Equinix’s 2025 Nuclear Power Strategy: How SMRs and Fuel Cells Are Powering the AI Boom

Equinix Commercial Projects: From Renewables to Nuclear Power Adoption in 2025

Equinix has fundamentally shifted its energy procurement strategy from relying on conventional renewable projects to aggressively securing dedicated, baseload power through next-generation nuclear and on-site fuel cell agreements to support its exponential AI infrastructure growth. This pivot addresses the primary constraint of the AI boom: the immense and constant demand for electricity.

• In the 2021 to 2024 period, Equinix focused on traditional renewable energy procurement, exemplified by its November 2024 power purchase agreement with CleanMax for a 33 MW solar plant in India to decarbonize its local data centers. This approach was consistent with industry-standard sustainability efforts.
• A strategic change occurred in 2025, when Equinix began forming direct partnerships with advanced energy providers to secure large-scale, reliable power. This was highlighted by its landmark August 2025 agreement with Oklo to procure up to 500 MW of power from small modular reactors (SMRs).
• The company further expanded its next-generation nuclear portfolio by entering agreements with other developers, including Radiant, ULC-Energy, and Stellaria, in pursuit of over 1 GW of clean electricity to power future AI-ready data centers.
• Concurrently, Equinix deepened its commitment to commercially available, on-site power solutions by expanding its collaboration with Bloom Energy. This partnership now accounts for over 100 MW of fuel cell capacity across 19 U.S. data centers, providing immediate, scalable, and clean primary power.

Equinix Investment Analysis: Capital Allocation for AI and Energy Infrastructure

Equinix is channeling billions in capital to build the physical data center capacity required for AI, with these investments directly driving the need for its proactive energy strategy. The company’s capital expenditure plan, joint ventures, and green bond issuances are all geared toward developing the power-intensive infrastructure that its new nuclear and fuel cell partnerships will support.

Table: Equinix Capital Investments in AI and Digital Infrastructure (2022-2025)

Equinix Energy Partnerships: Securing Nuclear and Fuel Cell Capacity

Equinix is building a portfolio of strategic energy partnerships to secure the power required for its AI-driven data center expansion. These collaborations range from commercially available fuel cells for immediate needs to forward-looking agreements with next-generation nuclear developers for long-term, large-scale baseload power.

Table: Equinix Strategic Energy and AI Enablement Partnerships (2024-2025)

Equinix Global Energy Strategy: Regional Focus from US to Europe and Asia

Equinix’s advanced energy strategy is being deployed in its primary AI growth markets, concentrating on the United States and Europe for its next-generation nuclear and fuel cell initiatives while continuing to use regional renewable solutions elsewhere.

• The United States is the center of Equinix’s immediate and long-term energy strategy. The expanded deployment of over 100 MW of Bloom Energy fuel cells across 19 data centers provides on-site power now, while the agreement for up to 500 MW from Oklo’s SMRs secures a future baseload power source.
• Europe is an emerging focal point for Equinix’s nuclear strategy. The November 2025 collaboration with ULC-Energy to explore nuclear power for its data centers in the Netherlands shows a clear intent to replicate its U.S. model to overcome European grid constraints.
• In Asia, the company’s approach remains focused on locally available renewables. This is demonstrated by the November 2024 partnership with CleanMax for a 33 MW solar project in India, a practical solution tailored to that market’s renewable energy landscape.
• Major investments in new regions, such as the $1 billion commitment to Saudi Arabia and $390 million in Africa, establish a footprint in markets that will eventually require similar advanced energy solutions as AI adoption grows.

Technology Maturity: Equinix’s Push from Commercial Renewables to Pilot-Stage Nuclear

Equinix is executing a multi-layered technology strategy, using mature, commercially available power solutions like fuel cells for current needs while simultaneously engaging with earlier-stage nuclear technologies to secure its long-term energy supply.

• Between 2021 and 2024, Equinix’s clean energy efforts centered on proven technologies. This included issuing green bonds to fund energy efficiency, signing solar PPAs like the one with CleanMax, and scaling its deployment of Bloom Energy’s commercially established fuel cells.
• The year 2025 marked a significant shift toward pre-commercial, high-impact technologies. By signing agreements with SMR and advanced nuclear developers like Oklo, Radiant, and ULC-Energy, Equinix positioned itself as an early adopter and offtaker for technologies still navigating regulatory and development pathways.
• Bloom Energy’s fuel cells serve as a critical bridging technology in this strategy. Their proven reliability and scalability provide Equinix with immediate, clean, on-site power to manage AI-driven demand growth today, mitigating risk while longer-term nuclear projects mature.
• This tiered approach demonstrates a sophisticated understanding of technology readiness levels, allowing Equinix to solve its immediate power challenges while building a competitive advantage for the future of data center energy.

Equinix Energy Strategy SWOT Analysis 2021-2025

Table: SWOT Analysis of Equinix’s Energy Strategy for AI Infrastructure

Future Outlook: Equinix’s Nuclear Power Integration and Revenue Growth

The most critical indicator of Equinix’s future success will be the conversion of its next-generation nuclear agreements into binding contracts and the start of tangible project development, as this underpins its entire AI growth strategy.

• The progression of the agreement with Oklo for 500 MW of SMR power from a non-binding stage to a finalized power purchase agreement will be the most important milestone to monitor. Its successful execution would validate Equinix’s entire advanced energy thesis.
• Analysts’ forecasts for recurring revenue growth to accelerate to 9% by 2026 are directly linked to Equinix’s ability to bring new, power-intensive AI capacity online, a feat dependent on securing these new energy sources.
• The company’s stated ambition to potentially double its data center capacity by 2029 is not achievable without the gigawatt-scale power that its nuclear and alternative energy partnerships promise to deliver.
• Increasing customer adoption of its “Distributed AI Infrastructure” platform will serve as a leading indicator of demand, placing further pressure on Equinix to successfully execute its pioneering energy strategy to stay ahead of customer needs.

Frequently Asked Questions

Why did Equinix shift its energy strategy from renewables to nuclear and fuel cells in 2025?
Equinix shifted its strategy to address the primary constraint of the AI boom: the immense and constant demand for electricity. While traditional renewables like solar were part of its earlier strategy, the company pivoted to secure dedicated, baseload power through next-generation nuclear (SMRs) and on-site fuel cells to support the exponential growth of its AI infrastructure, which requires large-scale, reliable power that intermittent renewables cannot always guarantee.

What are the main technologies Equinix is adopting and who are the key partners?
Equinix is adopting two main advanced energy technologies: next-generation nuclear, specifically Small Modular Reactors (SMRs), and on-site fuel cells. Key partners include Oklo, with whom Equinix has an agreement for up to 500 MW of SMR power, and other nuclear developers like Radiant, ULC-Energy, and Stellaria. For immediate on-site power, Equinix has expanded its partnership with Bloom Energy to deploy over 100 MW of fuel cell capacity.

How is Equinix balancing its immediate power needs with its long-term nuclear goals?
Equinix is using a multi-layered approach. For immediate needs, it is deploying commercially available, on-site fuel cells from Bloom Energy, which provide clean and reliable primary power today. This acts as a ‘bridging technology’ that helps manage current AI-driven demand growth while the longer-term, pre-commercial nuclear projects with partners like Oklo mature through their development and regulatory phases.

What are the primary risks associated with Equinix’s new nuclear energy strategy?
The primary risks involve shifting from the known threat of volatile grid prices to new, less-defined risks. These include a heavy reliance on pre-commercial nuclear technologies with long and uncertain development timelines, the potential for significant regulatory delays or public opposition to nuclear projects, and the execution risk of its SMR partners successfully commercializing their technology.

How much capital is Equinix investing to support this AI-driven expansion?
Equinix is channeling billions into its expansion. Key investments mentioned include a £3.9 billion ($5.1 billion) AI data center campus in the UK, a joint venture to raise over $15 billion for U.S. hyperscale data centers, a planned $1 billion investment in Saudi Arabia, and an increase in annual capital spending to between $4 billion and $5 billion from 2026 to 2029.