GE Vernova's Backlog Is Bigger Than Some Countries' GDP. Here's What's Actually Inside the $176 Billion.

GE Vernova's remaining performance obligation (backlog) has surged to $176 billion, driven by unprecedented demand for power generation equipment fueled by AI data center expansion and the global electricity investment supercycle. The backlog is evenly split between equipment sales ($87.8B) and services ($88.4B), with the company projecting it to reach $200 billion by 2027. GE Vernova is sold out of gas turbine production slots through 2030 and plans to scale production capacity to 30 GW by 2030.