NEW YORK, Feb 3, 2026, 19:33 ET — After-hours
- GE Vernova shares jumped roughly 3% Tuesday and stayed close to that gain after the close
- The Xcel Energy agreement highlights ongoing demand for turbines and grid equipment well into the 2030s
- Investors are digging into new debt linked to GE Vernova’s transformer initiative
GE Vernova shares climbed roughly 3.3% to $780.25 in after-hours trading Tuesday following news that Xcel Energy signed a strategic alliance deal with the power equipment manufacturer. (Yahoo Finance)
This move is crucial as utilities scramble to secure turbines and grid equipment well in advance of upcoming projects, with GE Vernova positioned at the heart of this supply crunch. Deals guaranteeing reserved capacity often act like hidden order books, signaling future demand to the market.
Investors are still pushing up stocks linked to grid spending, even as the wider U.S. market turns volatile. GE Vernova’s rally amplifies the impact of every new contract and financing move—much more than it did a year ago.
Xcel announced the deal aims to back generation and grid projects “well into the 2030s,” kicking off with a reservation for five F-class gas turbines — a staple for power plants — along with a capacity reservation for several gigawatts of wind projects. Xcel Chairman and CEO Bob Frenzel said the partnership “allows us to move at the speed and scale necessary” to ensure reliable power. GE Vernova CEO Scott Strazik added it would help align “technology roadmaps” with Xcel’s strategy. (Xcel Energy Newsroom)
GE Vernova finds itself in a familiar battle. In gas, it goes head-to-head with Siemens Energy, while wind contracts put it up against Vestas. The twist now? Customers are locking in delivery slots, not just snapping up equipment.
On Monday, GE Vernova finalized its purchase of the remaining 50% stake in Prolec GE from Xignux for $5.275 billion, using an equal split of cash and debt to fund the deal. Prolec GE employs around 10,000 people across seven manufacturing sites in the Americas, the company said. Strazik described it as GE Vernova’s first “sizable acquisition” as an independent entity. (GE Vernova)
GE Vernova announced a registered public offering of senior notes, corporate bonds with priority in repayment. The capital raised will support various corporate needs, including financing a portion of the Prolec acquisition. Citigroup, J.P. Morgan, and Morgan Stanley are acting as joint book-running managers, the company said. (GE Vernova)
A prospectus supplement filed with the U.S. Securities and Exchange Commission revealed that GE Vernova is issuing $2.6 billion in senior notes, maturing in 2031, 2036, and 2056. The coupons are set at 4.250%, 4.875%, and 5.500%, respectively. The company intends to use the net proceeds for general corporate purposes, including funding the Prolec acquisition. The filing also confirmed that GE Vernova became independent following General Electric’s spin-off completed on April 2, 2024.
GE Vernova extended its winning streak to seven days on Tuesday, climbing to a fresh 52-week high. This came despite the S&P 500 dropping 0.84% and the Dow falling 0.34%, data from MarketWatch show. (MarketWatch)
Wall Street’s views are mixed. Mizuho nudged its price target up to $714 from $660 but maintained a Neutral rating. Barclays bumped its target to $849 from $830 and stuck with an Overweight rating, citing competitive challenges related to electrification, according to reports. (Investing.com Australia)
The upside case isn’t without complications. Investors are keeping an eye on how well GE Vernova integrates Prolec while managing additional debt. They’re also wary about whether major turbine and grid projects will stick to their timelines if permits or customer capital expenditures change.
Wednesday’s regular session will be closely watched for signs of momentum following the Xcel announcement. Meanwhile, GE Vernova is demonstrating its GridOS for Distribution software at DTECH 2026 in San Diego until Feb. 5—an event that could spark new customer updates. (GE Vernova)
