From companies like CoreWeave and Nebius Group, which own and operate data centers, to Nvidia, which supplies graphics processing units (GPUs), several tech companies dominate the market’s focus on data center development.
But step away from the tech sector, and you’ll find other companies contributing to the development of data center infrastructure — under-the-radar companies that provide excellent opportunities for those interested in expanding their artificial intelligence (AI) investments.
Image source: Getty Images.
Build your exposure to data centers with this construction specialist
Helping companies from various industries develop their infrastructure projects, Fluor (FLR 0.95%) has over 100 years of experience building everything from toll roads to uranium enrichment facilities to data centers.
Today’s Change
(-0.95%) $-0.46
Current Price
$48.10
Key Data Points
Market Cap
$6.9B
Day’s Range
$47.86 – $48.46
52wk Range
$33.55 – $57.50
Volume
623
Avg Vol
2.6M
Gross Margin
-77.40%
And it’s not as if Fluor’s experience with developing data center projects has been a flash in the pan. In 2025, Data Centre Magazine named Fluor as the top construction company for building data centers, characterizing the company as “a global standard-bearer for data centre megaprojects, deploying sophisticated engineering and construction solutions worldwide.”
Image source: The Motley Fool.
Most recently, Fluor announced it had signed an agreement with TeraWulf, a developer of large-scale AI infrastructure projects, to build a 480-megawatt data center in Kentucky. The company didn’t provide financial details of the agreement, but one estimate pegs the project at $3 billion to $4 billion.
Fluor doesn’t break out the specific revenue from data centers, but it’s worth noting that its data center business is part of the urban solutions segment, which accounted for more than 59% of Fluor’s 2025 revenue.
Management recognizes data center projects as a significant growth opportunity. On the company’s fourth-quarter 2025 conference call, CEO Jim Breuer said:
We continue to be very interested in data centers. We are pursuing data center work. We have two very good opportunities, one in the U.S. for a large project, one in Europe for project management services that we’re in advanced negotiations.
Companies are making massive investments in data centers in support of their AI ambitions, and the trend is expected to continue. According to research from The Motley Fool, companies spent $1 trillion on data centers last year, and global spending is expected to rise to $4 trillion by 2030.
Is Fluor stock a buy now?
Those seeking exposure to AI stocks often pay semiconductor companies a majority of the attention, but investors can also gain AI industry exposure through companies like Fluor that are building data centers where AI computing occurs.
While the company’s $643 million payment related to litigation with Santos, an Australian gas company, significantly impacted Fluor’s financials in 2025, those considering Fluor as a potential investment shouldn’t interpret the company’s $51 million net loss as a red flag. The company is consistently profitable, and its $25.5 billion backlog at the end of 2025 bodes well for its future. For an alternative data center investment opportunity, Fluor is a worthy consideration.
