Slots Beat Specs: GE Vernova vs Mitsubishi vs Siemens
Who's winning and why?
The big 3 companies powering the AI data center race are GE Vernova (US), Mitsubishi (Japan) and Siemens Energy (Germany). These 3 companies alone account for nearly two-thirds of the gas power market. Interestingly, GEV trades at a 70‑100% premium over Siemens and Mitsubishi. You may have seen the headline powering this consensus: GE Vernova has a massive 116 GW order backlog.
| Quarter | Backlog GW | Slot reservations GW | Total GW |
|---|---|---|---|
| Q1 25 | 29 | 21 | 50 |
| Q2 25 | 29 | 25 | 55 |
| Q3 25 | 33 | 29 | 62 |
| Q4 25 | 40 | 43 | 83 |
| Q1 26 | 44 | 56 | 100 |
| Q2 26 | 53 | 63 | 116 |
We actually investigate this. How firm is this backlog? What are companies committing to? And is it actually being fulfilled? Even as GEV leads this trend, this seems to be happening across the industry with over 200 GW in backlog. The last time we had such a backlog boom was 2001-2004 and we break down what happened then, how profit can be misleading indicator and what early signs to look out for.