Largest US utility · renewables · nuclear
NextEra Energy
The largest US utility and a renewables and nuclear operator. It targets 15-30GW of new generation for AI datacenters by 2035, signed a 2.5GW PPA with Meta and a nuclear collaboration with Google (Duane Arnold restart). $120B capex 2025-28. A utility apex taking generation, fuel and grid to power datacenters.
NEE Updated Jul 12, 2026 4 AI consumers
Per the valuechain.wiki graph, NextEra Energy is directly linked to 6 companies (4 supply, 2 revenue relationships) and reaches 16 companies within two hops; the links are backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · $120B capex 2025-28; 15-30GW for datacenters
- Customer concentration · Meta 2.5GW PPA, Google nuclear; datacenter power.
- Segments · Regulated utility (FPL) · Renewables/storage (NEER) · Nuclear
Revenue from
- Data centers · retail · industrial (power) High confidence
Power to datacenters, retail and industry (15-30GW by 2035 target).Confirms EN BIC Magazine Published Jan 1, 2026: NextEra eyes nuclear expansion as datacenter pipeline grows - Meta Platforms High confidence
2.5GW PPA with Meta (11 PPAs plus storage) — a flagship deal pre-committing long-term hyperscaler demand.Confirms EN EnkiAI Published Jan 1, 2026: NextEra powering datacenters with nuclear (Meta 2.5GW, Google)Confirms EN BIC Magazine Published Jan 1, 2026: NextEra eyes nuclear expansion as datacenter pipeline grows - Alphabet (Google) Medium confidence
Powers Google with nuclear (Duane Arnold restart) carbon-free electricity — a flagship deal as hyperscalers seek 24/7 nuclear power.Confirms EN EnkiAI Published Jan 1, 2026: NextEra powering datacenters with nuclear (Meta 2.5GW, Google)Confirms EN BIC Magazine Published Jan 1, 2026: NextEra eyes nuclear expansion as datacenter pipeline grows
Pays to
- Williams Companies Medium confidence
Sources gas-generation fuel via Williams pipelines — a fuel axis tied to midstream transport. - Quanta Services Medium confidence
Contracts transmission and generation construction to Quanta Services — the cost axis where $120B of build-out flows to constructors. - Cameco Medium confidence
Sources nuclear fuel (uranium) from Cameco — upstream fuel dependence for nuclear expansion.Confirms EN BIC Magazine Published Jan 1, 2026: NextEra eyes nuclear expansion as datacenter pipeline grows - GE Vernova Medium confidence
Sources gas turbines and generation gear from GE Vernova — gas build-out ripples into GE orders. - Transformers · materials · capacity expansion (undisclosed) Low confidence
Transformers, power gear and capacity — the capital-intensive cost of grid-interconnection bottlenecks (undisclosed).
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 |
|---|---|---|---|---|---|---|---|
| Planet Labs | lead2 | · | -29.3 | -43.2 | +63.6 | +388.1 | +32.1 |
| 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 |
| 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 |
| McDonald's | lead2 | +27.8 | +0.5 | +15.1 | +0.1 | +7.9 | -9 |
| LVMH Moet Hennessy Louis Vuitton | lead2 | +46.6 | +12.7 | -1.8 | -7.3 | -20.4 | -9 |
| Recursion Pharmaceuticals | lead2 | · | -55 | +27.9 | -31.4 | -39.5 | -13 |
| Alphabet (Google) | lead1 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Meta Platforms | lead1 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| NextEra Energy | node | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +11.1 |
| GE Vernova | benef1 | · | · | · | · | +99 | +67.3 |
| Quanta Services | benef1 | +59.5 | +24.6 | +51.7 | +46.6 | +33.7 | +56.1 |
| Williams Companies | benef1 | +38.4 | +32.8 | +11.9 | +62.3 | +14.9 | +26.6 |
| Cameco | benef1 | +63.2 | +4.3 | +90.5 | +19.5 | +78.4 | +4.9 |
| D-Wave Quantum | benef2 | · | -85.3 | -38.9 | +854.5 | +211.3 | -23.2 |
YTD as of 2026-07-10 · source: Yahoo Finance
NextEra's thesis is its position as the largest US power company meeting AI-datacenter demand through a regulated utility plus renewables and nuclear. The regulated utility (FPL) provides stable cash, NEER (renewables/storage) provides growth, and 15-30GW of new datacenter generation by 2035 with $120B of 2025-28 capex sets the scale — the Meta 2.5GW PPA and the Google nuclear collaboration (Duane Arnold restart) are evidence it has pre-empted hyperscaler demand. With the grid unable to keep pace with AI demand, whoever holds generation capacity has the pricing power. On the cost side it depends on GE Vernova (gas turbines), Cameco (uranium), Quanta (construction) and Williams (gas), so build-out volume ripples to them first. Re-rating triggers are the pace of datacenter PPA signings, new generation coming online, and interest rates (funding cost for a capital-intensive utility).
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $107 · Price $87.8 (07-11) · Upside +22%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| BTIG · Alex Kania | Buy | $112 | Jul 7, 2026 | Report ↗ |
| Barclays · Nicholas Campanella | Equal Weight | $91 | Jul 7, 2026 | Report ↗ |
| Morgan Stanley · David Arcaro | Overweight | $117 | Jun 24, 2026 | Report ↗ |
A Buy consensus (average target around $99) holds on data-center-driven power demand and the renewables pipeline, with bulls like Morgan Stanley ($117) and BTIG ($112) alongside neutral Barclays ($91).
Analyses covering this node
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026