Core Thesis - Quanta Services, Inc. is positioned to benefit from the growing demand for data center interconnection and infrastructure development, with a record backlog of $35.8 billion [2][3] - The company raised its 2025 revenue guidance to $27.4–$27.9 billion, reflecting strong industry demand and consistent double-digit growth [3] Financial Metrics - As of October 6th, Quanta's share was trading at $427.80, with trailing and forward P/E ratios of 65.25 and 33.44 respectively [1] - The company reported Q2 2025 revenue of $6.8 billion, indicating robust financial performance [3][6] Market Position and Opportunities - Quanta is a key enabler of power capacity expansion necessary for hyperscaler data centers, benefiting from policy focus on energy and connectivity infrastructure [2][5] - The company is well-positioned to capture demand from data center expansion, grid hardening, and energy transition initiatives [5] Challenges - The company faces challenges such as a tight skilled labor market, volatility in commodity input costs, and execution risks associated with large-scale construction projects [4] - While permitting reforms have improved approval cycles, potential litigation or regulatory delays remain a concern [5] Historical Performance - Since a previous bullish thesis in May 2025, Quanta's stock has appreciated approximately 46% due to increased demand for data center power [6]