Mechanical / HVAC construction (Comfort Systems) — data-center mechanical buildout
AI exposure 58% — derived from reported segment revenue, not asserted.
Physical Infrastructure → Grid Infrastructure Contractors · figures rebased to Q2 2026, reported 2026-07-23
Mechanical/HVAC construction & service (data-center cooling, modular) leads 2 businesses in this sub-tier that together are 100% of revenue, so Grid Infrastructure Contractors is effectively the whole company rather than one leg of it.
Comfort Systems USA (YTD 2026 revenue $6.13B; mechanical 71% and electrical 29% of the mix). Mechanical Services 71% = primary B2 Grid Infrastructure Contractors — HVAC, plumbing and piping, where data-centre and advanced-manufacturing work dominates the backlog; Electrical Services 29%. The mix is taken on a year-to-date basis, which is how Comfort Systems reports the split.
Moat. Mechanical and electrical execution at scale plus modular prefabrication (heading toward ~5M sq ft by late-summer 2027, expansion tied to customer commitments) and depth in a scarce skilled trade. Real advantages, but ones rivals can rebuild given capital and time.
Bottleneck / pricing power. Pricing power is proven rather than asserted: Q2 2026 gross margin 25.9% held above 25% WITHOUT the prior quarter's ~$43M closeout benefit, with operating margin up 330bps to 17.1% — labor scarcity and project selection, not one-offs.
Role in the AI stack. The mechanical/HVAC-construction layer for data centers + fabs.
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