Generac Holdings Inc. saw its shares jump as much as 45% in after-market trading on Wednesday, September 16, 2026, following the announcement of a deal to supply generators for Amazon.com Inc.’s data centers. The agreement is valued at up to $8 billion, with initial deliveries expected to total approximately $2.4 billion in 2027 and 2028. As part of this arrangement, Generac issued a warrant to Amazon.com NV Investment Holdings, allowing them to acquire up to 1.69 million shares of Generac stock at $200.93 per share. This warrant gives Amazon the right to buy up to $340 million worth of Generac stock, with about 308,000 shares vesting immediately and the remainder vesting based on Amazon's generator purchases.
This deal highlights a growing trend of tech giants, driven by the demands of artificial intelligence, securing power equipment through warrant-linked agreements. Generac's market capitalization was around $10.3 billion at Wednesday's close. The warrants Amazon received are equivalent to almost 3% of Generac's outstanding shares. This isn't Amazon's first such infrastructure deal; they previously secured warrants for up to $4 billion in Qualcomm stock through an AI chip agreement and have similar arrangements with other suppliers like Astera Labs, ATSG, Plug Power, and Spartan Nash.
Separately, CoreWeave Inc., a provider of computing resources for artificial intelligence systems, initiated a new fundraising round on Thursday, September 17, 2026. This includes a plan to issue $3 billion in convertible bonds. Additionally, CoreWeave established an "at-the-market" offering program, allowing it to sell up to 35 million shares over time. This program is intended to provide financial flexibility and help the AI cloud firm improve its credit profile, aiming for an investment-grade rating.
