Amazon Nuclear Deal: 20-Year Contract for Atomic Power – Which Uranium and SMR Stocks Benefit

Amazon signed a 20-year electricity supply agreement on 30 September 2026 with Constellation Energy Corporation (NASDAQ:CEG) for 690 megawatts of nuclear power from the Calvert Cliffs Clean Energy Center in Lusby, Maryland. The deal includes investments of over 3 billion dollars in facility expansions and upgrades and is intended to cover Amazon's growing electricity demand for AI data centres.

The contract extends the operating life of the nuclear power plant while simultaneously exploring possibilities for new reactors at the site. Amazon thereby secures a long-term, carbon-free electricity source for its cloud infrastructure, while Constellation Energy gains planning certainty for major infrastructure investments.

Dual Nuclear Strategy: Traditional Power Plants and SMR Technology

Amazon is pursuing two approaches to nuclear power in parallel. In addition to the Constellation contract for existing nuclear power plants, the company is investing in Small Modular Reactors – smaller, modularly constructed atomic reactors that are intended to be built faster and more cost-effectively than conventional large-scale facilities.

On 7 May 2026, Amazon announced a partnership with Energy Northwest, a consortium of state-owned utilities in the US state of Washington. The project near the Columbia Generating Station in Richland envisages four SMR modules with a combined capacity of 320 megawatts in an initial phase. An expansion to up to eight additional modules would increase total capacity to 960 megawatts. The facilities are scheduled to come online in the early 2030s.

Amazon is financing the initial feasibility study and securing the right to purchase electricity from the first project. The remaining capacity is available to Energy Northwest utilities for supplying households and businesses. Kevin Miller, Vice President Global Data Centers at Amazon, stated on 7 May 2026: "This new SMR project is a significant step towards our Climate Pledge goal of operating carbon-neutrally by 2040."

Investment in SMR Developer X-energy

In addition to power purchase agreements, Amazon is investing directly in X-energy, a developer of SMR technology and fuel. X-energy's reactor design is being used in the Energy Northwest projects. With this investment, Amazon positions itself not only as a purchaser but also as a capital provider for SMR technology development.

A small modular reactor is a nuclear reactor with electrical output typically under 300 megawatts per module, which is prefabricated in factories and assembled on site. In contrast to traditional large power plants, SMRs promise shorter construction times, lower investment costs per module, and greater flexibility in site selection.

Which Stocks Benefit from the Amazon Deal?

Constellation Energy Corporation (NASDAQ:CEG) is the direct beneficiary of the 20-year contract. The operator of the Calvert Cliffs Clean Energy Center secures a long-term revenue stream with the Amazon deal and financing for upgrades worth billions. The contract strengthens Constellation's position as a provider of carbon-free energy to the tech sector.

NuScale Power (ticker: SMR) is cited in market commentary as a beneficiary of Amazon's willingness to collaborate with traditional grid operators for regional power supply. NuScale is also developing SMR technology and could benefit from growing demand among large tech companies for modular nuclear power plants.

X-energy, which received Amazon's investment, has been listed on stock exchanges since 24 April 2026: the company went public on Nasdaq under the ticker XE at an issue price of 23 US dollars per share. Retail investors can now participate directly.

Uranium Market: Prices Around 90 Dollars per Pound

Uranium was trading at around 90 dollars per pound according to market data from 24 September 2026. Prices have thus recovered significantly from the lows below 20 dollars reached after the Fukushima disaster in 2011. The disaster in Japan led to approximately a decade-long halt in nuclear development worldwide.

Amazon's engagement in traditional nuclear power plants and SMRs signals a changing market dynamic: the tech sector is driving demand for carbon-free baseload power to meet the massively increasing electricity requirements of AI data centres. AWS CEO Matt Garman stated on 7 May 2026: "Nuclear is a safe, carbon-free energy source that can power our operations and meet our customers' growing requirements."

Timeline of Amazon Nuclear Deals

Amazon's nuclear strategy developed in several stages. In October 2024, the company announced initial SMR agreements. On 7 May 2026, the partnership with Energy Northwest and the investment in X-energy followed. At the end of September 2026, the 20-year contract with Constellation Energy was added.

The strategy shows temporal diversification: the Constellation deal provides immediately available capacity from existing facilities. The SMR projects address future demand from the early 2030s onwards. Amazon thus finances both short-term and long-term electricity supply for its growing infrastructure.

Significance for the Sector

Amazon's nuclear engagement is part of a broader trend: tech companies are seeking carbon-free energy sources to operate AI data centres while achieving climate goals. The willingness to invest billions in nuclear infrastructure could encourage utilities and developers to pursue further projects.

The private sector is taking a driving role in this regard. Amazon finances feasibility studies, secures long-term power purchase agreements, and invests directly in technology developers – a model that could accelerate the financing and implementation of nuclear projects, which traditionally go through lengthy planning and approval phases.