Amazon committed up to $8B to Generac for data center generators and took a warrant for the privilege.

The long-term supply agreement came with a warrant covering up to roughly 2.6% of Generac equity. Generac shares jumped 30-40%. The warrant structure is becoming the standard hyperscaler move: lock the supply, then capture the equity upside the contract itself creates. Suppliers to this buildout should price that in as the default ask.