Deals could exceed 6 gigawatts of capacity
Meta Platforms Inc. is set to become one of the world’s largest corporate buyers of nuclear energy, signing a series of agreements as technology companies race to secure electricity for the rapid expansion of artificial intelligence.
The contracts could ultimately total more than 6 gigawatts of capacity, enough to power roughly five million homes. The agreements include power purchases from three existing nuclear plants owned by Vistra Corp., as well as support for several new reactors planned by Oklo Inc. and TerraPower LLC, backed by Sam Altman and Bill Gates respectively.
Following the announcement, Vistra shares rose as much as 16% in New York trading, while Oklo gained up to 19%. Meta shares climbed nearly 1%.
Big Tech races to secure reliable energy
The deals highlight the intensifying scramble among major technology companies to lock in long-term energy supplies as AI-related power demand accelerates. According to Grid Strategies, US electricity consumption is expected to increase by at least 30% by 2030, largely driven by data centers.
Amazon, Alphabet and Microsoft have already signed nuclear power agreements, but Meta’s effort eclipses those initiatives in scale. While the company did not disclose contract values, transactions of this size can represent billions of dollars in revenue for electricity generators.
The new agreements follow a separate deal announced in June to source power from a nuclear site operated by Constellation Energy Corp.
Costly but strategic investment
Urvi Parekh, Meta’s head of global energy, said the deals aim to prevent the closure of existing nuclear plants and support early investment in new nuclear capacity. She emphasized that nuclear energy remains a key part of Meta’s low-carbon strategy.
According to BloombergNEF, building new nuclear reactors can cost around $13 per watt for conventional plants and up to $24 per watt for advanced technologies. At the high end, developing 6 gigawatts of advanced nuclear capacity could require more than $120 billion in capital investment.
Analysts estimate Meta may pay between $141 and $220 per megawatt hour for nuclear electricity, significantly more than the $50 to $60 typical for gas, wind or solar. Despite the higher cost, nuclear power offers constant output, fuel price stability and carbon-free generation, advantages that remain attractive to hyperscalers.
Powering Meta’s AI infrastructure
The nuclear agreements will help supply Meta’s major AI data center projects, including the 1 gigawatt Prometheus facility in Ohio and future expansions. Under its deal with Vistra, Meta will purchase energy from the Davis-Besse and Perry reactors in Ohio, as well as from the Beaver Valley plant in Pennsylvania.
Additional agreements with Oklo provide up to 1.2 gigawatts from reactors planned in Ohio, with the first units expected around 2030, pending regulatory approval. Meta is also backing TerraPower projects capable of generating up to 690 megawatts by 2032 and has secured rights to power from several future reactors.
Chief executive Mark Zuckerberg has repeatedly said the greater risk for Meta lies in underinvesting in AI infrastructure rather than overspending. The company’s strategy is to front-load capacity in anticipation of reaching what it calls superintelligence.
