Power for data centres
Generating and delivering the electricity data centres need: grid connections, on-site gas, nuclear and batteries.
Who is making money
The companies earning or raising real money in this part of AI. Suppliers are marked: they sell to the builders rather than to end users.
fuel cells that power a site without the grid
Revenue of $1.065B in Q2 2026 (quarter to 30 June 2026)
Open profilesmall nuclear reactor developer
Q2 2026 revenue of $1.2M, mostly from recent acquisitions
Open profilegas turbines and grid equipment
$176B order backlog. Data centre orders over $5B in the first half of 2026
Open profileMakes gas turbines, grid equipment and transformers that power data centres and utilities.
Q3 FY2026 revenue of about EUR 11.4B (quarter to 30 June 2026)
Open profileMakes large generator sets and turbines that run data centres when the grid is not enough.
Record sales of $20.5B in Q2 2026 (quarter to 30 June 2026)
Open profilenuclear operator
Revenue of $7.5B in Q2 2026 (quarter to 30 June 2026)
Open profileDesigns small modular nuclear reactors, with a partner pursuing a large plan with the US Tennessee Valley Authority.
Q2 2026 revenue of about $0.1M (reported)
Open profileOwns nuclear and gas power plants and sells power to large buyers, including data centres.
Adjusted EBITDA of $374M in Q2 2026 (quarter to 30 June 2026)
Open profilegas exporter building power plants at its terminals to sell to data centres
Plan could power up to 10 GW of computing (WSJ, Oct 2026)
Open profileOwns large gas and nuclear power plants and sells the electricity under long contracts.
Ongoing operations adjusted EBITDA of $1.77B in Q2 2026 (quarter to 30 June 2026)
Open profileSells electricity to homes and businesses and is building power plants to serve data centres.
Adjusted EBITDA of $1.22B in Q2 2026, up from $909M a year earlier
Open profileWhere the money flows
Hyperscalers and GPU clouds pay utilities, power producers and turbine makers through long-term power contracts and equipment orders, and more and more pay for generation and transmission themselves.
agreed to buy up to 500 MW of nuclear power from Oklo reactors
datacenterdynamics.comsigned for on-site fuel cells to power data centres
nasdaq.compartnership to fund and deploy Bloom fuel cells
nasdaq.com
The openings
Gaps still open in this area, from ones a small business could take to ones only giants can play.
- Small business Software for grid-connection paperwork, load forecasting and power buying for developers and utilities (US regulators are writing new rules for loads over 50 MW)
- Startup money Tools that let AI workloads slow down when the grid is stressed, so sites connect years sooner (the IEA says this could free 750 to 900 GW worldwide)
- Startup money On-site gas and battery plants for data centre campuses
- Giants only New nuclear, large gas fleets and transmission lines
Turbines, transformers and permits are the real limit, small reactors like Oklo have no licence or revenue yet, and the IEA says shortages and red tape are slowing connections.
Sources: sec.gov, dig.watch, wsj.com, utilitydive.com, datacenterdynamics.com
The map updates three times a week.
241 companies across 25 areas, 62 money flows and 89 openings so far. New research lands every Tuesday, Thursday and Saturday.
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