Microsoft Three Mile Island Nuclear Restart & AI SMR Stocks
Big Tech Nuclear Power Purchase Agreements (PPAs) Landscape
| Hyperscaler | Nuclear Partner | Site Location | Capacity | Agreement Structure | Regulatory Status |
|---|---|---|---|---|---|
| Microsoft (MSFT) | Constellation Energy (CEG) | Three Mile Island Unit 1 (Pennsylvania) | 835 MW | 20-Year 100% Output Power Purchase Agreement (PPA) | NRC Relicensing & Substation Reconnection Underway (2028 Target) |
| Amazon AWS (AMZN) | Talen Energy (TLN) | Susquehanna Steam Electric Station (Pennsylvania) | 960 MW | Behind-the-Meter Datacenter Campus Purchase ($650M acquisition) | Interconnection Regulatory Review by FERC / PJM Active |
| Alphabet / Google (GOOGL) | Kairos Power | Hermes Fluoride Salt-Cooled High-Temperature SMR Fleet | 500 MW | Multi-Reactor Master PPA across 6 to 7 SMR installations | NRC Construction Permit Granted for Oak Ridge Demonstration |
| Oracle Cloud (ORCL) | Undisclosed Advanced SMR Consortium | Gigawatt AI Datacenter Complex | 1000 MW | Three Direct Collocated SMR Modular Cores | Permitting and Site Selection Phase |
Microsoft Three Mile Island Nuclear Restart, AI Datacenter Power & SMR Stocks Supercycle
Institutional intelligence tracking the landmark 20-year Microsoft nuclear deal to restart Three Mile Island Unit 1, hyperscaler clean energy contracts, and growth catalysts across Oklo, NuScale, Cameco, and advanced SMR nuclear stocks.
- 835 Megawatts — Clean baseload power dedicated to AI clusters
- 20-Year Term — Largest corporate power purchase agreement in history
- $1.6 Billion — Capital restoration committed by Constellation Energy
- 2028 Online — NRC relicensing & grid synchronization milestone
Interactive AI Datacenter Nuclear Power & LCOE Calculator
Model energy economics, annual PPA spend, and supported Blackwell GPU clusters for gigawatt-scale AI computing campuses.
- Annual Clean Generation: 4,095,300 MWh
- Annual Electricity Spend: $389.05M
- Total Lifetime Contract Value: $7.78B
- Equivalent Blackwell B200 Clusters: 700,000
- Annual Carbon Avoided (Tons CO2): 1,576,691
SMR Developers, Nuclear Utilities & Uranium Supply Chain Equities
- Constellation Energy Corporation — Largest US Nuclear Merchant Fleet Operator. Crane Clean Energy Center 835MW 20-year Microsoft PPA premium pricing $85.4B
- Oklo Inc. — Fast Fission Small Modular Reactor Developer (Sam Altman chaired until April 2025). Aurora 15-50 MWe liquid metal fast reactors and Department of Energy fuel fabrication pacts $2.8B
- NuScale Power Corporation — First NRC Design-Certified Small Modular Reactor Architecture. VOYGR 77 MWe reactor module commercial deployment partnerships with international data hubs $3.6B
- Cameco Corporation — Global Pure-Play Uranium Miner & 49% Westinghouse Owner. Long-term triuranium octoxide (U3O8) contracting upcycle and AP1000/AP300 reactor engineering $24.5B
- BWX Technologies, Inc. — Naval Nuclear Propulsion & TRISO High-Assay Low-Enriched Uranium (HALEU). Exclusive US commercial TRISO nuclear fuel production line and microreactor defense contracts $11.8B
- Vistra Corp. — Diversified Power Producer & Comanche Peak Nuclear Station Operator. Direct data center co-location discussions at Comanche Peak and Perry nuclear plants $46.2B
How the Crane restart deal actually works
Three Mile Island has two reactors with very different histories. Unit 2 is the one that partially melted down in 1979 and has been in decommissioning ever since. Unit 1 kept running safely for another four decades and was shut in 2019 for purely economic reasons, because cheap shale gas made it unprofitable. That distinction matters: the restart revives an intact, recently operated unit, not the damaged one, which is why a return to service is technically realistic at all.
Microsoft did not buy the plant. Under the September 2024 agreement, Constellation Energy keeps ownership and operating responsibility, spends roughly $1.6 billion to restore Unit 1 under the new name Crane Clean Energy Center, and sells its output to Microsoft for 20 years. For Microsoft the contract is a hedge: it locks in a large block of carbon-free power at a known price for the period when its AI data centers are expected to grow fastest. For Constellation it converts an idle asset into two decades of contracted revenue with a creditworthy buyer.
The power is not wired straight into a Microsoft server hall. It flows into the regional PJM grid, and Microsoft matches its consumption against the plant's output. That front-of-the-meter design avoids the regulatory fight that hit Amazon's behind-the-meter plan at Talen's Susquehanna station, where federal regulators rejected an expanded co-location agreement in November 2024 and the parties later restructured toward a grid-connected supply deal.
What investors should watch next
The restart still has to clear Nuclear Regulatory Commission reviews, fuel loading, staffing and grid reconnection. The original target was 2028, and Constellation has since signalled that an earlier return is possible. Any slip pushes contracted revenue to the right, while an early start would add cash flow sooner. Track NRC filings and quarterly earnings calls rather than headlines, because the timeline lives in those documents.
The deal also set a pricing reference. Hyperscalers have shown they will pay a premium for firm, around-the-clock clean power, and that repriced existing nuclear fleets such as Constellation and Vistra. Small modular reactor developers like Oklo and NuScale trade on a different thesis: their reactors are years from commercial revenue, so their valuations swing with funding news, licensing milestones and sentiment rather than with cash flow. Treat the two groups as separate risk buckets.
The main risks are execution and concentration. A restart that runs late or over budget, a change in federal support for nuclear, or a slowdown in AI capex would all weigh on the names in the table above. Use the calculator to size what a given contract is worth, then compare that with the market value already priced into each stock before drawing any conclusion. Nothing on this page is investment advice.
Frequently asked questions
What is the significance of the Three Mile Island reopening for artificial intelligence datacenters?
The Three Mile Island reopening represents a historic turning point where hyperscalers like Microsoft require 24/7 carbon-free baseload energy that solar and wind cannot reliably deliver. Under the landmark microsoft nuclear deal, Constellation Energy is investing $1.6B to resurrect Three Mile Island Unit 1 (Crane Clean Energy Center), providing 835 MW of direct nuclear energy for ai compute facilities through 2054.
How does Oklo nuclear stock and small modular reactor technology fit into long term portfolio allocations?
Small modular reactor developers such as Oklo and NuScale are early-stage bets on compact, factory-built fission. They have little or no commercial revenue yet, so their share prices move on licensing milestones, fuel supply deals and funding news. The Sam Altman Oklo link dates from his time as chairman, a role he left in April 2025 when OpenAI began exploring its own energy deals. Most diversified portfolios hold SMR nuclear companies as a small satellite position next to established operators, not as a core holding. For readers weighing how to invest in index funds instead, utility and clean-energy sector ETFs give broad exposure to large nuclear operators but own little of the pre-revenue developers.
Why is nuclear power for data centers considered among the best long term investments of the next decade?
Institutional asset managers rank nuclear power for data centers among the best long term investments because modern hyperscale GPU campuses consume gigawatts of uninterrupted electricity. Tracking constellation energy stock price appreciation alongside oklo stock price target consensus demonstrates that nuclear utilities offering direct behind-the-meter or dedicated grid-tied power command record valuation premiums.
Risk Disclaimer
Trading and investing in digital assets, financial instruments, and predictive events involve substantial risk of loss and are not suitable for every investor. The predictive intelligence, probability distributions, historical precedents, and scenario modeling presented on this page are compiled for informational and research purposes only and do not constitute financial, investment, legal, or tax advice. Past performance and statistical precedents do not guarantee future outcomes. Always conduct independent due diligence before committing capital.