Amazon Wins Warrant for ~3% Generac Stake in $8B Generator Pact

Amazon received warrants to buy up to 1,693,745 shares of Generac common stock at $200.9266 per share, CNBC reported, tied to a long-term supply agreement for up to $8 billion of backup power generators for Amazon data centers. 307,954 of those shares vest immediately; the remainder vest in stages as Generac's cumulative payments from Amazon rise toward the $8 billion cap. Initial generator deliveries are expected to total $2.4 billion in 2027 and 2028.

Generac shares jumped as much as 45% in after-market trading. Bloomberg put the warrants at "equivalent to almost 3% of outstanding shares in Generac, which has a market cap of about $10.3 billion."

The filing also answers a question Generac left dangling earlier in the year. On June 2, Generac announced a global supply agreement with an undisclosed hyperscale data center operator for large-megawatt backup generators. The customer's identity had stayed private until this week.

The template is by now familiar in our infrastructure coverage. CNBC called it "the latest example of a tech giant striking a warrant-linked deal with a power equipment supplier to keep up with artificial intelligence-driven electricity demand, following Oracle's similar stake in fuel-cell maker Bloom Energy in April 2026." Oracle's version gave it warrants for 3.53 million Bloom shares at $113.28 apiece.

Neither the CNBC report nor the summary of the 8-K spells out the vesting thresholds between the initial $2.4 billion of deliveries and the $8 billion cap, or which Amazon entity holds the warrant.