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Why Big Tech is turning to nuclear energy to power the AI revolution
According to a report by Nikkei, Meta, Google, Amazon, and Microsoft plan to procure over 14 million kilowatts from nuclear power plants by 2040. Deals are being signed with nuclear utilities and startups across the US as tech giants aim to meet energy demand while also hitting their net-zero targets.
What's the latest
In June, Meta reportedly signed a 20-year contract with US utility Constellation Energy to procure energy from a nuclear plant in Illinois starting in 2027
In September 2024, Microsoft inked a 20-year nuclear power purchase deal with Constellation Energy. The company has also signed agreements with Helion, a nuclear fusion startup, to procure nuclear power.
In March 2024, Amazon signed a $650 million deal to procure nuclear power from Pennsylvania's 2.5-gigawatt Susquehanna plant, according to a report by Global Finance. The company also signed a letter of intent to purchase power from OpenAI chief Sam Altman-backed nuclear fusion startup Oklo, the report added.
In October 2024, Google signed a deal with Kairos Power to purchase up to 500 megawatts by 2035. The tech giant has also inked multiple deals to fund the development of nuclear power sites.
All four companies are exploring or investing in Small Modular Reactors (SMRs), which can be deployed faster and closer to data centres than traditional nuclear plants.
Why it matters
Net-zero targets under pressure: Companies like Amazon, Microsoft, Google and Meta have pledged carbon neutrality. But solar and wind alone are not sufficient to meet 24x7 energy needs. Nuclear energy offers carbon-free power with higher reliability.
Rise of Small Modular Reactors: As grid access becomes a bottleneck, SMRs are gaining traction for their smaller size, faster construction, and ability to be located near data centres. These reactors also offer predictable output and enhanced safety features.
What are the experts saying?
Tech majors believe nuclear power will help them realise their ambitious net-zero goals, while also helping the local community by creating more long-term jobs. 'Nuclear is a safe source of carbon-free energy that can help power our operations, while helping us progress toward our Climate Pledge commitment to be net-zero carbon by 2040,' said Matt Garman, CEO of Amazon Web Services, in a company statement.
'One of the fastest ways to address climate change is by transitioning our society to carbon-free energy sources, and nuclear energy is both carbon-free and able to scale. Our agreements will encourage the construction of new nuclear technologies that will generate energy for decades to come,' Garman added.
"SMRs offer a new pathway to accelerate nuclear deployment due to their simplified design. The smaller size and modular design can reduce construction timelines and make the final project delivery more predictable," Google said in a company statement last year.
Google said that investing in advanced nuclear technology can also provide direct economic benefits to various communities across and create high-paying, long-term jobs. Reaching 200 GW of advanced nuclear capacity in the US by 2050 will require an additional 375,000 workers, the company added.
A report by Goldman Sachs said that nuclear power will be a key part of a suite of new energy infrastructure built to meet surging power demand. They estimate that 85–90 GW of new nuclear capacity will be needed by 2030 to satisfy AI-related energy growth. However, global deployment is likely to fall short, it said.
What's next?
With growing interest in nuclear energy and a rising number of agreements being signed, SMRs are beginning to gain traction globally.
A report by the Nuclear Energy Agency (NEA) identified 127 SMR designs, which is up from 98 since 2024. There has been an 81 per cent increase in the number of SMR designs to have secured at least one source of funding or a commitment.
With numerous SMRs under development in the US and Europe, and others emerging in Russia, Africa, and Saudi Arabia, more countries are expected to follow suit.
Where does India stand?
The Union Budget 2025-26 outlined a significant push towards nuclear energy as part of India's long-term energy transition strategy. The government is actively enhancing its nuclear power capacity to meet growing energy demands and achieve environmental goals. The Centre has initiated steps to increase nuclear power capacity from the current 8,180 Mw to 22,480 Mw by 2031-32.
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This allows Bullish to not only operate as a trading platform but also influence the narrative in crypto markets through strategic media visibility—something no other exchange has done at this presence of Peter Thiel as a lead backer adds significant weight to Bullish's reputation. As co-founder of PayPal and Palantir, Thiel's involvement lends Bullish the same disruptive tech DNA that made those firms Wall Street is also supported by a powerful syndicate of investors, including Founders Fund, Galaxy Digital, and Japanese banking giant Nomura. This global backing gives the exchange both geographic reach and financial clout—two key advantages as it scales operations many companies that simply add IPO funds to their balance sheet, Bullish plans a more strategic move. 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