MasTec, Vertiv and nVent Electric are emerging as safer AI infrastructure plays compared to data center startups like CoreWeave, which faces mounting financial pressures. MasTec reported fourth-quarter 2025 revenue of $3.94 billion, up 16% year-over-year, with an 18-month backlog of $19 billion and forecasts 19% revenue growth to $17 billion for 2026. Vertiv posted full-year 2025 revenue of $10.2 billion with 26% organic sales growth and adjusted earnings per share up 47% to $4.2. nVent Electric generated $1 billion in data centre sales in 2025, up 50% year-over-year, with backlog tripling to $2.3 billion. CoreWeave faces sustainability concerns with $35 billion planned spending in 2026, $29 billion in liabilities and quarterly interest expenses approaching $590 million.

MasTec's Pipeline Infrastructure segment has rebounded sharply, posting a 50% year-over-year revenue increase to $644 million in the fourth quarter of 2025, its highest level in two years. The segment finished 2025 with $2.1 billion in total revenues, exceeding initial guidance of $1.8 billion. The recovery was driven by stronger project activity and improved operational execution, with fourth-quarter EBITDA margins reaching 18.5%, up 310 basis points from the third quarter. Management indicated the industry cycle is turning upward, with visibility at record levels. MasTec forecasts a 17% segment revenue increase for 2026 and expects to reach or surpass historical highs of approximately $3.5 billion in 2027. The company competes with Sterling Infrastructure and Quanta Services in energy and infrastructure construction markets.

MasTec has raised its 2026 guidance, projecting revenue of $17 billion and GAAP diluted earnings per share of $6.62, sending shares up 7%. The infrastructure contractor reported fourth-quarter 2025 sales of $3.94 billion and full-year revenue of $14.30 billion. The company announced over $4.5 billion in backlog growth and completed acquisitions in construction management and water infrastructure, expanding its capabilities across data centres, utilities and clean energy projects. Full-year 2025 net income reached $399 million. Analysts note MasTec's growth depends on converting its larger backlog into earnings whilst managing thin margins and project execution risks. The company's updated guidance provides clearer benchmarks for investors, though concerns remain around customer concentration and potential delays in large-scale infrastructure projects.