Grid & electrical infrastructure (EPC)
Quanta Services
The No.1 in grid and electrical-infrastructure construction (EPC). It builds transmission, substation and distribution plus datacenter electrical infrastructure for utilities and hyperscalers. 2025 revenue $28.5B (+20%), a record $44B backlog. The construction axis of the datacenter and electrification boom, the build layer between generation/transformers and datacenters.
PWR Updated Jul 12, 2026 3 AI consumers· 2 recurring
Per the valuechain.wiki graph, Quanta Services is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 6 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 · 2025 revenue $28.5B (+20%), $44B backlog
- Customer concentration · Grid build for utilities and hyperscalers.
- Segments · Electric (T&D/substation) · Renewable/comms infra
Revenue from
- Hyperscalers · data centers (power construction) High confidence
Datacenter electrical-infrastructure build for hyperscalers (record $44B backlog).Confirms EN Quanta Services Published Feb 26, 2026: Quanta Services FY2025 results ($28.5B, $44B backlog) - NextEra Energy High confidence
Builds grid and generation for NextEra, the largest renewables/utility player — a key customer channeling electrification and renewables demand into Quanta's revenue.Confirms EN Quanta Services Published Feb 26, 2026: Quanta Services FY2025 results ($28.5B, $44B backlog) - American Electric Power Medium confidence
Builds grid for AEP, the largest US T&D utility — a stable customer that issues repeat orders through the aging-grid replacement cycle. - Core Scientific Low confidence
Builds the electrical infrastructure of Core Scientific as it converts from bitcoin mining to AI datacenters — a slice of the retrofit-DC demand that repurposes mining power gear for AI. - NuScale Power Low confidence
Builds the electrical infrastructure for NuScale's SMR plants — an optional exposure to next-gen carbon-free generation if it commercializes; directional rather than material for now.
Pays to
- equipment · personnel · materials (undisclosed) Low confidence
Power gear, labor and materials.Confirms EN Quanta Services Published Feb 26, 2026: Quanta Services FY2025 results ($28.5B, $44B backlog) - Transformers · components (undisclosed) Low confidence
Transformers, cables and components.
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 |
|---|---|---|---|---|---|---|---|
| CoreWeave | lead2 | · | · | · | · | · | +24.1 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Core Scientific | lead1 | · | · | · | · | +3.6 | +61.3 |
| American Electric Power | lead1 | +10.7 | +10.4 | -11 | +18.2 | +29.4 | +19.2 |
| NextEra Energy | lead1 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +11.1 |
| NuScale Power | lead1 | · | · | -67.9 | +445 | -21 | -36.2 |
| Quanta Services | node | +59.5 | +24.6 | +51.7 | +46.6 | +33.7 | +56.1 |
YTD as of 2026-07-10 · source: Yahoo Finance
Quanta's thesis is 'the build layer of the datacenter and electrification boom.' As the No.1 EPC that physically constructs transmission, substation and distribution between generators/transformers and datacenters, 2025 revenue of $28.5B (+20%) and a record $44B backlog effectively pre-book years of revenue. Demand is diversified across utility grid replacement and hyperscaler power infrastructure (Core Scientific's converted DCs, AEP and NextEra grids, NuScale SMRs), lowering single-customer risk. The real moat is skilled labor and safety record — the shortage of power-construction crews is itself the barrier to entry. What to watch is the pace of backlog conversion and wage inflation.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target $920 · Price $658.56 (07-10) · Upside +40%
A prime beneficiary of the grid and data-center infrastructure supercycle; consensus targets were revised up 39% in three months, with UBS and Truist lifting targets into the $900s between May and July 2026.
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