{"slug":"ge-vernova","name":"GE Vernova","name_en":"GE Vernova","ticker":"GEV","updated_at":"2026-07-12T04:15:08.105507+00:00","canonical":"https://valuechain.wiki/ge-vernova","same_as":["https://finance.yahoo.com/quote/GEV","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1996810"],"citable":"밸류체인 그래프 기준 GE Vernova의 직접 연결 기업은 6곳(관계 기준 공급 1·매출 5)이고, 사슬을 2차까지 넓히면 30곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, GE Vernova is directly linked to 6 companies (1 supply, 5 revenue relationships) and reaches 30 companies within two hops; the links are backed by 7 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"NYSE · 전력·전력망 · 가스터빈(AI 전력 수요)","kicker_en":"NYSE · Power & grid · Gas turbines (AI power demand)","lead":"GE에서 분사한 전력·전력망 기업. AI 데이터센터 전력 수요 폭증의 직접 수혜로, 가스터빈·전력장비 주문 급증. Crusoe에 LM2500XPRESS 29기 공급 등 데이터센터 전용 패키지 계약. 2026 매출 ~$446억 전망, 전력화(Electrification) 수주잔고 ~$453억. 가치사슬 가장 밑단의 발전·송배전.","lead_en":"A power and grid company spun from GE. A direct beneficiary of surging AI-datacenter power demand, with gas-turbine and grid orders soaring. Datacenter-specific deals include 29 LM2500XPRESS turbines to Crusoe. ~$44.6B revenue expected in 2026; Electrification backlog ~$45.3B. At the very bottom of the chain: generation and transmission.","segments":{"parts":[{"desc":"가스터빈·발전설비. AI 데이터센터 전력 수요 급증의 직접 수혜(크루소·NRG 계약).","name":"가스·전력 발전"},{"desc":"변압기·송배전 등 전력망. 수주잔고 ~$453억.","name":"전력화(Electrification)·송배전"},{"desc":"육·해상 풍력 — 저마진·변동성이 큰 사업축.","name":"풍력"}],"total":"2026 매출 ~$44.6B 전망","concentration":"데이터센터 전력 수요가 가스터빈·전력망 견인."},"segments_en":{"parts":[{"desc":"Gas turbines and generation equipment; a direct beneficiary of surging AI-datacenter power demand (Crusoe, NRG deals).","name":"Power (gas turbines)"},{"desc":"Transformers and transmission/distribution grid; ~$45.3B backlog.","name":"Electrification/grid"},{"desc":"Onshore/offshore wind — a lower-margin, more volatile business axis.","name":"Wind"}],"total":"~$44.6B revenue (2026E)","concentration":"Datacenter power demand pulls turbines and grid."},"returns_yearly":{"2025":99,"2026":67.3},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"nestle","name":"Nestlé","name_en":"Nestlé S.A.","tier":3,"returns_yearly":{"2021":22.1,"2022":-4.2,"2023":-9.3,"2024":-18.8,"2025":-1.8,"2026":17.9}},{"slug":"procter-gamble","name":"Procter & Gamble","name_en":"Procter & Gamble","tier":3,"returns_yearly":{"2021":20.5,"2022":-5,"2023":-0.9,"2024":17.3,"2025":-12.3,"2026":4.1}},{"slug":"tempus-ai","name":"Tempus AI","name_en":"Tempus AI","tier":3,"returns_yearly":{"2025":74.9,"2026":-1.4}},{"slug":"emart","name":"이마트","name_en":"E-mart Inc.","tier":3,"returns_yearly":{"2021":-18.4,"2022":-19.5,"2023":-25.3,"2024":-14.6,"2025":44.7,"2026":-7.8}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"datadog","name":"Datadog","name_en":"Datadog","tier":2,"returns_yearly":{"2021":80.9,"2022":-58.7,"2023":65.1,"2024":17.7,"2025":-4.8,"2026":89.4}},{"slug":"palo-alto-networks","name":"팔로알토 네트웍스","name_en":"Palo Alto Networks","tier":2,"returns_yearly":{"2021":56.7,"2022":-24.8,"2023":111.3,"2024":23.4,"2025":1.2,"2026":76.9}},{"slug":"crowdstrike","name":"CrowdStrike","name_en":"CrowdStrike","tier":2,"returns_yearly":{"2021":-3.3,"2022":-48.6,"2023":142.5,"2024":34,"2025":37,"2026":59.7}},{"slug":"illumina","name":"Illumina","name_en":"Illumina","tier":2,"returns_yearly":{"2021":2.8,"2022":-46.9,"2023":-31.1,"2024":-1.3,"2025":-1.8,"2026":45}},{"slug":"planet-labs","name":"플래닛랩스","name_en":"Planet Labs","tier":2,"returns_yearly":{"2022":-29.3,"2023":-43.2,"2024":63.6,"2025":388.1,"2026":32.1}},{"slug":"starbucks","name":"Starbucks Corp","name_en":"Starbucks Corp","tier":2,"returns_yearly":{"2021":11.1,"2022":-13.2,"2023":-1.2,"2024":-2.5,"2025":-5.3,"2026":27.4}},{"slug":"johnson-controls","name":"존슨 컨트롤스","name_en":"Johnson Controls","tier":2,"returns_yearly":{"2021":77.4,"2022":-19.3,"2023":-7.6,"2024":39.8,"2025":53,"2026":20}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":2,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"airbnb","name":"Airbnb Inc","name_en":"Airbnb Inc","tier":2,"returns_yearly":{"2022":-48.6,"2023":59.2,"2024":-3.5,"2025":3.3,"2026":9.5}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":2,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":2,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":2.6}},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":2,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":66,"2025":13.1,"2026":1.6}},{"slug":"schrodinger","name":"Schrödinger","name_en":"Schrodinger","tier":2,"returns_yearly":{"2021":-56,"2022":-46.3,"2023":91.5,"2024":-46.1,"2025":-7.3,"2026":-7.8}},{"slug":"mercadolibre","name":"MercadoLibre","name_en":"MercadoLibre, Inc.","tier":2,"returns_yearly":{"2021":-19.5,"2022":-37.2,"2023":85.7,"2024":8.2,"2025":18.5,"2026":-8}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":2,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}},{"slug":"mcdonalds","name":"McDonald's","name_en":"McDonald's","tier":2,"returns_yearly":{"2021":27.8,"2022":0.5,"2023":15.1,"2024":0.1,"2025":7.9,"2026":-9}},{"slug":"lvmh","name":"LVMH","name_en":"LVMH Moet Hennessy Louis Vuitton","tier":2,"returns_yearly":{"2021":46.6,"2022":12.7,"2023":-1.8,"2024":-7.3,"2025":-20.4,"2026":-9}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":2,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"disney","name":"Disney","name_en":"The Walt Disney Company","tier":2,"returns_yearly":{"2021":-14.5,"2022":-43.9,"2023":4.3,"2024":24.4,"2025":3.3,"2026":-15.3}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":2,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-20.3}},{"slug":"netflix","name":"Netflix","name_en":"Netflix","tier":2,"returns_yearly":{"2021":11.4,"2022":-51.1,"2023":65.1,"2024":83.1,"2025":5.2,"2026":-21.7}},{"slug":"servicenow","name":"ServiceNow","name_en":"ServiceNow","tier":2,"returns_yearly":{"2021":17.9,"2022":-40.2,"2023":82,"2024":50.1,"2025":-27.7,"2026":-29.7}},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":2,"returns_yearly":null},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":2,"returns_yearly":null},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":1,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":14.3}},{"slug":"nextera-energy","name":"NextEra Energy","name_en":"NextEra Energy","tier":1,"returns_yearly":{"2021":23.4,"2022":-8.5,"2023":-25.3,"2024":21.5,"2025":15.5,"2026":11.1}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":1,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}},{"slug":"nrg-energy","name":"NRG 에너지","name_en":"NRG Energy","tier":1,"returns_yearly":{"2021":18.5,"2022":-23.5,"2023":69.4,"2024":78.6,"2025":78.9,"2026":-11.3}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":1,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}}],"benefiting":[{"slug":"d-wave","name":"D-Wave Quantum","name_en":"D-Wave Quantum","tier":1,"returns_yearly":{"2022":-85.3,"2023":-38.9,"2024":854.5,"2025":211.3,"2026":-23.2}}],"analysis":"투자 논점은 AI 데이터센터가 촉발한 전력 슈퍼사이클의 가장 밑단(발전·송배전)을 쥔 지위다. GE에서 분사한 이 회사는 가스터빈·전력장비 주문이 급증하며 크루소에 LM2500XPRESS 29기, NRG에 5.4GW 복합화력·3.6GW 7HA 터빈 슬롯을 대는 등 데이터센터 전용 발전 계약을 쌓았고, 전력화(Electrification) 수주잔고가 ~$453억이다. 데이터센터가 늘수록 전력이 먼저 필요하므로, 마이크로소프트·아마존·구글 같은 하이퍼스케일러가 GPU만큼이나 발전·전력망을 확보하려는 수요가 구조적 성장 동력이다. 다만 가스터빈은 리드타임이 길어 잔고가 실제 매출로 전환되는 속도가 관건이고, 위험은 AI 전력 수요 전망이 과열됐을 경우 발주 취소·지연과, 풍력 등 저마진 사업의 실적 변동성이다.","analysis_en":"The thesis is a position at the very bottom (generation and transmission) of the power supercycle that AI data centers triggered. Spun from GE, its gas-turbine and grid orders are surging — 29 LM2500XPRESS turbines to Crusoe, a 5.4GW combined-cycle development and 3.6GW of 7HA turbine slots reserved for NRG — with an Electrification backlog of ~$45.3B. Because each new data center needs power first, hyperscalers like Microsoft, Amazon and Google seeking generation and grid alongside GPUs is the structural growth driver. But gas turbines have long lead times, so how fast backlog converts to revenue is key; risks are order cancellations/delays if AI power forecasts overheat, and earnings volatility in lower-margin businesses like wind.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"AI 데이터센터·유틸리티 (발전·전력망)","counterparty_slug":null,"confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"크루소 등 AI 데이터센터·유틸리티에 가스터빈·송배전 공급(전력화 수주잔고 $453억) — 데이터센터당 발전·전력망이 먼저 필요한 구조의 상류.","note_en":"Supplies gas turbines and grid to AI data centers and utilities like Crusoe ($45.3B Electrification backlog) — upstream of a structure where each data center needs generation and grid first.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000051/gev_arx2025xwo9xarsxedgarx.pdf","title":"GE Vernova 2025 연차보고서(ARS/10-K)","title_en":"GE Vernova 2025 annual report (ARS/10-K)","excerpt":"Crusoe에 LM2500XPRESS 29기 공급 등.","excerpt_en":"29 LM2500XPRESS turbines to Crusoe, etc."},{"stance":"confirms","publisher":"ValueDeepDive","publisher_en":"ValueDeepDive","kind":"research","lang":"ko","published_at":"2026-01-01","url":"https://valuedeepdive.com/ge-vernova-gev-stock-analysis-ai-power-infrastructure/","title":"GPU는 사도 전기는 못 만든다 — GE 베르노바 분석","title_en":"You can buy GPUs but not electricity — GE Vernova analysis","excerpt":"Crusoe에 LM2500XPRESS 29기 공급 등.","excerpt_en":"29 LM2500XPRESS turbines to Crusoe, etc."}]},{"direction":"revenue","counterparty":"NRG 에너지","counterparty_slug":"nrg-energy","confidence":"high","metric":"5.4GW 개발 · 3.6GW 7HA 터빈","note":"NRG 에너지와 5.4GW 가스 복합화력 개발 협약 및 3.6GW 7HA 가스터빈 슬롯 예약. NRG의 데이터센터 대형 부하 대응 발전 확대에 터빈·설비를 공급.","note_en":"Project development agreement with NRG Energy for 5.4 GW of gas combined-cycle capacity plus 3.6 GW of 7HA gas turbine slot reservations, supplying turbines and equipment for NRG's data center large-load buildout.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.sec.gov/Archives/edgar/data/1013871/000101387126000004/nrg-20251231.htm","title":"NRG Energy Form 10-K (FY2025)","title_en":"NRG Energy Form 10-K (FY2025)","excerpt":"On February 13, 2025, NRG signed a strategic Project Development Agreement with GE Vernova ( GEV ) and Kiewit s subsidiary, TIC, to develop and construct up to 5.4 GW of new gas-fired, combined cycle generation projects... slot reservation agreements with GEV for the procurement of 3.6 GW of 7HA gas turbines.","excerpt_en":"On February 13, 2025, NRG signed a strategic Project Development Agreement with GE Vernova ( GEV ) and Kiewit s subsidiary, TIC, to develop and construct up to 5.4 GW of new gas-fired, combined cycle generation projects... slot reservation agreements with GEV for the procurement of 3.6 GW of 7HA gas turbines."},{"stance":"confirms","publisher":"Utility Dive","publisher_en":"Utility Dive","kind":"news","lang":"en","published_at":null,"url":"https://www.utilitydive.com/news/nrg-aims-for-2026-next-step-in-54-gw-gas-deal-with-ge-vernova-kiewit/805692/","title":"NRG aims for 2026 next step in 5.4-GW gas deal with GE Vernova, Kiewit","title_en":"NRG aims for 2026 next step in 5.4-GW gas deal with GE Vernova, Kiewit","excerpt":"GE 버노바·카이위트는 NRG와 5.4GW 가스 발전을 건설, 2029~2032년 순차 가동 예정.","excerpt_en":"GE Vernova and Kiewit will build 5.4 GW of gas generation for NRG, phased in from 2029 to 2032."}]},{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"mid","metric":null,"note":"마이크로소프트 데이터센터에 가스터빈·전력장비 공급 — 하이퍼스케일러가 GPU만큼 발전·전력을 확보하려는 수요의 채널.","note_en":"Supplies gas turbines and power equipment to Microsoft data centers — the channel for hyperscalers securing power alongside GPUs.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000051/gev_arx2025xwo9xarsxedgarx.pdf","title":"GE Vernova 2025 연차보고서(ARS/10-K)","title_en":"GE Vernova 2025 annual report (ARS/10-K)","excerpt":"AI 데이터센터 전력 수요로 가스터빈 주문 급증.","excerpt_en":"AI-datacenter power demand drives surging gas-turbine orders."},{"stance":"confirms","publisher":"ValueDeepDive","publisher_en":"ValueDeepDive","kind":"research","lang":"ko","published_at":"2026-01-01","url":"https://valuedeepdive.com/ge-vernova-gev-stock-analysis-ai-power-infrastructure/","title":"GPU는 사도 전기는 못 만든다 — GE 베르노바 분석","title_en":"You can buy GPUs but not electricity — GE Vernova analysis","excerpt":"AI 데이터센터 전력 수요로 가스터빈 주문 급증.","excerpt_en":"AI-datacenter power demand drives surging gas-turbine orders."}]},{"direction":"cost","counterparty":"D-Wave Quantum","counterparty_slug":"d-wave","confidence":"mid","metric":null,"note":"D-Wave QCaaS/양자 어닐링 활용(상용 고객).","note_en":"Uses D-Wave QCaaS/quantum annealing as a commercial customer.","sources":[{"stance":"confirms","publisher":"양자신문","publisher_en":"Quantum News","kind":"news","lang":"ko","published_at":"2025-08-08","url":"https://www.quantumtimes.net/news/articleView.html?idxno=55345","title":"디웨이브, 매출 성장 속에 확대된 손실","title_en":"D-Wave posts wider loss amid revenue growth","excerpt":"디웨이브, 매출 성장 속에 확대된 손실","excerpt_en":""},{"stance":"confirms","publisher":"D-Wave Quantum","publisher_en":null,"kind":"news","lang":"en","published_at":"2025-08-07","url":"https://www.dwavequantum.com/company/newsroom/press-release/d-wave-reports-second-quarter-2025-results/","title":"D-Wave Reports Second Quarter 2025 Results","title_en":null,"excerpt":"D-Wave Reports Second Quarter 2025 Results","excerpt_en":""}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":null,"note":"아마존 데이터센터에 가스터빈·전력장비 공급 — AI 전력 확보 경쟁의 발전 채널.","note_en":"Supplies gas turbines and power equipment to Amazon data centers — a generation channel in the race to secure AI power.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000051/gev_arx2025xwo9xarsxedgarx.pdf","title":"GE Vernova 2025 연차보고서(ARS/10-K)","title_en":"GE Vernova 2025 annual report (ARS/10-K)","excerpt":"AI 데이터센터 전력 수요로 가스터빈 주문 급증.","excerpt_en":"AI-datacenter power demand drives surging gas-turbine orders."},{"stance":"confirms","publisher":"ValueDeepDive","publisher_en":"ValueDeepDive","kind":"research","lang":"ko","published_at":"2026-01-01","url":"https://valuedeepdive.com/ge-vernova-gev-stock-analysis-ai-power-infrastructure/","title":"GPU는 사도 전기는 못 만든다 — GE 베르노바 분석","title_en":"You can buy GPUs but not electricity — GE Vernova analysis","excerpt":"AI 데이터센터 전력 수요로 가스터빈 주문 급증.","excerpt_en":"AI-datacenter power demand drives surging gas-turbine orders."}]},{"direction":"revenue","counterparty":"알파벳 (구글)","counterparty_slug":"alphabet","confidence":"mid","metric":null,"note":"알파벳(구글) 데이터센터에 가스터빈·전력장비 공급 — 온사이트 발전 수요 확대의 수혜.","note_en":"Supplies gas turbines and power equipment to Alphabet (Google) data centers — a beneficiary of rising on-site generation demand.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC 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