Nuclear

Hyperscaler Nuclear Deals

Every confirmed Microsoft, Amazon, Google, Meta, Oracle, and Equinix nuclear deal 2023-2026. Structure classifications (grid PPA / behind-the-meter PPA / MoU / joint development) follow press releases and 8-K filings; only grid + BTM PPAs are binding offtake. Sources: company press, FERC eLibrary, Reuters.
Filter structure:
Announced▼BuyerSellerTechnologyCapacity (MW)Term (yr)StructureLocationTarget StartSource
2025-09-29Amazon Web ServicesVistra Corp (Comanche Peak)Existing reactor (Comanche Peak)1,20020grid PPAGlen Rose, Texas (ERCOT)Q4 2027 (ramping to full by 2032)
2025-06-03Meta PlatformsConstellation EnergyExisting reactor (Clinton Power Station)1,12120grid PPAClinton, Illinois2027 Q2 (post Illinois ZEC expiry June 2027)
2025-05-07GoogleElementl PowerAdvanced reactor (vendor TBD)1,800n/ajoint developmentthree US sites (TBD)by 2035 per Elementl goal
2025-03-25Energy Northwest + AmazonX-energySMR (Xe-100)320n/asub-dealRichland, Washington (Columbia Generating Station site)first unit 2030-2032
2024-12-04Switch (data center operator)OkloSMR (Aurora)12,00020MoU (non-binding)multi-site, USpost-2030
2024-10-16AmazonX-energy + Energy Northwest + DominionSMR (Xe-100, HTGR)5,040n/ajoint developmentWashington State (Energy Northwest); Virginia (Dominion North Anna)first unit early 2030s, 5 GW by 2039
2024-10-16AmazonDominion EnergySMR (technology TBD)600n/aMoU (non-binding)North Anna, Virginiaearly 2030s
2024-10-14GoogleKairos PowerSMR (KP-FHR, fluoride-salt-cooled high-temp)500n/agrid PPAUS (multi-site, Tennessee Hermes-2 likely first)first plant 2030, full 500 MW by 2035
2024-09-20MicrosoftConstellation EnergyExisting reactor restart (TMI Unit 1 / Crane Clean Energy Center)83520grid PPALondonderry Township, Pennsylvania2028 (planned 2027-2028 restart)
2024-09-09Oracle(utility partner and reactor vendor undisclosed)SMR (vendor TBD)1,000n/ain discussionsUS (site undisclosed)post-2030
2024-03-04Amazon Web ServicesTalen EnergyExisting reactor (Susquehanna SES)96010behind-the-meter PPASalem Township, Pennsylvania2024 (ramping)
2024-02-01Standard Power (data center developer)NuScaleSMR (VOYGR, light-water)24n/aMoU (non-binding)Ohio + Pennsylvania2029-2030 target, slipping
2023-12-04EquinixOkloSMR (Aurora, sodium fast)50020MoU (non-binding)multi-site, USpost-2030
2023-05-10MicrosoftHelion EnergyFusion (FRC, D-He3 target)50n/agrid PPAWashington State (site TBD)2028

14 of 14 confirmed hyperscaler + nuclear deals, 2023-2026. Civilian power only. Sources: company press releases, FERC eLibrary, utility IR disclosures.

US Data Center Power Demand

TWh of US electricity consumed by data centers 2020-2035E, with forecast range across LBNL, McKinsey, EPRI, DOE, Wood Mac, and Goldman scenarios. Right axis shows nuclear's share of data center supply. The 2025 inflection reflects hyperscaler AI training scale-up.

US data center electricity consumption 2020-2035E. Actuals through 2024 from LBNL; 2025-2035 forecast range spans LBNL low to McKinsey high; mid-line is blend of LBNL, DOE, Wood Mackenzie, EPRI moderate, Goldman Sachs. Nuclear share overlay reflects share of DC supply met by nuclear (corporate PPAs + locational matching). Sources: LBNL 2024 Data Center Energy Usage Report, EPRI, McKinsey, DOE LPO, Wood Mackenzie, Goldman Sachs.

PPA Structures (deal-flow mix)

How the 14 confirmed hyperscaler nuclear deals break down by contract structure. Binding (grid PPA + behind-the-meter PPA) = 6 deals at 3.7 GW; non-binding (MoU + joint development + in discussions) = 8 deals at 24.2 GW. Headline GW commitments are dominated by MoUs and joint-development letters that can lapse.

Binding (PPAs)

4,666 MW

6 deals

Non-binding

20,964 MW

7 deals

grid PPA5 deals, 3,706 MW
behind-the-meter PPA1 deals, 960 MW
MoU (non-binding)4 deals, 13,124 MW
joint development2 deals, 6,840 MW
in discussions1 deals, 1,000 MW

Capacity-weighted distribution of 14 confirmed and publicly-discussed hyperscaler + nuclear deals through Q1 2026 (sub-deals folded into parent agreements). Binding capacity (grid PPA + behind-the-meter PPA) reconciles to 4,666 MW across 6 deals. MoU bucket biased upward by Oklo + Switch 12 GW ceiling. Sources: Sterling deal ledger, company press releases, FERC eLibrary.

Nuclear Equity Performance

Monthly closing prices for the eight publicly-traded nuclear names (CEG, VST, TLN, OKLO, SMR, NNE, LEU, CCJ) indexed to 100 on Jan 2024, plotted against the S&P 500. Annotation markers tag the policy and deal events that drove the largest moves (TMI restart, Susquehanna ALJ, NIF ignition, Oklo SPAC, NNE IPO, DeepSeek selloff).

Monthly closing prices indexed to 100 on each ticker's first trading day in 2024. OKLO indexed from 2024-05-10 (SPAC merger close); NNE from 2024-05-09 (IPO). Dashed verticals mark notable events: TMI restart announcement (Sep 20, 2024), Susquehanna ALJ ruling (Nov 1, 2024), Oklo SPAC close, NNE IPO, DeepSeek selloff, Helion-Microsoft anniversary. Source: Yahoo Finance month-end close.

Grid Interconnect Queue

Pending and decided FERC + ISO interconnection filings tied to nuclear-adjacent large-load data center sites. The Susquehanna ER24-2172 rejection (Nov 1, 2024) set the precedent that constrained behind-the-meter PPA economics; the AD24-11 policy docket is the FERC rulemaking that will define the longer-term framework.

Tracked

11

queue entries

Total MW

5,806

requested capacity

Active / approved

5,026

MW moving forward

Rejected

480

MW blocked

ERCOT

1 filing
Docket / QueueSiteMWFiledStatus

INR-2024-XXXX (inferred)

Large load interconnection

Comanche Peak Nuclear Power Plant (Glen Rose, TX)

Vistra Corp

1,2002024-Q4active (PPA signed)

ERCOT does not face FERC ISA review for BTM (out of FERC jurisdiction); state PUC review only. Vistra 8-K Sep 29 2025 disclosed a binding 20-year PPA for 1,200 MW with deliveries beginning Q4 2027; counterparty named on Vistra Q1 2026 earnings call (May 2026) as AWS.

FERC (multi-ISO)

1 filing
Docket / QueueSiteMWFiledStatus

AD24-11

Large-load co-location policy docket

all RTOs

FERC sua sponte

n/a2024-11-01open technical conference

Technical conference Nov 1 + Nov 26, 2024; comments due Jan 2025; ongoing 2025-2026

MISO

1 filing
Docket / QueueSiteMWFiledStatus

DPP-2024-Aug-North-002 (inferred)

Data center large load (>500 MW)

near Cook Nuclear Plant, MI

(undisclosed hyperscaler)

7002024-08-15active

MISO DPP cycle in progress; transmission upgrade study expected mid-2026

PJM

6 filings
Docket / QueueSiteMWFiledStatus

ER24-2172

ISA amendment (large load co-located)

Susquehanna Steam Electric Station (Salem Township, PA)

PJM + Talen + Amazon

4802024-06-03rejected

FERC ALJ rejected Nov 1, 2024 (split decision); cost-shift to PJM ratepayers cited

ER25-1093

Co-location service agreement (refiled)

Susquehanna SES

PJM + Talen + Amazon

3002025-04-08approved

Restructured to grid-network service; FERC accepted 2025-Q3

AE2-XXX (Exelon transition)

Large load interconnection

Three Mile Island Unit 1 / Crane Clean Energy Center

Constellation

8352024-10-01under study

PJM transition study in progress for return-to-service interconnection

(public summary, individual ID redacted)

Generator interconnection (restart support)

Clinton Power Station

Constellation

1,1212025-07-15active

License renewal application filed; interconnection upgrades minimal (existing capacity)

PJM transition (FY 2026 cycle, position inferred)

Generator interconnection (uprate)

Byron Generating Station, IL

Constellation

1102025-09-01active

Uprate study underway; targets ~55 MW per unit

(study)

Generator interconnection (new SMR)

North Anna Power Station, VA

Dominion Energy

6002025-10-30feasibility

Joint feasibility study with Amazon; vendor selection 2026

TVA (non-RTO)

1 filing
Docket / QueueSiteMWFiledStatus

TVA-IR-Hermes2-001

Generator interconnection (advanced reactor demo + commercial)

Oak Ridge / Clinch River, TN

Kairos Power + TVA

1402024-11-15active

TVA system planning supports Hermes-2 demo to 2030; Google PPA back-stops commercial siting

WECC (Northwest)

1 filing
Docket / QueueSiteMWFiledStatus

EN-XE100-IR-001

Generator interconnection (new advanced reactor)

Columbia Generating Station vicinity, Richland WA

Energy Northwest

3202025-02-20active

BPA / WECC transmission study in progress; ESP under NRC review

Total includes only entries with explicit MW. AD24-11 is a policy docket with no MW. Susquehanna rejected MW (480) excluded from active total. The PJM Susquehanna refile (300 MW approved) is included in approved. Sources: FERC eLibrary, PJM + MISO + ERCOT public queues, BPA, TVA, NRC, Reuters, Utility Dive.

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Nuclear - Ai-demand | Sterling