• THE GRID
The Former AWS CEO Now Selling Electricity
Adam Selipsky ran Amazon Web Services. He built cloud data centers for a living. Now he runs a power company.
In June, KKR launched Helix Digital Infrastructure. It has $10 billion in committed capital. Its job is to build data centers with power baked in. Not bolted on. Baked in.
The founding investors tell the story. KKR writes the checks. NVIDIA designs the chips. The Kuwait Investment Authority adds sovereign capital. And Vistra — a 50-gigawatt power company — supplies the electrons.
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Vistra just reported its Q2 numbers. Adjusted EBITDA hit $1.77 billion. That's up 30% from a year ago. The company reaffirmed full-year guidance of $6.8 to $7.6 billion.
But the Helix deal matters more than the quarter. Vistra is committing up to $1 billion to it. And it will serve as Helix's "preferred power partner."
CEO Jim Burke said on the earnings call that KKR came to them. KKR wanted Vistra at the table from day one. Not as a vendor. As a co-builder.
Helix Capital
$10B+
| Vistra Q2 EBITDA
$1.77B
|
Vistra EBITDA Growth
+30% YoY
| Vistra Portfolio
50 GW
|
This is not a one-off. The pattern is spreading fast.
AES just got taken private in a $33.4 billion deal. The buyers — EQT and Global Infrastructure Partners — want it focused on data center power. No more quarterly earnings calls. No more public-market short-termism. Just build.
Bloom Energy expanded its Brookfield partnership from $5 billion to $25 billion in a single announcement on June 30. Five times the original deal. For fuel cells that skip the grid entirely.
A year ago, power companies sold kilowatt-hours. They sent a bill. That was it.
Now they sit in the design room. They shape the site plan. They co-own the asset.
The old model was power-as-commodity. The new model is power-as-architecture. If your utility still thinks it just sells electrons, it's already behind.
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• WIRED IN
Signals From the Grid
Talen Energy raised its full-year 2026 adjusted EBITDA guidance to $2.03–$2.23 billion, up from the initial $1.75–$2.05 billion range. Q2 EBITDA came in at $374 million. The company now has roughly 4 GW of data center land under development. Its Susquehanna nuclear plant is the anchor — carbon-free baseload that data centers want most.
Duke Energy completed a $2.0 billion equity units offering on August 13 — 40 million units at $50 each. That's fresh capital for grid buildout as data center demand pushes into the Carolinas. Duke isn't raising money because it wants to. It's raising money because it has to.
American Electric Power raised its full-year 2026 guidance to $6.25–$6.55 per share after a strong Q2. More striking: AEP now has 69 GW of contracted load through 2030 and a $78 billion capex plan to serve it. The company has locked in 13 GW of gas turbine capacity through 2031 — it's not waiting for supply chains to loosen.
Array Technologies announced a $203 million acquisition of Affordable Wire Management, a balance-of-system supplier. The deal extends Array beyond solar trackers into battery storage and data center infrastructure. The wire management market isn't glamorous. But every megawatt of new capacity needs it.
Four companies, four different bets — all pointing the same direction. The capital is flowing toward anything that connects power to data.
• VOLTAGE
Bloom Energy's Fuel Cells Are Eating the Grid Queue
Bloom Energy posted $1.07 billion in Q2 revenue. That's up 166% from a year ago. It was a record quarter — and it was the fourth straight earnings beat.
The company raised its full-year 2026 guidance to $3.9–$4.2 billion. That implies a doubling of annual revenue.
Why the surge? Fuel cells skip the line.
Data center operators face grid waits of five years or more. Bloom installs solid oxide fuel cells on-site, behind the meter. No grid queue. No transmission upgrade. Power in months, not years.
Brookfield saw the math. On June 30, it expanded its Bloom partnership from $5 billion to $25 billion — a fivefold jump. The deal is tied to Brookfield's AI Infrastructure Fund, which targets $100 billion overall.
Bloom is now racing to double its manufacturing capacity from 1 GW to 2 GW by the end of this year. That takes about $100 million in factory investment.
The fuel cell story is really a speed story. When the grid can't keep up, customers route around it. Bloom gives them the off-ramp.
The grid queue created a $25 billion market for the company that figured out how to avoid it.
