On Friday (January 9) local time, Meta announced that it had reached agreements with three nuclear power suppliers: Oklo, Vistra and TerraPower.
Following the announcement, Oklo's pre-market stock price surged nearly 20%, while Vistra rose over 14%.
According to an official press release, Meta will purchase electricity from Vistra’s Perry and Davis-Besse nuclear power plants in Ohio, and Beaver Valley nuclear power plant in Pennsylvania.
Meta stated that the agreement will help fund the expansion of nuclear power plants in Ohio and extend their operational lifespan. Currently, these plants have operating permits valid until at least 2036, with one of the two reactors at the Beaver Valley nuclear power plant authorized to operate until 2047.
In addition, Meta will assist in the development of the small modular reactor (SMR) projects planned for Oklo and TerraPower.
Oklo is a company that received investment from OpenAI CEO Sam Altman, while TerraPower is backed by Microsoft founder Bill Gates.
Supporters of SMRs argue that these reactors can be built in factories rather than on-site, potentially reducing costs in the future; however, critics point out that their economies of scale may not be comparable to existing large nuclear reactors. Currently, there are no commercially operational SMR projects in the United States, and related power plants still require regulatory approval.
Joel Kaplan, Meta’s chief global affairs officer, said that, together with the agreement the company reached with Constellation last year, these plans will “make Meta one of the most important corporate nuclear power purchasers in U.S. history.”
Last June, Meta announced a 20-year agreement with Constellation to purchase nuclear power from the company’s Clinton Clean Energy Center in Illinois, starting in 2027.
With the development of artificial intelligence (AI) and data centers, U.S. electricity demand has seen its first significant increase after more than two decades of stagnation, and Meta and other large technology companies are seeking to secure long-term power supplies.
According to Meta, these agreements will provide the company with up to 6.6 gigawatts of nuclear power capacity by 2035. A typical nuclear power plant has an installed capacity of approximately 1 gigawatt. In 2024, Meta solicited inquiries from nuclear power developers regarding cooperation opportunities for 1 to 4 gigawatts of nuclear power supply.
Meta will also fund the development of two reactors for TerraPower, which could be operational as early as 2032, with a combined generating capacity of up to 690 megawatts. The agreement also grants Meta the right to obtain electricity from up to six additional reactors from TerraPower by 2035.
TerraPower President and CEO Chris Levesque stated that the agreement will support the rapid deployment of the reactor.
Meta says the partnership with Oklo will help develop up to 1.2 gigawatts of generating capacity in Ohio as early as 2030.
Jacob DeWitte, co-founder and CEO of Oklo, said the support would help with “early procurement and project development.”
