--- title: "Siemens orders jump 58% to a record €34.8 billion as AI data centers wait five years for power gear" description: "Data-center orders doubled in Siemens's record quarter, and the backlog behind it rests on customers waiting more than five years for power equipment. Beijing has told its turbine makers to use that shortage to break Western dominance by 2030, which is what investors in Siemens, GE Vernova and Mitsubishi Heavy now have to price." publisher: "The Inference" section: "Power" published: 2026-11-13T16:23:49.500Z modified: 2026-11-13T16:23:49.500Z canonical: https://theinference.org/article/siemens-orders-jump-58-to-a-record-34-8-billion-as-ai-data-centers-wait-five-years-for-power-gear language: en keywords: "Siemens, Gas Turbines, Data Centers, Power Equipment, Earnings" --- # Siemens orders jump 58% to a record €34.8 billion as AI data centers wait five years for power gear > Data-center orders doubled in Siemens's record quarter, and the backlog behind it rests on customers waiting more than five years for power equipment. Beijing has told its turbine makers to use that shortage to break Western dominance by 2030, which is what investors in Siemens, GE Vernova and Mitsubishi Heavy now have to price. [Siemens](https://theinference.org/markets/companies/siemens-ag) has booked the biggest order quarter in its history, and what sets its multiple from here is how long customers keep waiting. Orders reached a record €34.8 billion in the three months to September 30, up 58% [1][8], and the backlog of sold-but-undelivered work now stands at €143 billion [6][8]. The company raised its medium-term revenue growth target to 7–11%, from 6–9% [1][6]. The pricing power is scarcity: [customers wait more than five years for the turbines and heavy electrical gear](https://theinference.org/article/crusoe-ordered-13-proenergy-generator-sets-on-ge-s-own-jet-engine-core-skipping-ge-vernova-s-six-year-queue) that AI data centers run on [2]. Scarcity pays Siemens today, and Beijing has told its turbine makers to use the same shortage as their opening [2]. ## Trains, not data centers, booked the largest divisional order intake Data-center orders doubled during the quarter, and about €7 billion of that backlog is data-center equipment [6][8]. The demand lands in Smart Infrastructure, the division supplying electrical distribution and building systems, where data centers are roughly a fifth of revenue and the second-largest vertical behind industrial customers [3][4]. Mobility, the train business, booked the largest divisional order intake of the quarter, ahead of a record of its own at Smart Infrastructure [3][4]. Growth was not exclusively AI: Siemens noted that major transportation contracts contributed significantly to the increase [8]. *Chart: **Trains outbooked data centers: Mobility took €10.7B of a record €34.8B quarter** Bar chart of Siemens fiscal fourth-quarter 2026 orders: Mobility €10.7 billion, Smart Infrastructure €8.7 billion, group total €34.8 billion* *Orders booked in Siemens's fiscal fourth quarter, July to September 2026, in € billions: the two largest divisions beside the group total. Siemens reports the quarterly doubling of data-center orders as a growth rate, without a standalone euro figure. Sources: Reuters; MarketBeat via Yahoo Finance; Unite.AI. [1][3][4]* ## The five-year wait is the margin Follow the chain down from the chips: an AI cluster is a power station with computers attached, and the research service BloombergNEF expects data-center electricity demand to quadruple to 2,354 terawatt-hours by 2035 [2]. The turbines answering that demand come from [GE Vernova](https://theinference.org/markets/companies/ge-vernova) and Mitsubishi Heavy, the US and Japanese makers that with Siemens dominate the market [2]. [Global gas-turbine orders hit a record 38 gigawatts in the second quarter](https://www.msn.com/en-us/money/general/china-targets-global-gas-turbine-market-as-ai-power-demand-explodes/ar-AA2hhlMn), and manufacturers hold no inventory [5]. Siemens sells the layer around the chips, power distribution and cooling among it; unlike the businesses developing and operating AI cloud infrastructure, it earns from selling equipment and engineering [8]. The insulation is real but not total, and the flagged risk is rising yields and financing costs cutting construction activity [8]. ![A Siemens V93.3 heavy-duty gas turbine in the turbine hall of Vienna's Simmering power plant](https://storage.googleapis.com/theinference-public/img/be0c9d83c9e3e494.jpg) *A Siemens V93.3 heavy-duty gas turbine at Vienna's Simmering plant, the kind of equipment data-center customers now wait more than five years for. Global gas-turbine orders hit a record 38 gigawatts in the second quarter, and manufacturers hold no inventory. (Wdwd, CC BY-SA 3.0, via Wikimedia Commons)* ## Siemens Energy sells the turbines into the same queue [Siemens Energy](https://theinference.org/markets/companies/siemens-energy), spun off in 2020, sells the turbines themselves: about €15 billion of its [€164 billion backlog](https://www.msn.com/en-gb/news/other/siemens-energy-sees-higher-margins-as-data-centres-boost-power-equipment-demand/ar-AA2hcziH) is data-center work [7]. Siemens chief executive Roland Busch, asked about a slowdown, sees "nothing that worries us, at least not for the next couple of years" [6]. ## Beijing has aimed its turbine makers at the queue The same shortage is China's opening. [A policy paper published this month](https://www.energyconnects.com/news/gas-lng/2026/november/china-takes-aim-at-western-dominance-of-the-gas-turbine-industry/) tells Dongfang Electric and Shanghai Electric, China's biggest turbine makers, to close the technology gap and build an independently controlled supply chain by 2030, and the energy regulator is pushing them toward offshore data-center projects [2]. The exports are real: a Dongfang unit went to Kazakhstan in August, Shanghai Electric is supplying a power plant in Malaysia, and Dongfang has signed 2.1 gigawatts of turbines with Eco DC Solutions, a Canadian data-center developer [2][5]. What Chinese machines still lack is operating reliability at scale, in blades and high-temperature materials, exactly what the policy targets [2]. ## The watch item is the wait, not the quarter The nearer risk than China is money. Siemens Energy chief executive Christian Bruch said this week that some data-center growth forecasts "were unrealistic, it's just that nobody wanted to hear it" [7]. Siemens Energy's shares have already traded on that link between AI credit and equipment orders, as [when CoreWeave's bond yield knocked them lower in late October](https://theinference.org/article/siemens-energy-fell-2-9-friday-on-coreweave-s-15-bond-yield-its-backlog-is-eur-162-billion) [7]. A five-year queue can also book a peak early, with orders placed in a rush arriving as capacity all at once. Whoever turns AI capability into powered floor space is creating the value, and today that is Siemens, Siemens Energy, GE Vernova and Mitsubishi Heavy [2][7]. The moat lasts exactly as long as the queue: if Western waits shorten before Chinese turbines earn Western references, the incumbents keep their pricing power. Beijing's deadline for its supply chain is already on the calendar; the delivery times will answer first [2]. ## Takeaway Siemens booked a record €34.8 billion of orders and a €143 billion backlog, but the pricing power rests on customers waiting more than five years for power gear, the queue Beijing has told Dongfang and Shanghai Electric to attack by 2030. ## Sources 1. [Reuters via MSN, 'Siemens raises mid-term guidance after seeing booming demand in fourth quarter', 12 November 2026](https://www.msn.com/en-gb/news/other/siemens-raises-mid-term-guidance-after-seeing-booming-demand-in-fourth-quarter/ar-AA2hguUV) 2. [Bloomberg via Energy Connects, 'China Takes Aim at Western Dominance of the Gas-Turbine Industry', 12 November 2026](https://www.energyconnects.com/news/gas-lng/2026/november/china-takes-aim-at-western-dominance-of-the-gas-turbine-industry/) 3. [MarketBeat via Yahoo Finance, 'What Siemens Aktiengesellschaft (SIE) Said on Its Q4 Earnings Call', 12 November 2026](https://finance.yahoo.com/markets/stocks/articles/siemens-aktiengesellschaft-sie-said-q4-111347130.html) 4. [Unite.AI, 'Siemens Raises Growth Targets on Industrial AI and Data Center Demand', 12 November 2026](https://www.unite.ai/siemens-raises-growth-targets-on-industrial-ai-and-data-center-demand/) 5. [Oilprice.com via MSN, 'China targets global gas turbine market as AI power demand explodes', 12 November 2026](https://www.msn.com/en-us/money/general/china-targets-global-gas-turbine-market-as-ai-power-demand-explodes/ar-AA2hhlMn) 6. [Reuters via Euronext, 'Siemens lifts mid-term outlook as AI-driven data centre demand boosts orders', 12 November 2026](https://live.euronext.com/en/financial-news/siemens-lifts-mid-term-outlook-ai-driven-data-centre-demand-boosts-orders) 7. [Reuters via MSN, 'Siemens Energy sees higher margins as data centres boost power equipment demand', 11 November 2026](https://www.msn.com/en-gb/news/other/siemens-energy-sees-higher-margins-as-data-centres-boost-power-equipment-demand/ar-AA2hcziH) 8. [Coinpaper, 'Siemens Orders Surge 58% to €34.8B as AI Data Center Boom Pushes Backlog to €143B', 13 November 2026](https://coinpaper.com/38765/siemens-orders-surge-58-to-34-8-b-as-ai-data-center-boom-pushes-backlog-to-143-b) --- Siemens orders jump 58% to a record €34.8 billion as AI data centers wait five years for power gear — The Inference. Canonical: https://theinference.org/article/siemens-orders-jump-58-to-a-record-34-8-billion-as-ai-data-centers-wait-five-years-for-power-gear