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Microsoft paid to restart a nuclear reactor at Three Mile Island. Amazon spent $650 million buying a nuclear-powered data center campus. Google signed the first-ever corporate deal to buy power from small modular reactors that don't even exist yet.
Three of the most valuable companies on earth are so desperate for electricity that they're buying nuclear plants.
Global data center power demand is projected to double to over 1,000 TWh by 2026. The grid operator serving 65 million Americans says it will be six gigawatts short by 2027. Retail electricity prices are up 42% since 2019. Elon Musk couldn't get grid access for his xAI data center in Tennessee so he brought in mobile gas generators and powered the entire facility off-grid.
The demand for power is growing faster than the grid can supply it. And every month it takes to build new generation capacity, the companies that already own power plants get more pricing power.
I'm buying the power generators and the nuclear operators.
Constellation Energy (CEG) operates the largest nuclear fleet in the country. They're the ones restarting Three Mile Island for Microsoft. Nuclear runs 24/7, produces zero carbon, and operates at 90%+ capacity factors. It's the only baseload power source that meets every requirement data centers have. Every major hyperscaler is now negotiating long-term power purchase agreements with nuclear operators. Those contracts lock in revenue visibility for 10-20 years. Constellation hasn't had that kind of earnings certainty in its history.
Vistra (VST) is the largest competitive power generator in the US. Natural gas and nuclear in Texas and PJM territory where data centers are concentrated. When data centers sign decade-long PPAs at premium rates, the revenue certainty transforms how you value these companies. They stop looking like volatile utilities and start looking like infrastructure monopolies with contracted cash flows.
Cameco (CCJ) is the uranium play underneath the nuclear renaissance. 34 countries pledged to triple nuclear capacity. There are only 8 publicly traded uranium miners at scale. Supply is already in a 7,000 tonne annual deficit before a single new reactor gets approved. When Microsoft, Amazon, and Google are all competing for nuclear power, uranium demand isn't theoretical anymore. It's contracted.
On the infrastructure side, Quanta Services (PWR) and MasTec (MTZ) build the transmission lines and substations these data centers need. Transformer lead times are 2-4 years. Permitting takes a decade. The companies with existing crews and utility relationships are raising prices because there aren't enough qualified teams to do the work.
I'm heaviest in the nuclear operators because the demand is locked in by 10-20 year contracts with the richest companies on earth. When Microsoft signs a 20-year PPA, that's not a forecast. That's a binding commitment.
I break down nuclear, energy infrastructure, and uranium plays every week in a 100% FREE webinar. Link is in comments.
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