GE Vernova, the restructured power platform, is delivering real cash flow and backlog growth tied to AI data center demand, while smaller rival Oklo remains pre-revenue with no earnings until 2027–2028.

What happened: GE Vernova reported Q1 2026 revenue of $9.30 billion（約1.5兆円） (up 15.8% year-over-year), orders of $18.30 billion（約2.9兆円） (up 71% organic), and free cash flow of $4.80 billion（約7700億円）. The company's backlog hit a record $150 billion（約24兆円） in Q4 2025, and management raised 2026 guidance to revenue of $44.5 billion（約7.1兆円） to $45.5 billion（約7.3兆円） with adjusted EBITDA margin of 12% to 14%.

Why it matters: Unlike Oklo, which carries a multibillion-dollar market cap against trailing revenue of $0 and does not expect its first reactor online until late 2027 to early 2028, GE Vernova is monetizing AI data center demand today. Electrification booked $2.4 billion（約3800億円） in data center equipment orders in Q1 2026 alone, exceeding all of 2025, with a book-to-bill near 2.5. GE Vernova shares are up 87.97% over the past year with 29 Buy or Strong Buy ratings versus zero Sells.

What to watch: Management projects 2028 revenue of $56 billion（約9兆円） with 20% adjusted EBITDA margin and $24 billion（約3.8兆円）-plus cumulative free cash flow. Gas turbine reservations are targeting 110-plus GW by year-end 2026, and the company just completed a $5.30 billion（約8500億円） acquisition to consolidate its grid equipment leadership. The trailing P/E stands at 25 against return on equity of 75.7%.