Google nears $1 billion nuclear deal as Big Tech locks in America’s reactor fleet

• Google is reportedly nearing a multiyear nuclear power agreement with Constellation worth at least US$1 billion
• the talks follow Amazon’s 690 MW Constellation deal and a US$4.2 billion conditional federal loan commitment for Vistra’s nuclear fleet
• US tech companies are backing reactor life extensions, restarts and new construction, with different implications for future uranium demand

Google is nearing an agreement to purchase nuclear electricity from Constellation Energy for US$1 billion or more over several years, according to Bloomberg, in a deal that could be announced as soon as this week.

Neither company confirmed the talks, and the generating capacity, plant location and detailed terms remain undisclosed — and the reported value represents electricity purchases over the agreement’s life.

The potential deal comes less than a week after Amazon signed a 20-year agreement for 690 MW from Constellation’s Calvert Cliffs nuclear plant in Maryland, as America’s technology companies compete to secure power for expanding AI and cloud infrastructure. The Amazon-Constellation agreement includes approx 190 MW of additional generating capacity expected between 2030 and 2032. Constellation says the agreement will support more than US$3 billion in infrastructure investment and help underpin a further 20 years of plant operation.

The scale of tech’s nuclear push to power data centers and AI is becoming clear with selected US technology and data-centre nuclear announcements now representing an estimated cumulative 29.8 GW of capacity, as the chart below shows.

Note: the figure measures the scale of announced ambitions, not operating capacity or guaranteed future supply.

And, for the uranium supply chain, the distinction matters as purchasing electricity from an operating reactor does not automatically create additional fuel demand, but increasing its output, extending its life or bringing a closed plant back into service can strengthen demand over years or decades.

Washington adds US$4.2 billion to the picture

On October 5, the US Department of Energy announced a conditional loan commitment of up to US$4.2 billion for upgrades and modernisation at Vistra’s Beaver Valley plant in Pennsylvania and its Davis-Besse and Perry plants in Ohio.

The projects aim to preserve nearly 4 GW of existing generation and add 433 MW of capacity. They would also support operation for another 20 years beyond the plants’ existing licences.

These are the same three Pennsylvania and Ohio plants covered by Meta’s January agreements with Vistra, when Meta committed to buying more than 2.1 GW from existing generation, alongside 433 MW of planned additional output. (The federal financing and corporate purchases therefore support overlapping projects; the capacity figures should not be added together).

A similar combination is developing in Iowa. In September, the Department of Energy closed a loan of up to US$1.9 billion to help NextEra Energy restart the 615 MW Duane Arnold plant. Google’s 25-year electricity agreement underpins that project, which targets a return to service in early 2029, subject to regulatory approval.

The US tech–nuclear tie-ups (so far)

The major publicly announced US-focused partnerships span operating reactors, planned restarts and technologies still under development:

The next constraint is delivery

The commercial logic is becoming clearer: long-term technology customers can give nuclear operators greater revenue certainty, helping justify investment in existing plants and future projects.

But contracts alone cannot deliver reactors, regulatory approvals or fuel.

Washington is addressing the supply chain alongside generation. For example, in January, the Department of Energy announced US$2.7 billion for domestic uranium enrichment services over the next decade, covering conventional low-enriched uranium and the higher-assay fuel required by several advanced reactor designs.

Google’s reported Constellation agreement would add another major buyer to that market. The details still to come — where the power originates, when delivery begins and whether the contract enables additional generation — will determine how much it changes the supply picture.