AI companies collectively signed nuclear power purchase agreements equivalent to powering 7 million homes, with uranium stocks surging on the demand signal.
AI has not made nuclear power simple. It has made it financeable, and that is why uranium stocks are moving again.
For years, nuclear power had a strange problem: plenty of governments liked it in speeches, but not enough customers were willing to sign the kind of contracts that make reactors, restarts and fuel supply pencil out. AI has changed that. Not with better rhetoric. With power bills.
Microsoft and Amazon were among the first to turn to nuclear because AI data centers need power that runs all day, not only when the weather cooperates. The same logic appears in deals signed by Google, Meta and Amazon. The cloud used to sound weightless. Now it looks like a line of substations, cooling towers and transmission queues.
The strongest example is Microsoft's agreement to purchase output from the Three Mile Island site's Unit 1 reactor. Constellation Energy, which operates the plant under its new name Crane Clean Energy Center, is moving ahead with the restart after Microsoft committed to a 20-year contract for the reactor's output to supply data operations. The restart will add 835 megawatts of supply to PJM, with the unit expected back online in 2028. The restart spending is estimated at about $1.6 billion. A dead asset became useful again because AI demand made firm electricity valuable enough.
Meta announced the largest headline commitment in January 2026, when it revealed agreements with Vistra, TerraPower and Oklo tied to the grids supporting its Prometheus supercluster in New Albany, Ohio. Meta said those projects could support up to 6.6 gigawatts of new and existing clean energy by 2035. Prometheus is a one-gigawatt cluster expected to come online in 2026—the kind of load that forces a company to think like a utility customer years before the servers are fully installed.
Google's nuclear move came earlier. In October 2024, Google signed what it called the first corporate agreement to buy nuclear energy from multiple small modular reactors developed by Kairos Power. The agreement targets up to 500 megawatts by 2035, starting with the Hermes 2 plant in Oak Ridge, Tennessee in 2030. Amazon's most concrete nuclear purchase is the June 2025 Talen Energy agreement to supply 1,920 megawatts from the Susquehanna nuclear plant for Amazon Web Services operations in Pennsylvania.
The trend of major AI hyperscalers signing nuclear power purchase agreements is current across 2024-2026. Microsoft signed in 2024. Google signed in 2024. Amazon's Susquehanna agreement came in June 2025. Meta announced its batch in January 2026.
Canada is moving on nuclear energy as well. Natural Resources Canada released a national nuclear strategy on June 22, 2026, led by Energy and Natural Resources Minister Tim Hodgson. The strategy pointed to financing tools, uranium production and CANDU technology, including the Darlington New Nuclear Project in Bowmanville, Ontario. The government allocated up to $2 billion from the Canada Growth Fund and $1 billion from the Building Ontario Fund for Darlington's small modular reactors.
The U.S. policy picture is similarly concrete. The Department of Energy said in May 2026 that its UPRISE initiative targets 2.5 gigawatts of added nuclear capacity by 2027 and 5 gigawatts by 2029, mainly through uprates and efficiency improvements at existing plants. Separately, the National Nuclear Security Administration selected Amentum on July 20, 2026 to negotiate a project pairing a one-gigawatt AI data center with on-site energy generation at the Savannah River Site in South Carolina.
This is why uranium investors are paying attention. Uranium mining equities, measured by the Northshore Global Uranium Mining Index, were up 39.49% year-to-date as of January 31, 2026, while junior uranium miners were up 45.25%. More recently, on July 22, nuclear names rallied after a U.S.-Saudi nuclear agreement and a federal AI-reactor initiative, with Constellation gaining 4.8% intraday and Oklo and Nano Nuclear Energy both gaining more than 2%.
Investors should recognize that not every uranium stock is the same bet. Cameco sells into an operating market. NexGen Energy is still a development story tied to its Rook I project in Saskatchewan's Athabasca Basin. Oklo has attracted significant demand language around it, but investors are now testing whether advanced reactor companies can turn agreements into plants that are actually licensed and running. That is the real issue.
Goldman Sachs Research forecast in May that U.S. data center power demand would more than double to 66 gigawatts in 2027 from 31 gigawatts in 2025. For companies building AI infrastructure, power procurement is no longer a back-office detail. It is strategy. The companies that signed early have options. The ones that waited are now discovering that reactors and uranium mines do not arrive on startup timelines—and neither do the transmission lines needed to move the power.