NEW YORK, Jan 9, 2026, 11:58 (EST) — Regular session
Vistra Corp shares rose 11.4% to $167.81 in late-morning trading on Friday after the power producer said it struck 20-year nuclear power purchase agreements with Meta Platforms. The stock hit an intraday high of $178.40. (PR Newswire)
The deal lands as Big Tech scrambles for steady power supplies to feed data centers, a load that has become harder to meet with wind and solar alone. Meta said it also signed nuclear agreements with two other companies, as it tries to lock in long-term supply for its data and AI buildout. (Reuters)
Vistra said the contracts cover more than 2,600 megawatts from its Beaver Valley, Davis-Besse and Perry nuclear plants in the PJM power market. A power purchase agreement is a long-term contract to buy electricity; in this case, the power still flows into the grid, while Meta buys energy and “capacity” — a payment for being available to generate when needed. Vistra also plans “uprates,” or equipment upgrades that lift output, and Chief Executive Jim Burke said Meta’s commitment gives Vistra “the certainty needed to invest,” while Meta’s Urvi Parekh said nuclear offers “clean, reliable power.” (Vistra Corp. Investor Relations)
In a regulatory filing, Vistra broke out the deal into 2,176 MW tied to its operating output and another 433 MW tied to uprates, with deliveries starting in late 2026 and ramping through 2034. Vistra said the agreements could add roughly 8% to 10% to its adjusted free cash flow before growth from operating deliveries once fully in place, with an additional 5% to 7% tied to uprate deliveries, assuming its 2026 guidance. It expects capital spending on the uprates to run from 2026 through 2034 and said the investments should meet or exceed its mid-teens return target. (SEC)
The move lifted other nuclear-linked names. Oklo was up about 12%, while Constellation Energy rose about 5% and NuScale Power added about 6%; Meta shares traded up less than 1%.
Vistra had closed down 2.6% on Thursday at $150.60, and the stock was still well below its 52-week high of $219.82 set in September, even after Friday’s jump. (MarketWatch)
But the trade has a long fuse. The uprates and later deliveries stretch into the next decade, and nuclear projects can run into permitting, outage scheduling and cost risks that can squeeze returns. A broader slowdown in data-center demand, or softer power prices, would also test the market’s new enthusiasm.
Next up, investors will look for more detail on Vistra’s spending timetable and milestones for the uprates, along with any update on how the contracts fit into its 2026 outlook. Nasdaq’s earnings calendar lists Feb. 26 as the expected date for Vistra’s next results, a key read on guidance and capital plans. (Nasdaq)
