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Energy

Grid to AI chip

Constellation, GE Vernova, Vertiv, Eaton: $48B of deals to own each step between the power plant and the AI chip.

Numbers as of 3 Oct 2026

The full story

  1. What powers an AI chip? 5 steps, 48 billion dollars in deals. Five rows, each with a company plate on the left and a drawing on the right, joined top to bottom by arrows. Constellation and Vistra, power plants, 30.6 billion including a deal not closed yet. GE Vernova, transformers, 5.3 billion. Vert
  2. Step 1 of 5, the power plant. This is where the electricity is made, and AI data centers use a huge amount. Think of it as water: the plant is a dam, the source where all the water starts. Constellation and Vistra work at this step.
  3. Step 2 of 5, the transformer. Power travels far at full force, which is too strong for a building. Think of it as water: the transformer is a valve that turns a fire hose into a garden hose. GE Vernova works at this step.
  4. Step 3 of 5, site power. If the grid has a problem, on-site power takes over. Think of it as water: a spare tank, so the taps still run if the main pipe stops. Vertiv works at this step.
  5. Step 4 of 5, inside the building. Power is sent to every row of chips, and liquid cooling carries the heat away. Think of it as water: pipes to every tap, and a drain for the heat. Eaton works at this step.
  6. Step 5 of 5, the AI chip. The chip uses the power to do the AI work; every step before it exists for this. Think of it as water: the chip is the tap, and all that pipework is there so this tap can run. Nvidia makes the chip.
  7. Where the 48 billion dollars went. Constellation, power plants, 26.6 billion. Eaton, building power and cooling, 10.9 billion. GE Vernova, transformers, 5.3 billion. Vistra, power plants, about 4 billion, not closed yet. Vertiv, site and backup power, 1.45 billion, not closed yet. The two power plan
  8. Which one runs out first? Four choices with logos: power plants (Constellation), transformers (GE Vernova), backup power (Vertiv), cooling (Eaton). Below: AI needs all four. Follow Green Owl if you want more.

Which step matters most?

Power plants: Constellation bought Calpine ($26.6B). Vistra is buying Cogentrix (~$4B, closing late 2026). Transformers: GE Vernova bought the other half of Prolec GE ($5.3B). The site's edge: Vertiv agreed this month to buy UtilityInnovation Group ($1.45B, up to $1.15B more if targets are hit). Inside the building: Eaton bought Fibrebond's power enclosures ($1.4B) and Boyd's liquid cooling ($9.5B).

One caveat: all of this assumes the data centers get built. Sightline Climate estimated 30–50% of those planned for 2026 could slip; SemiAnalysis says the big cloud companies' own plans barely moved.

Why it matters: the chip is one step. Companies are buying more of the systems that power and cool it.

The ordered illustrations map infrastructure roles, not one real campus or a verified supplier list. Downward arrows trace a simplified power path, not contracts between the companies. Cooling sits beside building power and removes heat; it is not a serial electricity stage. The $48B total includes announced deals and excludes Vertiv's contingent earnout.

Save this for the next time someone says AI is just Nvidia.

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Where the numbers come from

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Companies in this picture

Constellation EnergyEatonGE VernovaNvidiaVertivVistra

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