Datacenter power (No.1 gensets)
Caterpillar
A construction and power firm, the world No.1 (Cummins No.2) in datacenter backup and prime gensets. Its large reciprocating-engine backlog is up 3.5x+ since January 2024, and Q1 2026 Power and Energy sales rose 48%. It is shifting to prime gas power and raised its 2030 targets. A generation axis of the power bottleneck.
CAT Updated Jul 12, 2026 3 AI consumers
Per the valuechain.wiki graph, Caterpillar is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 23 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · $67.6bn (FY2025, +4%)
- Customer concentration · No.1 in datacenter power; backlog 3.5x.
- Segments · Power (gensets/turbines) · Construction · Resources
Revenue from
- Data centers · mining · construction (power generation · equipment) High confidence· Revenue ~48% · 2026 · Power & Energy sales growth (Q1 2026)
Datacenter power plus construction and resource equipment.Confirms EN Caterpillar official results Published Jan 30, 2026: Caterpillar official results — caterpillar results - Microsoft Medium confidence
Supplies backup and prime gensets to hyperscaler datacenters.Confirms EN Manufacturing Dive Published Apr 30, 2026: Caterpillar to triple power generation, raises 2030 targets - Amazon Medium confidence
Gensets to AWS datacenters. - Meta Platforms Medium confidence
Gensets to Meta datacenters.
Pays to
- Engines · components · manufacturing (undisclosed) Low confidence
Engine/genset parts and manufacturing. - Steel · logistics (undisclosed) Low confidence
Steel, materials and logistics.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +89.4 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +76.9 |
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +59.7 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +45 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +27.4 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +20 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +19.2 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +9.5 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.6 |
| Procter & Gamble | lead2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.1 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +2.6 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | -7.8 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -8 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -8.8 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -15.3 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -20.3 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -21.7 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -29.7 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Meta Platforms | lead1 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Caterpillar | node | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +67 |
YTD as of 2026-07-10 · source: Yahoo Finance
Caterpillar's thesis is 'the No.1 generation (genset) beneficiary of the AI power bottleneck.' As the world No.1 (Cummins No.2) in datacenter backup and prime gensets, its large reciprocating-engine backlog is up 3.5x+ since January 2024 and Q1 2026 Power and Energy sales rose 48% — structural demand as data centers add on-site generation while the grid lags. It is shifting toward prime gas power and raised its 2030 targets, with the construction/resources equipment cycle both offsetting and complementing this. What to watch is the pace of converting the power backlog into revenue and engine-supply bottlenecks.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 3 · Sell 0 · Avg. target $1,009 · Price $952.41 (07-10) · Upside +6%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Truist Financial · Jamie Cook | Buy | $1,218 | Jul 2, 2026 | Report ↗ |
| JPMorgan Chase · Tami Zakaria | Overweight | $1,165 | Jun 17, 2026 | Report ↗ |
| UBS Group | Neutral | $900 | Jun 2, 2026 | Report ↗ |
| DA Davidson · Michael Shlisky | Neutral | $845 | May 5, 2026 | Report ↗ |
| Morgan Stanley · Angel Castillo | Equal Weight | $915 | May 1, 2026 | Report ↗ |
Reiterated Buy at $1,218 on datacenter power-generation and backup demand plus a record backlog.
Analyses covering this node
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026