Venture Global Lifts 2026 EBITDA Outlook to $10 Billion, Targets 5 GW for AI Data Centers

Venture Global raised its 2026 Consolidated Adjusted EBITDA forecast to $10.0–$10.3 billion on Tuesday, up from $8.7–$9.1 billion, after third-quarter revenue climbed 43% to $4,756 million and adjusted EBITDA jumped 69% to $2,583 million. The LNG exporter shipped 124 cargos in the quarter, 24 more than a year earlier, driven mostly by rising output from its Plaquemines plant in Louisiana.

The guidance assumes liquefaction fees of $21–$22 per MMBtu on unsold cargos. Net income attributable to common stockholders surged to $2,546 million, or $0.96 per diluted share, from $429 million a year ago. About $1.37 billion of that came from a non-cash gain on interest rate swaps, which the company excludes from its adjusted EBITDA figure.

What's the off-grid power pitch?

Alongside the numbers, Venture Global laid out a business it calls an "AI utility": off-grid, gas-fired electricity for data centers, built on the island-mode power network that already runs its LNG plants.

In October, it signed frame agreements with GE Vernova and Baker Hughes covering up to 16 power islands of 720 MW each, plus transformer and grid equipment. The company points to roughly 15,000 acres of controlled land, access to about 13 bcf/d of pipeline capacity and around 4 GW of existing power generation across its sites in Cameron and Plaquemines Parishes. It expects to begin delivering compute capacity in late 2028 and reach about 5 GW by the end of 2031 — with no reliance on public electricity or water.

Each power island, per the investor presentation, is designed to feed two data centers of 250 MW of critical compute capacity apiece. The company says it expects to place its first two purchase orders by the first half of 2027.

Fortune reported that Venture Global aims to double capacity to 10 GW by 2034, that no hyperscaler customer has been named and that the concept is still in "market testing." "We're off the water utility, and we're off the grid, so we don't impact consumers at all," CEO Mike Sabel told Fortune. The move echoes a similar push by Kodiak Gas Services, which is working on on-site gas power for data centers.

Where does the LNG business stand?

Plaquemines Phase 1 reached commercial operations on Oct. 31 — just over 53 months after its final investment decision — and has loaded six cargos for long-term customers. Phase 2 is due in mid-2027, the same window the company now gives for first LNG at its CP2 project, a narrowed timeline.

Venture Global expects to ship 509–518 cargos in 2026, with 99% of available 2026 cargos already contracted. It signed 2.0 mtpa of new or expanded 20-year supply deals, including 1.0 mtpa with ConocoPhillips starting in 2030 and 0.5 mtpa with China Gas. Per Fortune, the company aims to pass Cheniere Energy and QatarEnergy as the world's largest LNG exporter by volume by the end of 2027.

How do the quarters compare?

The company's releases show steady sequential growth across 2025 and 2026:

• Q3 2026: Revenue $4,756M; operating income $2,295M; net income $2,546M; adjusted EBITDA $2,583M; diluted EPS $0.96; 124 cargos.
• Q2 2026: Revenue $4,578M; operating income $2,188M; net income $1,347M; adjusted EBITDA $2,491M; diluted EPS $0.51; 127 cargos.
• Q3 2025: Revenue $3,329M; operating income $1,320M; net income $429M; adjusted EBITDA $1,525M; diluted EPS $0.16; 100 cargos.

Full quarterly revenue has climbed from $2,894M in Q1 2025 to $4,445M in Q4 2025 and $4,756M this quarter, with the Q3 2026 figures coming from the company's Nov. 10, 2026 release.

Whether the data-center venture lands a hyperscaler customer — and whether Plaquemines Phase 2 and CP2 hit their mid-2027 windows — will decide if the raised guidance and the 5 GW power ambition hold together.