GE Vernova Inc. saw its shares climb 2.9% to close at $801.54 on Monday, reaching an intraday high of $814.86, following a significant order announcement. The advance came after Canadian firm Maxim Power reserved a manufacturing slot for a GE Vernova 7HA.02 gas turbine, scheduled for delivery in 2030.
Strategic Reservation Signals Strong Demand
Maxim Power will pay a non-refundable deposit in 2026 for the turbine, which is intended for its 400-megawatt Prairie Lights project in Alberta. This type of slot reservation acts as a paid position in the production queue, allowing companies to secure future manufacturing capacity ahead of a final contract. It underscores the intense demand for major power equipment, driven by rising electricity needs from data centers and broader electrification trends.
GE Vernova reported its gas power equipment backlog and slot reservations have grown to 83 gigawatts, up from 62 gigawatts. The company also recently noted over $2 billion in electrification orders linked directly to data centers for 2025.
Analysts Divided on Valuation
Wall Street analysts adjusted their price targets in response to the news, though views on the stock's valuation remain split. Daiwa Securities increased its target to $836 from $710, maintaining an Outperform rating. Conversely, Rothschild & Co Redburn raised its target to $560 from $500 but kept a Sell rating.
The company continues to pursue long-term agreements, having recently announced a deal with Xcel Energy, described by Xcel's CEO as a "once-in-a-generation" opportunity to meet growing power demand.
Investors are now looking ahead to GE Vernova's first-quarter earnings webcast on April 22 for further updates on bookings and backlog growth. While the Maxim reservation is a positive indicator, the final agreement remains subject to a 2026 deposit and permitting processes for the Prairie Lights project.
