GE Vernova's backlog and slot reservation agreements jumped from 83 gigawatts to 100 GW, with management expecting to cross 110 GW by end of year. Total backlog reached $263 billion in Q1, and the company projects 18% revenue growth at the midpoint for 2026.
At the Bernstein Strategic Decisions Conference in late May, CEO Scott Strazik noted that more U.S. states are pushing back against new data centers due to grid strain and electricity rate hikes, causing some customers to struggle to advance and complete projects.
GE Vernova's legal dispute with Spain's Iberdola over the Vineyard Wind offshore project escalated after the company attempted to exit citing $360 million in unpaid invoices. Iberdola countersued claiming over $1 billion in damages and losses from a 2024 wind turbine blade failure, and a Massachusetts judge ordered GE Vernova to stay on the job or settle through arbitration.
The stock had rallied 255% in the one year through April 2026 before the May decline, making it vulnerable to profit-taking after Strazik's cautious remarks.
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