Key Points
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Caterpillar sells the backup generators that keep data centers running, plus the heavy equipment that helps build them.
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Bloom Energy’s fuel cells deliver on-site power, and its latest quarterly revenue more than doubled.
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GE Vernova’s turbine backlog is growing fast, though not all of its orders are tied to AI.
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Anthropic’s planned initial public offering(IPO) is giving investors a close-up look at how much money it takes to compete in artificial intelligence (AI). According to its IPO prospectus, the company behind Claude had about $417 billion in future compute and infrastructure payment obligations as of Dec. 31, 2025.
Add another $125 billion to $150 billion in estimated spending for additional computing capacity, and the total reaches a whopping $542 billion to $567 billion.
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While much of the spending will go to cloud providers and chipmakers, data centers also will need buildings, reliable power, and equipment to deliver and manage that power. Three industrial companies at the forefront of that effort are Caterpillar (NYSE: CAT), Bloom Energy (NYSE: BE), and GE Vernova (NYSE: GEV).
Industrial stock No. 1: Caterpillar
Most investors know Caterpillar for its massive yellow construction equipment. However, Caterpillar’s power generation business could be just as important to its growth as AI infrastructure spending accelerates.
Even a brief power outage could be catastrophic for data centers, which require a stable power supply for processors to work together to build and train AI models. That means backup power systems are essential. And Caterpillar supplies diesel and natural gas generators that help keep facilities running when the electrical grid can’t.
Caterpillar is already seeing stronger demand. Management expects strong third-quarter growth in its power and energy segment, driven partly by power generation.
There’s another benefit. Before a data center can operate, somebody has to build it. Caterpillar’s excavators, bulldozers, and other heavy machinery can participate in that construction spending. That gives Caterpillar two ways to benefit from AI infrastructure investment without manufacturing a single AI chip.
Industrial stock No. 2: Bloom Energy
Bloom Energy also helps ensure data centers have the power they need. It makes solid oxide fuel cells that generate electricity on-site, providing continuous power without requiring the center to wait for the electrical grid to connect.
That’s an attractive proposition when AI companies are spending billions on computing equipment that can’t produce revenue without electricity. Bloom’s third-quarter revenue was $1.24 billion, up 138% from a year ago. Operating income increased to $225.4 million from just $7.8 million, while gross margin improved to 33.8%.
Management also raised its full-year revenue outlook to between $4.4 billion and $4.6 billion. Those numbers suggest Bloom is moving beyond the promise of fuel-cell technology and demonstrating that it can manufacture and sell its systems at scale.
Industrial Stock No. 3: GE Vernova
GE Vernova supplies the gas turbines and electrical equipment needed to produce and deliver electricity on a much larger scale. That’s important because data centers also need transformers, substations, and transmission equipment.
GE Vernova is already seeing the demand. In the second quarter, orders reached $24.2 billion, an 88% organic increase from a year earlier. Its gas power equipment backlog and slot reservation agreements increased to 116 gigawatts, and management projected at least 125 GW by year-end.
Not all those orders are related to AI. Utilities are also investing in replacing aging equipment and meeting electricity demand from other industries. GE Vernova has a compelling position in an industry where electricity demand is creating opportunities for equipment manufacturers.
The industrial opportunity behind AI
Anthropic’s planned spending doesn’t mean Caterpillar, Bloom Energy, or GE Vernova will receive contracts from the company. But it demonstrates the enormous infrastructure requirements behind AI.
For investors, the opportunity extends beyond the question of which company builds the best AI model. Somebody has to supply the power to run it, and these three companies are positioned to play a key role.
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Patrick Sanders has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy, Caterpillar, and GE Vernova. The Motley Fool has a disclosure policy.
