$1.47bn FTAI Power Order

Research evidence excerpt

$1.47bn FTAI Power Order

Update

July 22, 2026 02:50 PM GMT

Morgan Stanley & Co. LLCMFTAI Aviation Ltd | North America Kristine T Liwag

Equity Analyst

$1.47bn FTAI Power Order Kristine.Liwag@morganstanley.comJason T Holcomb +1 212 761-2980

Research Associate

Jason.Holcomb@morganstanley.com +1 212 761-5592

What Happened: FTAI announced this morning that J&F Power Systems, its joint

Justin M Lang

venture with Jereh Group, entered into a five-year master gas turbine generator set Equity Analyst

supply agreement with a leading international cloud service provider and received Justin.Lang@morganstanley.com +1 212 761-6251

Gabrielle Knafelman

an initial purchase order valued at $1.465bn (more details here). Under the Research Associate

agreement, J&F will supply Mod-1 mobile gas turbine generator sets in batches Gaby.Knafelman@morganstanley.com +1 212 761-4838

Shaina C Zuber

through November 2027. FTAI noted that the order represents a substantial number Research Associate

of FTAI Power’s targeted 2027 deliveries (FTAI had previously noted that it is Shaina.Zuber@morganstanley.com +1 212 761-6353

targeting production of 100 units in 2027). The agreement allows the customer to

FTAI Aviation Ltd (FTAI.O, FTAI US)

issue additional purchase orders over the five-year term. Payments will be made on Top Pick

a milestone basis, beginning with an advance payment at signing and followed by Aerospace | United States of America

progress payments through production, testing, and on-site commissioning.

Stock Rating Overweight

Industry View Attractive

MS View: We view the announcement positively as it provides the commercial Price target $319.00

validation that investors have been looking for. The order confirms large scale Shr price, close (Jul 21, 2026) $210.25

Mkt cap, curr (mm) $21,921