Microsoft, Google, Amazon and other major tech companies are locking in contracts with nuclear startups to secure reliable power for AI data centers. The rationale is straightforward: AI infrastructure runs continuously, consumes enormous amounts of electricity, and needs stable baseload power that solar and wind can’t reliably provide without storage that doesn’t yet exist at sufficient scale. Nuclear, which had been commercially stagnant for decades, is suddenly the destination of serious capital.

Meta has signed a new deal to spend an additional $21 billion with CoreWeave between 2027 and 2032, on top of a prior $14.2 billion commitment. Total exposure: $35.2 billion to a single GPU infrastructure provider. Meta’s projected capital expenditures for 2026 alone sit at $115 to $135 billion — nearly double 2025 levels.

The logic is portfolio hedging. Meta is building its own facilities (including a major Texas data center) while simultaneously contracting with CoreWeave for scalable capacity it can access immediately without the 18-month construction timeline. CoreWeave benefits by diversifying away from Microsoft, which previously represented a dominant share of its revenue.