New York, Jan 11, 2026, 08:32 (EST) — Market closed.
Shares of Vistra Corp (VST.N) jumped 10.5% to close at $166.37 on Friday following the company’s announcement of long-term nuclear power purchase agreements with Meta Platforms. The news puts the stock in the spotlight heading into Monday, with U.S. markets closed on Sunday, leaving investors to mull the strength of the rally.
Meta announced 20-year deals to purchase electricity from three nuclear plants operated by Vistra and plans to back small modular reactor (SMR) projects with Oklo and TerraPower, aiming to secure reliable power for its AI-heavy data centers. Oklo’s shares jumped nearly 20% in premarket trading, while Vistra gained about 8%, Reuters reported. SMRs, which are smaller reactors touted for potential factory production, face skepticism over whether they can meet scale and cost goals. (Reuters)
A Vistra filing revealed the PPAs cover 2,609 megawatts (MW) of “carbon-free” power and capacity from its PJM nuclear fleet — 1,268 MW from Perry and 908 MW from Davis-Besse, along with 433 MW linked to output increases, or “uprates,” at Perry, Davis-Besse, and Beaver Valley. Deliveries on some of the operating output are expected to start in late 2026, with full delivery by the end of 2027. Uprate volumes kick in later, aiming for full output by the end of 2034. Vistra anticipates these uprate investments will hit or exceed a mid-teens levered return target, boosting adjusted free cash flow before growth by roughly 8%-10% from operating capacity and another 5%-7% from the uprates. The company did note that spending timing and amounts remain subject to contingencies. (SEC)
Vistra CEO Jim Burke described the Meta partnership as a “unique and exciting collaboration,” highlighting how it provides the company with “certainty” to invest in its nuclear facilities. Meta’s Urvi Parekh, head of global energy, said the company is backing nuclear power because it offers the “clean, reliable power” essential for its AI goals, Vistra said. The agreement covers 2,176 MW of existing generation capacity plus 433 MW of uprates, with plant output continuing to feed the grid throughout the contract term. (Vistra Corp. Investor Relations)
Friday’s action pushed Vistra past the wider utilities sector. Constellation Energy climbed 6.1%, NRG Energy gained roughly 4%, and the Utilities Select Sector SPDR ETF rose 1.2%. Oklo jumped 7.9%, while Meta edged up about 1%.
The deals are PPAs — long-term power purchase agreements tying a buyer and seller for several years. For generators, this means trading some risk of volatile spot prices for more predictable, contracted revenue, though it limits gains when prices surge.
Pricing remains the missing piece for traders. Neither company has disclosed contract details publicly, leaving the next move to figure out how much of Vistra’s nuclear output is essentially spoken for—and at what implied price.
The timing is crucial. Most of the added capacity stems from uprates—equipment upgrades that boost a reactor’s output—but these projects often hit delays due to permitting issues, outage scheduling, and supply-chain hiccups.
But the downside is clear. Should the upgrade program exceed its budget or face delays in approvals, the market’s rapid re-rating could reverse—particularly if power prices drop or a key unit goes offline.
The broader takeaway is clear: Major tech buyers are betting on nuclear as a reliable, “firm” power source that operates nonstop, unlike just wind or solar. Investors are already pricing this shift into the wider U.S. power market.
