New York, Jan 10, 2026, 20:13 EST — Market closed.
Vistra Corp (VST.N) shares jumped 10.5% Friday, closing at $166.37, following news that Meta Platforms (META.O) inked 20-year deals to purchase nuclear power from three Vistra facilities. The move cements Vistra’s role in the market’s “AI power” trade as next week approaches. (Reuters)
This shift is crucial as investors seek reliable, 24/7 power sources to support growing data centers. Nuclear energy fits the criteria, and locking in long-term contracts helps secure predictable future cash flows.
It arrives in a market eager to favor utilities offering dispatchable generation—power that can run on demand—over assets dependent on weather or brief demand spikes.
A recent company filing revealed Vistra will provide Meta with 2,609 megawatts (MW) of carbon-free power and capacity from its PJM nuclear plants, which include Perry and Davis-Besse in Ohio, plus Beaver Valley in Pennsylvania. Vistra projects full delivery of operating volumes by the end of 2027, while uprate volumes—boosts from equipment upgrades—are expected to reach full delivery by the end of 2034. (Quotemedia)
In the same filing, Vistra said the contracts are expected to hit or surpass its mid-teens levered return target. The deal could boost its “adjusted free cash flow before growth” — a company measure of cash from ongoing operations before spending on new projects — by roughly 8% to 10% thanks to operating volumes, with an additional 5% to 7% boost from uprates once fully delivered. (Quotemedia)
Vistra CEO Jim Burke described the Meta partnership as “long-term,” while Meta’s Urvi Parekh highlighted the company’s reliance on nuclear power, calling it “clean, reliable power” essential for its AI expansion. (Vistra Corp. Investor Relations)
Credit investors got new data to digest. Fitch upgraded Vistra’s outlook to positive while keeping its issuer default rating steady at BB+, the ratings agency reported. (Fitch Ratings)
The surge wasn’t unique. Constellation Energy (CEG.O) jumped roughly 6.1% Friday. NRG Energy (NRG.N) climbed about 4.0%, and Talen Energy (TLN.O) added close to 4.2%. These gains pushed further a streak in U.S. power stocks linked to rising load forecasts.
Vistra continues to expand its gas portfolio. This week, the company struck a deal to acquire Cogentrix Energy for approximately $4.7 billion, Reuters reported. The purchase brings 10 natural gas plants online, with a combined capacity of around 5,500 MW. (Reuters)
Meta’s contracts stretch over a lengthy timeline. The real risk lies in the uprate schedule and the capital expenditures extending well into the next decade. Should data-center demand ease, it would challenge the market’s current expectations.
Trading restarts Monday, and investors will be keen on any follow-up disclosures detailing the timing, costs, and regulatory hurdles tied to the uprates. They’ll also be watching to see if the “AI power” rally sustains itself after a steep one-day jump.
Macro factors might swiftly disrupt the theme. On Tuesday, Jan. 13 at 8:30 a.m. ET, the U.S. Bureau of Labor Statistics will publish the December 2025 consumer price index data. This report could shift rate expectations and, in turn, influence demand for rate-sensitive utilities and power producers. (Bls)
