement, quarterly results, updated guidance and backlog figures. Active Companies from around the markets with current developments this week include: Bloom Energy Corporation (NYSE: BE), GE Vernova Inc. (NYSE: GEV), Constellation Energy Corporation (NASDAQ: CEG), Talen Energy Corporation (NASDAQ: TLN), and Quanta Services, Inc. (NYSE: PWR).

The five companies cover several of the ways electricity reaches a data center: fuel cells installed on site, gas turbines and grid equipment, nuclear and fossil-fuel power plants, including power sold under long-term agreements, and a specialized contractor that designs, installs and maintains energy infrastructure.

More broadly, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook released Nov. 10 that it estimates total electricity generation by the U.S. electric power sector will reach a record of almost 4,390 billion kilowatthours in 2026, up 2.7% from the previous record set last year. EIA said rising electricity generation is driven by growing demand from the commercial sector and hot temperatures this past summer, and it forecasts generation will grow at a slightly slower rate of 1.2% in 2027.

All share prices below are 4:00 p.m. ET closing prices for Wednesday, Nov. 11, compared with closing prices on Tuesday, Nov. 10.

Price moves like Wednesday's are one part of the story; contracts, backlogs and guidance are another. Our sister site, Stock Preachers, offers Knowledge is Power, a free 27-page guide in 10 chapters that teaches reading the news and reading the chart in plain English, along with The Roadmap every Monday, Wednesday and Friday. Get the free guide here.

Bloom Energy Corporation (NYSE: BE)

Bloom Energy closed at $209.47, up 13.0%. On Nov. 5, NTT DATA announced an agreement with Bloom Energy to deploy 900 megawatts (MW) of onsite power across multiple data center projects, globally. Under the agreement, NTT Global Data Centers will use Bloom Energy's fuel cell technology to support growing data center capacity and evolving AI infrastructure needs, with initial shipments starting in 2027.

The release described the agreement as Bloom Energy's largest international project to date and said the relationship is designed to expand across NTT DATA's Global Data Center portfolio and reach gigawatt scale. Earlier this year, on April 13, Bloom Energy announced an expanded partnership with Oracle under a master services agreement in which Oracle intends to procure up to 2.8 gigawatts (GW) of Bloom's fuel cell systems. "Companies that can secure power quickly will have a differentiated advantage and accelerated path to revenue," said Aman Joshi, Executive Vice President and Chief Commercial Officer at Bloom Energy.

GE Vernova Inc. (NYSE: GEV)

GE Vernova closed at $808.24, up 1.4%. On Oct. 28, the company reported third quarter 2026 results, with orders of $29.3 billion, up 96% organically, and revenue of $12.6 billion, up 27% and up 18% organically. Backlog grew $20 billion sequentially to $197 billion, and Gas Power equipment backlog and slot reservation agreements grew from 116 to 122 GW. The company said it now anticipates reaching at least 130 GW by year-end 2026.

GE Vernova raised its 2026 guidance and now expects revenue of $46.5 billion to $47.5 billion, up from $45.5 billion to $46.5 billion, and free cash flow, a non-GAAP measure, of $16 billion to $17 billion, up from $11.5 billion to $12.5 billion. "We continue to innovate and develop new solutions for utility and data center customers to meet growing demand, including electrification technologies that support integration and resiliency," said GE Vernova CEO Scott Strazik.

Constellation Energy Corporation (NASDAQ: CEG)

Constellation Energy closed at $274.73, up 2.6%. On Nov. 9, the company reported third quarter 2026 results, with GAAP net income of $5.19 per share and adjusted (non-GAAP) operating earnings of $5.06 per share. It raised the midpoint and narrowed its full-year adjusted operating earnings guidance range to $12.50 to $12.80 per share.

Among the agreements in the release, Constellation said that in October it announced a 20-year power purchase agreement that will enable more than $4.3 billion in investment across 11 of its nuclear units in Illinois, Pennsylvania and New Jersey to add approximately 890 MW of incremental generation capacity to the PJM grid, with the first uprate expected in 2028. In September, it announced a 20-year, 690 MW power purchase agreement with Amazon that will enable more than $3 billion in infrastructure investment in its Calvert Cliffs Clean Energy Center, including facility improvements and a 190 MW capacity expansion expected to come online between 2030 and 2032. "These agreements add more than 1,000 megawatts of new, emissions-free generation to the grid and help ensure the continued operations of existing clean power for generations to come," said Joe Dominguez, chairman, president and chief executive officer of Constellation.

Talen Energy Corporation (NASDAQ: TLN)

Talen Energy closed at $378.71, up 4.9%. On Nov. 3, the company reported third quarter 2026 results, with GAAP net income attributable to stockholders of $138 million, Adjusted EBITDA of $669 million and Adjusted Free Cash Flow of $433 million.

Talen introduced 2027 Adjusted EBITDA and Adjusted Free Cash Flow guidance ranges of $2,500 million to $2,850 million and $1,500 million to $1,750 million, and announced a $1.5 billion accelerated share repurchase program. Talen, which owns and operates approximately 15.5 GW of power infrastructure in the United States, said in the release that artificial intelligence data centers increasingly demand more reliable power. "With nine months behind us, we are reaffirming the midpoint and are narrowing the range of our 2026 guidance. We are also introducing our 2027 guidance that reflects strong PJM fundamentals and a full year of contributions from our recently acquired assets," said Talen Chief Executive Officer Mac McFarland.

Quanta Services, Inc. (NYSE: PWR)

Quanta Services closed at $607.94, up 4.3%. On Oct. 29, the company reported third quarter 2026 results, with revenues of $12.01 billion compared with $7.63 billion a year earlier, net income attributable to common stock of $694.9 million, or $4.55 per diluted share, and adjusted diluted earnings per share of $6.06, compared with $3.33. Remaining performance obligations were $41.8 billion and total backlog was $63.7 billion, each identified by the company as a record quarterly or record third quarter result.

Quanta said strong performance drove a significant increase in its 2026 financial expectations across all metrics. "With demand for our services broadening across utility, power generation, industrial and technology customers, we are pacing ahead of the multi-year growth targets we outlined at our 2026 Investor Day, and our conviction in Quanta's ability to compound profitable growth over the long term continues to strengthen," said Duke Austin, President and Chief Executive Officer of Quanta Services.

Fuel cells on site, gas turbines, nuclear uprates and grid construction each show up in the agreements, results and outlooks these five companies have put on the record in the past two weeks. To learn how to read the news and the charts behind stocks like these, get the free Knowledge is Power guide from Stock Preachers at https://flyonwallstreet.com/sp/

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FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much onsite power does Bloom Energy's NTT DATA agreement cover, and when do shipments start?

The agreement covers 900 MW of onsite power across multiple data center projects globally, with initial shipments starting in 2027. NTT Global Data Centers will use Bloom's fuel cell technology.

What is GE Vernova's updated 2026 guidance?

GE Vernova expects $46.5 billion to $47.5 billion in revenue and $16 billion to $17 billion in non-GAAP free cash flow for 2026. The previous ranges were $45.5 billion to $46.5 billion and $11.5 billion to $12.5 billion, respectively.

Where does Constellation plan nuclear capacity additions under its October power agreement?

The October agreement supports approximately 890 MW of additional capacity across 11 nuclear units in Illinois, Pennsylvania and New Jersey. It will enable more than $4.3 billion in investment, with the first capacity increase expected in 2028. The additional generation will serve the PJM grid.

What did Talen change in its 2026 guidance?

Talen reaffirmed the midpoint and narrowed the range of its 2026 guidance. Separately, the company said its new 2027 outlook reflects PJM market fundamentals and a full year of contributions from recently acquired assets.