Barclays Identifies Key Power-as-a-Service Stocks to Fuel AI Infrastructure Boom

A new report from Barclays identifies key Power-as-a-Service (PaaS) companies positioned to support the massive energy infrastructure required for the expansion of artificial intelligence. The investment bank projects that spending on AI infrastructure by Western hyperscalers and AI labs could surpass $1 trillion before peaking in 2028.

A Trillion-Dollar Power Demand

Barclays analysts forecast that the surge in data center development could push annual AI infrastructure spending $300 billion above current consensus estimates. This growth is fueled by escalating capital expenditures from hyperscalers engaged in what the bank terms an "AI arms race."

The report notes that these specialized "pick-and-shovel" energy providers are securing multi-gigawatt, behind-the-meter power contracts to directly supply data centers. Barclays anticipates that the rapid pace of AI training needs will begin to decelerate around 2028 due to advancements in recursive self-improvement.

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Companies to Watch

Barclays highlighted several companies with significant projects underway to meet this demand:

• Williams Company (WMB): The energy infrastructure firm is executing approximately $7 billion in behind-the-meter data center power projects and has a 5 gigawatt agreement with Siemens Energy.
• Halliburton (HAL): The oilfield services company has formed a strategic collaboration with VoltaGrid to deploy modular natural gas power, initially targeting 400 megawatts for data centers in the Middle East.
• Fermi America: The company is pursuing the development of an 11 gigawatt behind-the-meter campus in Texas, which would include 4.5 gigawatts of gas power and 6 gigawatts of nuclear capacity.
• Liberty Energy (LBYE): Aims to deliver 1 gigawatt of capacity by the end of 2027, including a 400 MW project with Vantage.
• Solaris Energy Infrastructure (SEI): Targets 2.2 gigawatts by early 2028, with over 1 gigawatt allocated to two data center projects.
• Atlas Energy Solutions (AESI): Plans to deploy 400 megawatts by early 2027, with the majority of capacity secured under long-term contracts.
• Kodiak Gas Services (KGS): Gained approximately 380 megawatts of gas power capacity serving data centers through its acquisition of Distributed Power Solutions.
• ProPetro (PUMP): Provides gas-to-power solutions for both industrial operations and the data center sector.