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

Amazon signed a 20-year power purchase agreement on September 30, 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 in facility expansions and modernizations and is intended to cover Amazon's growing electricity demand for AI data centers.

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

Dual Nuclear Strategy: Traditional Reactors and SMR Technology

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

On May 7, 2026, Amazon announced a partnership with Energy Northwest, a consortium of public utilities in the U.S. 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 expected to come online in the early 2030s.

Amazon is financing the initial feasibility study and securing the right to purchase power 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 May 7, 2026: "This new SMR project is a significant step toward our Climate Pledge goal of operating carbon-neutrally by 2040."

Investment in SMR Developer X-energy

In addition to power purchase agreements, Amazon is directly investing 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 stake, Amazon positions itself not only as a buyer 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. Unlike traditional large power plants, SMRs promise shorter construction times, lower capital costs per module, and greater flexibility in site selection.

Which Stocks Benefit from the Amazon Deal?

Constellation Energy Corporation (NASDAQ:CEG) is the immediate beneficiary of the 20-year contract. The operator of the Calvert Cliffs Clean Energy Center secures a long-term revenue stream through the Amazon deal and financing for billion-dollar modernizations. The contract strengthens Constellation's position as a provider of carbon-free energy to the technology sector.

NuScale Power (ticker: SMR) is mentioned in market commentaries as a beneficiary of Amazon's willingness to partner with traditional utilities for regional power supply. NuScale also develops SMR technology and could benefit from growing demand among large technology companies for modular nuclear power plants.

X-energy, which received Amazon's investment, is not publicly listed. Therefore, there is no direct investment opportunity for retail investors.

Uranium Market: Prices Around $90 Per Pound

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

Amazon's engagement in both traditional nuclear power plants and SMRs signals changing market dynamics: the technology sector is driving demand for carbon-free baseload power to meet the massive growing electricity needs of AI data centers. AWS CEO Matt Garman stated on May 7, 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 May 7, 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 needs from the early 2030s onward. Amazon thereby finances both short-term and long-term power supply for its growing infrastructure.

Significance for the Sector

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

The private sector is taking a leading role in this. 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 undergo lengthy planning and approval phases.