In the first weeks of 2026, Meta Platforms became one of the largest corporate buyers of nuclear power in American history. On January 9, the company announced [1] a sweeping set of agreements that will unlock up to 6.6 gigawatts (GW) of clean, firm baseload electricity by 2035. Just two months later, on March 5, Meta joined Amazon, Google, Microsoft, OpenAI, Oracle, and xAI in signing President Trump’s Ratepayer Protection Pledge at the White House. The pledge commits these hyperscalers to fully fund the new generation and transmission needed for their data centers, protecting American households from higher electricity bills.
Learn how hyperscalers are securing nuclear power and investing in new technology as they look to secure power without burdening the grid or American households.
Meta Platforms
Meta’s January announcement stands out for its breadth. Through 20-year power purchase agreements (PPA) with Vistra, the company is securing more than 2.1 GW from existing reactors in Ohio and Pennsylvania, plus 433 megawatts (MW) of capacity uprates coming online in the early 2030s. Additionally, Meta is funding two of TerraPower’s Natrium reactor units, with rights to energy from up to six additional units. Meta also agreed to provide funding for Oklo to build multiple Aurora Powerhouse small modular reactors in Ohio, targeting first power as early as 2030. These deals build on Meta’s earlier 20-year PPA with Constellation Energy for the full 1.1 GW output of the Clinton Clean Energy Center in Illinois. The power will flow directly into the PJM grid supporting Meta’s massive Prometheus supercluster in New Albany, Ohio, and other AI facilities.
Microsoft
Microsoft has also secured nuclear power for the long term. Its 20-year PPA with Constellation Energy [2] to restart the 835 MW Three Mile Island Unit 1 reactor received a $1 billion Department of Energy loan in November 2025. Restart is now targeted for 2027-2028, delivering 100% of the plant’s output to Microsoft data centers.
Amazon
Amazon is following a similar plan to Meta by purchasing power from existing nuclear assets and supporting advanced designs. In Pennsylvania, the company has committed more than $20 billion to transform the site adjacent to Talen Energy’s 2.5 GW Susquehanna nuclear plant [3] into a dedicated AI data center campus. This builds on its 2024 acquisition of the Cumulus campus for $650 million and a major June 2025 PPA with Talen for up to 1.92 GW of firm nuclear electricity through 2042. The arrangement ensures reliable baseload power for Amazon Web Services’ expanding AI infrastructure across the region.
Looking further ahead, Amazon is heavily invested in next-generation nuclear through its partnership with X-energy and Energy Northwest [4]. The company is backing the Cascade Advanced Energy Facility in Washington state, with plans expanded to up to 12 small modular reactors delivering a total of 960 MW. Construction is targeted to begin by the end of the decade, with first power expected in the early 2030s. These moves form part of Amazon’s larger strategy to help bring more than 5 GW of new nuclear capacity online in the United States by 2039.
Google has also brokered deals to support innovative small modular reactors and plant restarts to power its AI data centers. In October 2024, the company signed an agreement with Kairos Power [5] to procure up to 500 MW of power. The first units are targeted for commercial operation by 2030. August 2025 marked a major milestone when Google, Kairos Power, and the Tennessee Valley Authority (TVA) announced a pioneering PPA for the Hermes 2 reactor in Tennessee. The planned unit was uprated from 28 MW to 50 MW and will deliver electricity to the TVA grid starting in 2030, directly supporting Google’s data centers.
Complementing this push, Google signed a 25-year agreement with NextEra Energy [6] in late 2025 to restart the 615 MW Duane Arnold Energy Center in Iowa, with commercial operations targeted for early 2029 and the majority of output dedicated to Google’s Midwest cloud and AI infrastructure. As one of the original signatories of the Ratepayer Protection Pledge, Google’s multi-pronged nuclear strategy underscores its commitment to funding the baseload capacity needed for explosive AI growth without shifting costs onto American households.
Is there more to come from hyperscalers?
Together, hyperscalers have locked in more than 10 GW of potential new or restarted U.S. nuclear capacity in just the past 18 months. Data center electricity demand is forecast to surge from roughly 460 Terawatt hours (Twh) globally in 2024 to 1,300 TWh by 2035 [7]. In the United States alone, AI-driven load growth could add the equivalent of several large states’ power consumption. Intermittent sources cannot fill that gap without massive overbuild and storage. Nuclear’s 90+% capacity factor makes it the most suitable 24/7 solution.
The Ratepayer Protection Pledge, recently signed by these companies and others, signals that deals of the recent past may only be the beginning. Companies building massive data centers to meet the insatiable demand of AI compute have barely begun to scratch the surface of meeting their energy consumption needs. Further investments are expected across the reactor development and nuclear fuel and supply chain industries.
How best to join the hyperscalers?
The Range Nuclear Renaissance Index ETF (NUKZ) was designed to be a completely nuclear-focused ETF. The ETF intends to own companies that represent the entire nuclear fuel chain, reactor development industry, and manufacturing industry, within an easy-to-trade, single-ticker solution. Some examples of companies include:
- Oklo (OKLO) and Cameco Corp (CCJ) for reactor development exposure
- Constellation (CEG) and Vistra (VST) for reactor owner exposure
- Mirion Technologies (MIR) and Flowserve (FLS) for manufacturing exposure
We believe that an allocation to NUKZ may provide investors access to important parts of the nuclear industry that are sometimes overlooked by strategies focused more on commodity- or energy-adjacent components of the clean-energy story.
See rangeetfs.com/nukz for a full list of current holdings. Holdings subject to change.
Sources:
[1] Meta, “Meta Announces Nuclear Energy Projects, Unlocking Up to 6.6 GW to Power American Leadership in AI Innovation,” Meta Newsroom, January 9, 2026.
[2] Constellation, “Constellation to Launch Crane Clean Energy Center, Restoring Jobs and Carbon-Free Power to the Grid,” Constellation Newsroom, September 20, 2024.
[3] Talen Energy Corporation, “Talen Energy Expands Nuclear Energy Relationship with Amazon,” Talen Energy News Release, June 11, 2025.
[4] Amazon. “Amazon Signs Agreements for Innovative Nuclear Energy Projects to Address Growing Energy Demands.” About Amazon (Amazon News), October 16, 2024.
[5] Google. “New Nuclear Clean Energy Agreement with Kairos Power.” Google Blog (Sustainability & Energy), October 14, 2024.
[6] NextEra Energy, Inc., “NextEra Energy and Google Announce New Collaboration to Accelerate Nuclear Energy Deployment in the U.S.,” NextEra Energy News Release, October 27, 2025.
[7] International Energy Agency, Energy and AI (Paris: International Energy Agency, 2025).
Disclosures:
Investing involves risk, including possible loss of principal. There is no guarantee the Funds will achieve their stated investment objectives. Carefully consider the investment objectives, risks, charges, and expenses. This and other important information can be found in the Funds' prospectuses, which should be read carefully before investing and can be obtained by visiting www.rangeetfs.com/investor-materials, or by calling 1-800-617-0004.
Investments in the energy industry are subject to significant volatility due to changes in commodity prices. Additional risks include changes in exchange rates, government regulation, world events, economic and political conditions in the countries where energy companies are located or do business, and risks for environmental damage claims.
The Fund is non-diversified. Its concentration in an industry or sector can increase the impact of, and potential losses associated with, the risks from investing in those industries/sectors.
Nuclear companies may be subject to substantial government regulation and contractual fixed pricing, which may increase the cost of doing business and limit the earnings of these companies. A significant portion of revenues of nuclear companies depends on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget constraints may have a material adverse effect on the stock prices of companies in this sub-industry.
International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Investments in smaller companies typically exhibit higher volatility.
The Fund may invest in securities denominated in foreign currencies. Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if currencies of the underlying securities depreciate against the U.S. dollar or if there are delays or limits on repatriation of such currencies. Currency exchange rates can be very volatile and can change quickly and unpredictably.
Exchange Traded Concepts, LLC serves as the investment advisor of the funds. NUKZ and COAL ETFs are distributed by SEI Investments Distribution Co. (SIDCO, 1 Freedom Valley Drive, Oaks, PA 19456), which is not affiliated with Exchange Traded Concepts, LLC or any of its affiliates.
