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Can AI Driven Data Center Growth Continue to Strengthen NEE's Backlog?

Zacks Investment Research·
Can AI Driven Data Center Growth Continue to Strengthen NEE's Backlog?

NextEra Energy's backlog reached 35.1 GW after adding 3.6 GW in Q2 2026, driven by AI data center demand. The company is in talks with 30 potential data center hubs and targets 15 GW of new generation by 2035, with upside potential exceeding 30 GW. However, NEE trades at a premium valuation of 19.4X forward P/E versus the industry average of 14.95X and carries a Zacks Rank #3 (Hold).

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