The Power Stack — Supply Chain Decomposition
Layers L20-L23 | Level 4 Raw Materials → Level 0 Grid-Scale Power | AI Infrastructure Platform
66
Companies Mapped
38
In Universe
7
Missing
15
Foreign
6
Private
6
Chokepoints
2
Insights
ThreadsT1 GenerationT2 StorageT3 Distribution
Legend
In Universe (Have)
US-Listed Gap (Miss)
Foreign-Listed
Private
Faded chip = secondary exposure☢️Uranium Ore (Yellowcake / U₃O₈)L21
CCJCameco — #2 global uranium miner (McArthur River, Cigar Lake)UECUranium Energy Corp — US ISR uranium producerNXENexGen Energy — Rook I deposit (Saskatchewan)KazatompromKazakhstan — world's #1 uranium producer (~43% global)
⚠ CHOKEPOINT[CRITICAL] Russian enrichment capacity = ~49% of global supply: Rosatom/TENEX controls nearly half of global uranium enrichment. HALEU (high-assay LEU for SMRs) is almost entirely a Russian product today. The US has ONE enrichment facility (Centrus, Piketon OH). This is an existential risk for the nuclear renaissance powering AI.
🔥Natural Gas (Wellhead)L20 L21
fuel for ~60% of data center power
EQTEQT Corp — largest US natural gas producer (Appalachian)ARAntero Resources — Appalachian gas
🔩Grain-Oriented Electrical Steel (GOES)L23
for every transformer core
CLFCleveland-Cliffs — only US GOES producer (via AK Steel)Nippon SteelJapan — major GOES producerPOSCOSouth Korea — GOES producer
⚠ CHOKEPOINT[EXTREME] GOES supply = transformer supply = data center power capacity: Only TWO US producers of grain-oriented electrical steel. Global supply ~3M tons/yr vs. surging demand (+15-20%). Transformer core shortage is directly tied to GOES availability. Cleveland-Cliffs (CLF) is the single most important missing company in this map.
🔋Battery Raw Materials (Lithium, Cobalt, Nickel, Vanadium)L22
ALBAlbemarle — world's largest lithium producerSQMChile — #2 lithium (Atacama)GlencoreSwitzerland — cobalt and nickel
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☢️Enriched Uranium (UF₆ → Fuel Rods)L21
LEUCentrus Energy — sole US enrichment plant (Piketon, OH); HALEUCCJCameco — fuel services divisionLTBRLightbridge — advanced fuel technology R&DUrencoPrivate (UK/DE/NL JV) — Western enrichmentOranoFrance — enrichment and fuel fabrication
🔥Pipeline-Grade Natural GasL20
🔩GOES Coils & Transformer OilL23
CLFCleveland-Cliffs — GOES coils for transformer coresErgonPrivate (MS) — transformer oil manufacturer
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⚙️Gas Turbine Blades & RotorsL21
single-crystal castings
GEVGE Vernova — manufactures turbine components for 7HA/9HA framesHWMHowmet Aerospace — single-crystal turbine blade castingsSiemens EnergyGermany — H-class turbine components
⚠ CHOKEPOINT[CRITICAL] GE Vernova has 4-5 year backlog on large-frame gas turbines: Only ~5 foundries globally can cast single-crystal turbine blades. GEV 7HA.03 is the dominant hyperscaler-preferred frame. Siemens H-class is the only real alternative. Data centers signing turbine orders today get delivery in 2029-2030.
☢️Nuclear Fuel AssembliesL21
BWXTBWX Technologies — nuclear components and fuel fabricationLEUCentrus — HALEU fuel for advanced reactorsGNFGlobal Nuclear Fuel (GE-Hitachi JV) — BWR fuel assemblies
🔋Battery Cells (LFP / NMC)L22
for BESS
EOSEEos Energy — zinc-bromine cells (US-made, non-lithium)CATLChina — world's largest LFP cell manufacturerLG ESSouth Korea — LG Energy SolutionSamsung SDISouth Korea — NMC/LFP cells
⚠ CHOKEPOINT[HIGH] ~95% of LFP cell manufacturing is China-based: CATL, BYD, CALB dominate LFP battery cells used in grid-scale BESS. US domestic cell capacity relies on Korean JVs. IRA incentives are accelerating domestic buildout but with a 3-5 year lag.
🔌Power Transformers & Cores (GOES wound)L23
ETNEaton — power transformer manufacturingABBABB — power transformers (global leader)AZZAZZ Inc — bus components, galvanizingHitachi EnergyJapan — large power transformers (EHV)
⚠ CHOKEPOINT[EXTREME] Large power transformer lead times: 80-120 weeks: Only ~15 manufacturers globally can produce EHV units (>345 kV). The transformer bottleneck will prevent ~$50B of planned US data center capacity from energizing on schedule through 2027. GOES steel supply is the root cause.
⚡Circuit Breakers, Switchgear, Bus Duct, PDUsL23
ETNEaton — MV switchgear, ATS, bus ductHUBBHubbell — electrical distribution productsPOWLPowell Industries — E-House, MV switchgearHONHoneywell — switchgear, controlsSchneiderParis: SU — PDU, switchgear, APC UPS
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⚙️Gas Turbines (Combined Cycle / Simple Cycle)L21
GEVGE Vernova — 7HA.03 dominant frame; 4-5yr delivery queueCMICummins — reciprocating gas engines (<50 MW behind-the-meter)BWBabcock & Wilcox — boilers, heat recovery steam generatorsSiemens EnergyGermany — H-class gas turbinesMitsubishiJapan — large gas turbines
💡 INSIGHTBehind-the-Meter is the Bypass: Hyperscalers can't wait 5+ years for grid connection. Behind-the-meter gas turbines (100-500 MW) pencil for 2028-2030 energization — still long, but faster than grid queue. GEV 7HA.03 is the preferred frame. This is why GEV's backlog matters more than its current earnings.
☢️Nuclear Reactors (Existing Fleet + SMR / Microreactor)L21
CEGConstellation Energy — largest US nuclear fleet; TMI restart (835 MW)BWXTBWX Technologies — BWRX-300 components, naval reactorsOKLOOklo — microreactor companySMRNuScale Power — small modular reactor designX-energyPrivate — Xe-100 HTGR, Dow JVTerraPowerPrivate — Natrium reactor (Bill Gates)KairosPrivate — fluoride salt-cooled reactor
💡 INSIGHTNuclear Renaissance for AI: Constellation's Three Mile Island Unit 1 restart (835 MW, Sept 2024) under a Microsoft PPA validated nuclear-for-data-center economics. CEG stock doubled. The pipeline: existing fleet restarts → BWRX-300 (mid-2030s) → SMR/microreactor (late 2030s). Nuclear is the only zero-carbon baseload at GW scale.
🔋Battery Energy Storage Systems (BESS)L22
⛽Fuel CellsL21 L22
on-site generation
⚡UPS Systems & PDUsL23
ETNEaton — UPS systemsVRTVertiv — UPS, PDU, thermal managementWWDWoodward — power control componentsSchneiderParis: SU — APC UPS, Galaxy series
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⚡Power Flowing to RacksL20 L21 L22 L23
CEGConstellation — nuclear PPAs (MSFT TMI deal)VSTVistra Energy — merchant power + structured DC PPAsNEENextEra Energy — renewables + storage PPAsGNRCGenerac — backup power generators
⚠ CHOKEPOINT[EXTREME] Interconnection queue: 2,600 GW waiting: LBNL data shows median wait time of 5+ years for grid connection. FERC Order 2023 (cluster study reform) aims to clear ~40% of queue by 2026 but faces utility resistance. This is THE rate-limiting variable for the entire AI infrastructure buildout. Behind-the-meter generation is the hyperscaler bypass strategy.