Caterpillar's Power & Energy segment backlog reached over $72 billion in the second quarter of 2026, marking a 92% year-over-year increase. This growth is primarily attributed to strong demand for large generator sets and turbines, driven by the AI boom and data center expansion. The company plans to restart production of its 10-megawatt gas engine platform, bringing about 1.5 gigawatts of capacity back online, with shipments expected to begin before year-end. Approximately 59% of the backlog is anticipated to be delivered in the next year, with orders extending through 2030, indicating a decoupling from traditional construction cycles.