The AI boom is pushing data centers to need massive amounts of power. Smart investors want to know which companies have real orders locked in, not just big dreams. This article looks at the stocks with solid order books for 2025.
| Company | Stock Ticker | Key Product | Order Visibility | 2025 Revenue Outlook |
|---|---|---|---|---|
| Delta Electronics | TWSE: 2308 | Server power supplies, rack PDUs | Orders through Q3 2025 | Double-digit growth in data center segment |
| Flex Ltd. | NASDAQ: FLEX | Power distribution, cooling systems | Multi-year contracts with hyperscalers | 15-20% growth in AI infrastructure |
| Vertiv Holdings | NYSE: VRT | Thermal management, power systems | Record backlog of $6.5 billion | 40%+ revenue growth expected |
| Super Micro Computer | NASDAQ: SMCI | Server power architecture, liquid cooling | Strong demand from AI GPU servers | Revenue doubling year-over-year |
| Generac Holdings | NYSE: GNRC | Backup generators for data centers | Data center orders up 300% | Significant portion of new revenue |
These five companies stand out because they have actual purchase orders, not just pipeline talk. Let's break down why each one matters.
Delta Electronics makes the power supplies that sit inside AI servers. When NVIDIA ships a GPU server, it needs Delta's parts.
A single AI server can use 10kW or more. That's 5-10 times what old servers used.
Stock hype is cheap. Purchase orders with delivery dates are what count.
Vertiv's $6.5 billion backlog equals about a year of revenue. That is real demand.
Server Power: The Heart of AI Data Centers
AI servers need way more power than regular cloud servers. Each rack can pull 50-100 kilowatts. Old data centers ran on 5-10 kilowatts per rack.
This shift means power supply companies are seeing explosive demand. But not all players are equal. Some have locked in multi-year deals. Others are still chasing.
| Company | Power Supply Focus | Key Customers | Order Guarantee Strength | Capacity Expansion |
|---|---|---|---|---|
| Delta Electronics | AC-DC server power, rack PDUs | NVIDIA, Microsoft, Google | Very High — direct vendor to GPU servers | Adding capacity in Thailand, India |
| Lite-On Technology | Server power, adapters | Meta, Amazon | High — secured through 2025 | Expanding Vietnam facilities |
| AcBel Polytech | Power supply units | Tier-2 server makers | Moderate — growing with AI demand | Evaluating new plants |
| Chicony Power | Power adapters, server PSUs | Dell, HP | Moderate — traditional PC exposure | Selective expansion only |
Delta Electronics is the clear leader here. They supply power to NVIDIA's hottest AI servers. When NVIDIA reports demand, Delta gets the ripple effect.
Think of Delta like the fuel pump maker when everyone is buying trucks. The truck company gets famous, but the pump maker sells every single truck.
In 2024, Delta's data center power revenue jumped over 30%. That trend is locked in for 2025.
Thermal Management: Without Cooling, Power Is Useless
All that power creates unbelievable heat. AI servers run so hot that old air cooling fails. Liquid cooling is now a must-have, not a nice-to-have.
Vertiv has become the dominant player in data center cooling. Their order book tells the whole story.
| Company | Cooling Solution | 2024 Order Backlog | 2025 Book-to-Bill Ratio | Key AI Customer Wins |
|---|---|---|---|---|
| Vertiv Holdings (VRT) | Liquid cooling, chillers, CDUs | $6.5 billion | >1.5x (demand exceeds supply) | NVIDIA, Microsoft, Amazon, Google |
| Stulz GmbH (private) | Precision air conditioning | Not disclosed | Strong but capacity limited | Regional data centers |
| Carrier学习上指的是上海申菱环境（Shenling) | Liquid cooling, evaporative cooling | Growing rapidly | >1.2x | Chinese hyperscalers, ByteDance |
| CoolIT Systems (private) | Direct liquid cooling | Expanding with NVIDIA partnerships | Very strong | NVIDIA DGX systems |
Vertiv's numbers are staggering. A $6.5 billion backlog means customers have signed contracts and paid deposits. This is not wishful thinking.
Vertiv's CEO said in early 2025 that they could sell more than they can build. That is a good problem to have.
The company is hiring thousands and building new factories. They are not the only ones chasing this market, but they are winning the biggest deals.
Power without cooling is worthless. AI servers shut down if they overheat.
Vertiv's liquid cooling orders are growing faster than their power business. That shows where the real pinch point is.
Backup Power: The Insurance Policy Nobody Can Skip
When a data center loses power, it loses millions per hour. Backup generators are not optional for AI facilities. They are required by law and by customers.
Generac saw this coming before most investors did. The company pivoted from home generators to massive industrial units for data centers.
| Company | Backup Power Product | Data Center Revenue Growth | Key Order Drivers | Supply Chain Status |
|---|---|---|---|---|
| Generac Holdings (GNRC) | Gas/diesel generators 2-3MW | 300% increase in data center orders | Hyperscaler builds, grid instability | Expanding engine supply partnerships |
| Caterpillar (CAT) | Diesel generators, UPS systems | Strong double-digit growth | Large-scale data center projects | Built-to-order, 12-18 month lead times |
| Cummins (CMI) | Power generation systems | Accelerating with AI demand | Global data center buildout | Capacity adjustments ongoing |
| Schneider Electric (SU.PA) | UPS, switchgear, power distribution | High single-digit, AI segment faster | Integrated power infrastructure | Backlog at record levels |
Generac's 300% order jump in data centers shows how fast demand can shift. Two years ago, data centers were a tiny slice of their business. Now they are a growth engine.
A data center in Virginia ordered 50 megawatts of Generac backup power in late 2024. That single order was bigger than their entire data center business the year before.
Lead times for big generators now stretch past a year. Customers are ordering before they even break ground on new facilities.
Don't Ignore the Power Distribution Layer
Between the grid and the server sits a massive power distribution stack. Transformers, switchgear, busway, and rack power. This layer is also sold out.
Schneider Electric is the old giant here. But newer players like Vertiv and private companies are grabbing share in the AI era.
Transformers that used to take 12 weeks now take 52 weeks. The backlog is so deep that some data center projects are delayed purely for lack of transformers.
Companies with transformer capacity — like Schneider and some regional players — have pricing power they have not seen in decades.
From grid to chip, every power step has a shortage. This helps companies with real capacity.
Investors should look at who has factories running, not just who has the best technology.
Key Takeaways
| Key Point | What It Means | Action Item |
|---|---|---|
| Order backlogs at record highs | Demand is real and contracted, not speculative | Focus on stocks with disclosed backlog growth |
| Power per server has 5-10x'd | Server power supply market is structurally larger | Delta Electronics is the pure-play beneficiary |
| Liquid cooling is mandatory for AI | Air cooling cannot handle new heat loads | Vertiv's cooling backlog signals sustained demand |
| Backup generator orders surging | Data centers cannot get grid power fast enough | Generac's pivot to industrial is paying off |
| Power distribution bottlenecks everywhere | Transformers, switchgear lead times are extreme | Schneider and Vertiv have integrated advantages |
The AI data center buildout is real. But not every stock with "AI" in the name has real orders. Stick to companies with visible backlogs, named customers, and expanding factories. That is where the real money flows in 2025.