The AI revolution is hitting a power wall. GE Vernova's heavy-duty gas turbines, the industrial engines providing reliable, large-scale electricity to data centers, are completely sold out through 2030-2031. Lead times now stretch to roughly three years.
The company's first quarter 2026 results reveal the explosive demand. Total orders surged 71% to $18.3 billion. The electrification segment alone booked a record $2.4 billion in data center equipment orders in that single quarter-surpassing total orders for the entire year of 2025.
AI and data center demand now represents about 20% of GE Vernova's massive gas turbine backlog. A landmark July 2025 deal with energy-focused data center company Crusoe ordered 29 LM2500XPRESS turbine units, delivering roughly one gigawatt of capacity specifically for AI applications. This is part of a larger Texas-based project with Microsoft and Chevron expected to provide 2.7 gigawatts using GE turbines by 2028.
Gas turbine pricing has responded sharply. In the first half of 2026, prices are running 10 to 20 percentage points higher than the fourth quarter of 2025. Over a three-year window, some orders have seen price increases of up to 300%.