The scale of the transaction becomes apparent when set against Caterpillar's own reported results. The company's Power Generation sales rose 30% to $3.421 billion in the third quarter of 2026 from $2.634 billion a year earlier, driven primarily by turbines and turbine-related services and large reciprocating engines for data center applications, according to its Form 10-Q. For the first nine months of the year, Power Generation sales reached $9.336 billion, up 33%. The broader Power & Energy segment reported third-quarter sales of $8.784 billion, up 18%, with segment profit of $2.143 billion, up 31% from $1.633 billion.
Caterpillar Chairman and CEO Joe Creed said the results "reflect the durability of our end markets, with strong order rates and a record backlog." The company reported a firm backlog of approximately $78.1 billion at September 30, about $6.0 billion higher than at the end of the second quarter, with the largest increase occurring in Power & Energy. Approximately $32.6 billion of that backlog, or roughly 42%, was not expected to be filled within the following twelve months, reflecting manufacturing lead times for gas turbines and generators that the FT describes as "stretching years into the future."
In its outlook, Caterpillar said it continues to anticipate growth in Power Generation for reciprocating engines and turbines, driven by "increasing energy demand to support the data center build-out related to cloud computing and generative Artificial Intelligence (AI)." The reported $3.4 billion deal represents about 4.4% of Caterpillar's total firm backlog, though the FT does not specify how much of that amount flows to Caterpillar versus OnePWR, and the transaction involved taking over existing orders rather than placing new ones.
OnePWR Solutions, which describes itself as "a power generation developer specializing in turnkey behind-the-meter solutions," said in a February 3, 2026 release that it had more than 400 megawatts of power generation equipment and balance of plant in inventory and expected to take delivery of more than 800 megawatts more over the next 24 months. CEO David Coker said at the time: "Access to equipment alone doesn't solve today's power constraints – execution does." Chief Commercial Officer Antti Ekqvist noted that "an increasing share of planned capacity is bypassing the grid altogether through behind-the-meter solutions."
The transaction highlights a broader structural shift in the AI infrastructure build-out, where delivery timing for power generation equipment has become a scarce asset. AI companies are increasingly using their financial strength to cut out intermediaries and take direct control of production schedules, as Anthropic did by absorbing OnePWR's Caterpillar orders. For equipment makers like Caterpillar, data centers have become a named driver of their fastest-growing power line, with Power Generation sales rising 30% in the quarter while the overall Power & Energy segment grew 18%. The deal also illustrates the challenges facing developers like OnePWR, which had secured equipment inventory but required financing to complete its Caterpillar order before Anthropic stepped in.