Eaton and nVent Electric scale revenues amid AI data center boom, with ripple effects for crypto mining

The AI data center buildout is minting money for companies most people have never heard of. Eaton and nVent Electric, two industrial firms specializing in power management and thermal solutions, are posting revenue numbers that would make some tech companies jealous. Eaton pulled in nearly $27.4 billion in revenue for fiscal year 2025, a 10.3% jump year-over-year, with net income landing around $4.1 billion. nVent, the smaller but faster-growing sibling, hit close to $3.9 billion in revenue, representing a 30% year-over-year increase and roughly $710 million in net income. The numbers behind the data center gold rush nVent’s Q1 2026 results were particularly eye-catching. The company reported organic sales growth of 34%, with infrastructure sales surging nearly 80% year-over-year. Its backlog hit a record $2.6 billion, essentially a queue of future revenue waiting to be recognized. Eaton’s story is equally compelling, though on a larger scale. During Q4, orders in certain segments surged approximately 200% year-over-year. The company has also been making strategic moves to capture more of the cooling market, completing its acquisition of Boyd Thermal to bolster liquid cooling capab...