Big Tech nuclear commitments for AI data centers
Key Questions
What nuclear deals have hyperscalers like Meta signed for AI data centers?
Meta has committed to 6.6GW through deals with Vistra, Oklo, and TerraPower. Vistra also secured 3.8GW agreements involving Meta and AWS.
What is the status of Constellation's Three Mile Island restart for Microsoft?
Constellation plans to restart TMI in 2027 under a deal with Microsoft that includes an additional 5GW PPA. This supports reliable power for AI workloads.
Why did BofA issue a Buy rating on Oklo with an $80 target?
BofA cites Oklo's AI-nuclear milestones in Q1 and a binding 1.2GW catalyst tied to Meta. The rating implies about 23% upside from recent levels.
How much uncontracted nuclear demand remains after 2027?
Approximately 70% of projected demand is still uncontracted post-2027. This gap creates opportunities for new SMR and utility deals.
What does CEG's analysis show about nuclear plus Calpine FCF?
CEG's review examines free cash flow potential from its nuclear assets combined with the Calpine acquisition. Strong PJM power prices support the outlook.
Which companies are advancing AI-nuclear milestones in 2025?
Oklo reported Q1 progress on fuel recycling and reactor deployment targets. Partnerships with labs like INL are using AI to accelerate designs.
How are utilities responding to Big Tech power needs?
Constellation and Vistra are expanding nuclear capacity through restarts and new PPAs. The focus is on always-on, low-carbon supply for data centers.
What role does nuclear play in meeting AI data center growth?
Nuclear provides reliable, carbon-free baseload power that matches 24/7 AI demand. Hyperscalers are increasingly signing long-term contracts to secure supply.
Hyperscalers deepening SMR/utility deals: Meta 6.6GW (Vistra/Oklo/TerraPower), Constellation TMI MSFT 2027 +5GW PPA, Vistra 3.8GW Meta/AWS. Oklo Q1 AI-nuclear milestones; BofA Buy + $80 target on Meta 1.2GW catalyst. 70% uncontracted demand post-2027. CEG FCF analysis on nuclear+Calpine amid PJM prices.