A large, investable utility with a scaled clean build engine can compound through the AI-load cycle, but capital costs and regulators set the speed limit.

As AI/data-center load and electrification tighten power availability, reliability + fast interconnection become premium products; NextEra can compound via Florida utility growth plus a renewables/storage factory, with additional upside from nuclear restarts and “compute-ready” campus-style offerings—gated mainly by permitting and cost of capital.

Owns scarce real-world bottlenecks (grid access + generation + execution) needed for AI-era load; regulation slows iteration and caps economics versus software platforms.

NextEra is positioned to stay a “premium growth utility” as load growth accelerates, but the market still prices utilities through financing conditions and regulatory confidence. The upside comes from scaling regulated infrastructure in Florida, converting renewables/storage backlog into long-dated contracted cash flows, and selectively adding firm clean capacity (including nuclear). The capex engine is the advantage—and the constraint—so the outcome is steady compounding rather than multi-bagger dynamics.

The binding risks are financing (high investment needs), regulation (who pays for grid upgrades and storm costs), and execution throughput (equipment lead times, interconnection dependencies, and nuclear restart milestones).

Slightly improved visibility on AI-load contracting and guidance supports a modestly higher forward path versus the prior run.

$91.77