Layer 8 — Power generation & energy supply

Position in the die→grid hierarchy: outside the fence.

Where the power comes from: gas turbines and reciprocating engines behind the meter, fuel cells, nuclear PPAs and SMRs, the utilities and IPPs signing data-center deals, renewables, storage, transmission, and the gas supply chain.

Parts in this layer

• 8.01 Gas turbines (onsite / behind-the-meter) & HRSGsconstrained · 12 companies
  Combustion turbines burning natural gas (or dual-fuel), paired with heat-recovery steam generators, used to generate power onsite or behind the meter at a data center campus.
• 8.02 Reciprocating engines & engine microgrids · 13 companies
  Diesel, natural-gas, or dual-fuel reciprocating engines assembled into modular microgrids for onsite or bridge power at a data center site.
• 8.03 Fuel cells · 6 companies
  Fuel cells, chiefly solid-oxide units, that generate electricity electrochemically from natural gas or hydrogen without combustion, deployed as onsite or behind-the-meter power.
• 8.04 Nuclear: existing fleet PPAs & restarts · 13 companies
  Power purchase agreements with existing nuclear plant operators, including deals that fund restarts of previously shuttered reactors, to secure firm, carbon-free power for AI load.
• 8.05 SMRs, advanced reactors, components, fuel · 40 companies
  Small modular reactors and other advanced reactor designs, plus the components, fuel, and enrichment supply chain that would build and run them.
• 8.06 Fusion (long-dated PPAs) · 9 companies
  Long-dated power purchase agreements with fusion developers, none of which have yet demonstrated commercial electricity generation.
• 8.07 Utilities, IPPs & power providers signing data-center deals · 52 companies
  Utilities, independent power producers, and grid operators that sign the power purchase agreements, interconnection contracts, and generation deals underlying a data center's supply.
• 8.08 Renewables & long-duration storage hardware · 36 companies
  Solar, wind, geothermal, and hydro generation hardware, plus long-duration energy storage, contracted or co-located to supply data-center power.
• 8.09 Transmission, interconnection & grid equipment · 54 companies
  High-voltage transmission equipment, interconnection hardware, grid-enhancing technology, and the EPC firms and developers that build and expand the grid feeding a data center site.
• 8.10 Gas supply chain (for onsite generation) · 33 companies
  Pipelines, producers, compression equipment, LNG and virtual-pipeline logistics, and metering that supply natural gas to onsite generation.

Public plays in this layer

Listed companies with the most part placements in layer 8. Placement count is breadth, not revenue exposure.