INNIO’s backlog for Jenbacher and Waukesha gas engines doubled in one year, rising from $3.3 billion in the third quarter of 2025 to $8.0 billion in the third quarter of 2026. U.S. AI data centers drove the growth by seeking to generate electricity on site rather than wait for grid connections. They accounted for about 60% of INNIO’s equipment revenue in the third quarter of 2026, with one unnamed American developer ordering nearly 1.72 GW and a U.S. energy company placing a separate 450 MW order. Deliveries for North America are scheduled through 2028, while INNIO plans to expand annual manufacturing capacity from 3.5 GW to 10 GW by 2030. This decentralized power generation may be omitted from official statistics, making it harder to assess the full electricity consumption associated with artificial intelligence.
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