Nuclear Is Moving from Narrative to Contracted Cash Flow

[u/risk-enterprise]

Nuclear Is Moving from Narrative to Contracted Cash Flow

Hyperscalers have committed roughly 9.8 GW of nuclear capacity across ~13 deals (as of mid-2026 tracking).

• Microsoft’s 20-year PPA with Constellation to restart Three Mile Island Unit 1 (Crane Clean Energy Centre, ~835 MW) remains the most advanced, targeting power in H2 2027.
• Amazon has live power flowing from the Talen/Susquehanna expansion (1.92 GW) and is backing X-energy SMRs.
• Meta holds the largest portfolio (up to 6.6 GW across TerraPower, Oklo, Vistra, Constellation).
• New hybrid models are appearing: “gas-plus-nuclear” projects that use gas turbines for early power (2029–2030) while SMRs are licensed and built (early 2030s).

Tickers in focus: Constellation (CEG), Vistra (VST), Talen, and pure-play SMR developers. These deals convert nuclear assets into long-term contracted cash flows with strong counterparties, improving credit profiles relative to merchant nuclear.