Top 10 Advanced Reactor Projects: X-energy’s $1 B IPO, Meta’s 6.6 GW AI Deal, and New Contracts (2024-2026)

The voracious energy demand of Artificial Intelligence is forcing hyperscalers like Meta, Amazon, and Google to abandon traditional power procurement and sign multi-gigawatt, long-term deals directly with advanced reactor developers. This marks a pivotal shift from incremental renewable PPAs to securing massive, 24/7 carbon-free baseload power through direct investment in next-generation nuclear technology. Key developments validating this trend include Meta‘s announced projects targeting up to 6.6 GW of new nuclear capacity and Amazon‘s strategic collaboration with X-energy for over 5 GW. The sheer ambition is exemplified by projects like the $300 billion, 17 GW Fermi America Energy-Data Campus, which integrates 4 GW of nuclear power directly with AI data centers. The dominant theme for 2025 is the formalization of these large-scale partnerships, with tech giants signing binding offtake agreements for entire reactor fleets and committing billions to restart existing nuclear assets, as seen in Microsoft’s $16 billion deal with Constellation Energy. This provides the demand certainty reactor developers need to secure financing, evidenced by X-energy‘s successful $1.02 billion IPO in April 2026.

1. Fermi America Energy-Data Campus

Company: Fermi America
Capacity: 4 GW Nuclear (part of a 17 GW hybrid campus)
Applications: Powering a planned 18 million square foot AI data center campus in Texas.
Source: Power Hungry: AI-Fueled Data Center Boom Sets Energy – ENR

2. Meta’s Multi-Partner Nuclear Initiative

Company: Meta, Terra Power, Vistra, Oklo
Capacity: Up to 6.6 GW
Applications: Powering Meta’s AI data centers, including its Prometheus AI supercluster.
Source: Meta Announces 6.6 GW Of Nuclear Energy Projects To Power AI …

3. Microsoft’s Three Mile Island Restart PPA

Company: Microsoft, Constellation Energy
Capacity: 837 MW
Applications: Supplying baseload, carbon-free power to Microsoft’s data centers via a 20-year PPA.
Source: Nuclear power for AI: inside the data center energy deals | Introl Blog

4. Natura Resources’ Texas SMR Projects

Company: Natura Resources
Capacity: Undisclosed (two distinct Small Modular Reactor projects)
Applications: Serving the rapidly growing data center and industrial market in Texas.
Source: Will Nuclear Energy Power AI Data Centers? Timeline of …

5. Amazon’s PPA with Talen Energy

Company: Amazon, Talen Energy
Capacity: 1, 920 MW (1.92 GW)
Applications: Powering an adjacent data center campus acquired by Amazon for $650 million.
Source: Talen Energy Expands Nuclear Energy Relationship with Amazon

6. Google’s 1.8 GW SMR Plan with Elementl Power

Company: Google, Elementl Power
Capacity: 1.8 GW
Applications: Developing new SMR capacity across three separate sites to power Google’s infrastructure.
Source: SMR Nuclear for Data Centers Accelerates | Introl Blog

7. Terra Power’s Natrium Demonstration Project

Company: Terra Power, Nvidia (investor)
Capacity: 345 MWe
Applications: A first-of-a-kind demonstration project to prove the commercial and technical viability of the Natrium reactor, backed by a $650 million funding round.
Source: Nvidia Invests in Bill Gates’ Terra Power, Which Closes $650 M for Its …

8. Google’s 50 MW Pilot with TVA and Kairos Power

Company: Google, Kairos Power, Tennessee Valley Authority (TVA)
Capacity: 50 MW
Applications: A pilot to deliver advanced nuclear energy to Google’s data centers in the TVA service area, paving the way for larger deployments.
Source: Google, Kairos, and TVA Unlock Advanced Nuclear Energy for …

9. Amazon’s >5 GW Strategic Collaboration with X-energy

Company: Amazon, X-energy
Capacity: Over 5 GW
Applications: A long-term plan to deploy approximately 64 Xe-100 SMR units by 2039 to power Amazon’s operations.
Source: Nuclear reactor maker X-Energy valued at $11.9 billion in … – Reuters

10. Google’s 500 MW Fleet Agreement with Kairos Power

Company: Google, Kairos Power
Capacity: 500 MW
Applications: A landmark agreement for a fleet of advanced reactor projects to supply power to Google’s data centers by 2035.
Source: Google to power data centers from Kairos Power nuclear reactors …

Table: Top 10 Advanced Nuclear Projects for AI Data Centers (2024-2026)

Advanced Reactor Adoption: Hyperscalers Drive Multi-Gigawatt Deals

The data shows adoption is almost exclusively driven by hyperscale data center operators whose AI-related power needs are quickly outpacing what traditional grids and renewable portfolios can supply. The sheer scale of deals—Meta‘s 6.6 GW initiative, Amazon‘s >5 GW collaboration with X-energy, and Google‘s 1.8 GW plan with Elementl Power—signals that advanced nuclear is no longer a speculative option but a core part of strategic infrastructure planning for Big Tech. The applications are laser-focused on providing massive, reliable, 24/7 carbon-free baseload power. We also see a “portfolio” approach emerging. Meta is working with multiple developers (Terra Power, Oklo) and an established operator (Vistra), while Google is engaging both Kairos Power and Elementl Power. This strategy diversifies technological and execution risk, creating a competitive supplier ecosystem rather than relying on a single technology or partner.

Data Center Demand Fuels Nuclear Growth

This chart illustrates the surging electricity demand from data centers that the section describes, showing nuclear power as a growing part of the solution for hyperscalers.

(Source: CarbonCredits.com)

US Focus: Texas and Pennsylvania Emerge as Nuclear-AI Hubs

Commercial activity is overwhelmingly concentrated in the United States, driven by a confluence of surging data center demand, a navigable regulatory environment under the NRC, and the co-location of leading tech companies and nuclear innovators. Specific states are becoming hotspots. Pennsylvania is a key location for leveraging existing nuclear infrastructure, as seen with Amazon‘s 1.92 GW PPA with Talen Energy at the Susquehanna site and Microsoft‘s $16 billion PPA to restart a reactor at Three Mile Island. Texas is emerging as a hub for new-build projects, attracting developers like Natura Resources and the colossal 17 GW Fermi America campus, capitalizing on its pro-business environment and immense power needs. The Google/TVA/Kairos Power pilot in Tennessee and Alabama also highlights the importance of partnerships with established regional utilities for grid integration.

Terra Power’s $650 M Funding Round Advances Natrium Reactor Commercialization (2025)

The projects reveal a two-track approach to technology maturity. The first, most immediate path involves leveraging proven, large-scale light-water reactor technology. Amazon’s deal with Talen Energy and Microsoft’s plan to restart a Three Mile Island reactor are “brownfield” strategies that offer gigawatt-scale power much faster than building new SMRs. The second, longer-term path is the commercialization of advanced SMRs, which is still in a first-of-a-kind (FOAK) phase. Terra Power‘s Natrium project, which secured $650 million in June 2025 with investment from AI chipmaker Nvidia, is a critical demonstration. “Fleet” agreements, like Google‘s 500 MW deal with Kairos Power, are designed to move from a single FOAK unit to Nth-of-a-kind (NOAK) deployments, where costs can decrease through standardized manufacturing. X-energy‘s successful $1.02 billion IPO in April 2026 provides the capital needed to cross this commercialization chasm.

SMR Capacity Poised for Major Growth

As the section discusses the long-term commercialization path for SMRs, this chart provides a forecast for that growth, showing significant potential capacity by 2050.

(Source: CarbonCredits.com)

Scenario Modelling: Meta’s 6.6 GW AI Nuclear Push and Supply Chain Tests

The critical strategic action for the next 12-18 months is the transition from paper agreements to physical progress and supply chain validation. With multi-gigawatt commitments from Meta, Amazon, and Google now public, the focus shifts to execution risk. If reactor developers like Terra Power and X-energy can hit key pre-construction and regulatory milestones for their demonstration projects in late 2026 and 2027, it will solidify confidence and likely trigger another wave of corporate offtake agreements. Conversely, delays or significant cost overruns on these initial projects could temper market enthusiasm and push hyperscalers back towards gas generation as an interim solution.

• Signal of Traction: Meta‘s multi-developer strategy announced in January 2026, involving Terra Power, Vistra, and Oklo for 6.6 GW, shows it is actively building a competitive supplier ecosystem to mitigate single-point-of-failure risk. This is a sign of a mature procurement strategy.
• Financial Validation: X-energy‘s oversubscribed $1.02 billion IPO in April 2026, explicitly linked to its Amazon collaboration, demonstrates that public markets are now willing to finance advanced nuclear developers who have secured credible, large-scale corporate offtakers.
• Pragmatic Hybridization: The restart of existing plants, like Microsoft‘s Three Mile Island deal reported in early 2026, provides a crucial near-term bridge, supplying gigawatts of clean power now while the SMR supply chain is built out. Watch for more of these “brownfield” deals.
• Early-Stage Validation: The Google-TVA-Kairos Power pilot announced in August 2025 is a critical test case for integrating a novel reactor with a major utility’s grid. Its progress will be a key indicator for the viability of the larger 500 MW Google-Kairos fleet agreement.

The questions your competitors are already asking

This report covers one angle of the advanced nuclear market’s rapid commercialization, fueled by direct investment from AI hyperscalers. The questions that matter most depend on your work.

• Which advanced reactor companies like TerraPower and X-energy are gaining ground in the race to power AI data centers?
• What is the outlook for advanced reactor deployment for the hyperscale data center market by 2030?
• Which hyperscalers beyond Meta and Amazon are actively pursuing direct contracts for nuclear power?
• X-energy investments and funding. Is its project pipeline on track following its $1B IPO?

This report does not answer these. Enki Brief Pro does.

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