Nuclear Energy Infrastructure: Tech Giants Sign Power Deals

### Money Play - Market participants evaluate nuclear supply chain exposure as developers balance signed customer commitments against unverified demand.

## Catalyst Analysis: [Primary Driver] Data center operators and major technology platforms are increasingly locking down long-term energy supplies through nuclear power agreements. Notable transactions span multi-decade power purchase pacts and prepayment agreements, including Microsoft's 20-year commitment with Constellation Energy, alongside Meta Platforms securing agreements with Constellation, Oklo, and Vistra. Additional agreements involve Amazon partnering with Constellation for the Calvert Cliffs Clean Energy Center.

While binding contracts provide revenue visibility, developers such as Oklo maintain letters of intent and non-binding master power agreements—including a 12-gigawatt arrangement with Switch—alongside prepayment structures with Meta. At the same time, Oklo's Aurora powerhouse project awaits full commercial reactor licensing from the U.S. Department of Energy, highlighting the execution and regulatory hurdles facing advanced nuclear developers.

## Technical Analysis & Key Risk Watch

Uranium producers and nuclear fuel cycle companies form a critical layer of the supply chain alongside reactor developers. Cameco maintains an extensive portfolio of executed uranium sales contracts covering approximately 230 million pounds alongside an agreement with India's Department of Atomic Energy, though the enterprise remains exposed to mining disruptions and project timelines. Meanwhile, Centrus Energy finalizes terms for a $900 million Department of Energy award for high-assay low-enriched uranium (HALEU) production, reinforcing the strategic role of fuel enrichment infrastructure in future nuclear deployments.