Oklo Stock Jumps 20% as Meta's £120 Billion Nuclear Gamble Powers AI Ambitions and 5 Million Homes

Meta Platforms has positioned itself as one of America's most significant corporate purchasers of nuclear energy after announcing a series of deals that could supply more than 6 gigawatts of electricity—enough to power roughly 5 million homes.

The move, aimed at securing reliable power for the company's massive artificial intelligence infrastructure, sent shares of nuclear developer Oklo soaring by up to 20 per cent in early trading on Friday. The agreement highlights the immense energy demands of Big Tech and the high costs associated with powering the future of AI.

Oklo Lands Landmark 1.2-Gigawatt Ohio Deal

The most dramatic market reaction came from Oklo's involvement in the partnership. The advanced nuclear firm, backed by OpenAI CEO Sam Altman, will develop up to 1.2 gigawatts of capacity in Pike County, Ohio. The first phase is expected to come online as early as 2030. Altman owns approximately 4.3 per cent of Oklo, a stake worth around £520 million as of Thursday's close.

Under the agreement, Meta will prepay for electricity and provide upfront funding to support the development of Oklo's Aurora powerhouse project. 'Meta's funding commitment in support of early procurement and development activity is a major step in moving advanced nuclear forward,' Oklo co-founder and CEO Jacob DeWitte said.

Oklo shares jumped as much as 19 per cent in mid-day trading, whilst Vistra shares climbed approximately 16 per cent. The surge reflects growing investor confidence in nuclear energy as tech companies race to address mounting power demands from AI data centres.

Vistra and TerraPower Join Nuclear Push

Meta has also secured 20-year agreements to purchase energy from three Vistra nuclear plants in Ohio and Pennsylvania—the Perry and Davis-Besse reactors in Ohio, plus the Beaver Valley facility in Pennsylvania. These existing plants will provide more than 2.1 gigawatts of operating generation.

Additionally, Meta has partnered with TerraPower, the Bill Gates-funded nuclear developer, to support two reactors capable of generating up to 690 megawatts, with delivery targeted for as early as 2032. Meta has secured rights for energy from up to six other future reactor projects that, together, would total 2.1 gigawatts of power.

The High Cost of Powering AI

Meta's nuclear procurement dwarfs similar efforts by its hyperscaler rivals. Amazon, Alphabet's Google, and Microsoft have all signed nuclear energy deals in recent months, but none approach the scale of Meta's commitments.

'If we are unable to generate more electricity, that could hurt the ability of AI to grow faster,' Urvi Parekh, Meta's head of global energy, said. US electricity demand is expected to climb at least 30 per cent by 2030, with data centres accounting for most of the increase, according to energy consulting firm Grid Strategies.

Nuclear power offers consistent baseload power essential for data centres that run 24/7. However, it comes at a premium. Meta could pay between £112 and £176 per megawatt hour for nuclear power, compared to roughly £40 to £48 for gas, wind or solar, according to Rob Barnett, an analyst with Bloomberg Intelligence. Building new advanced nuclear capacity can cost up to £19 per watt, meaning 6 gigawatts of new reactors could require more than £120 billion in capital costs.

Zuckerberg's 'Superintelligence' Strategy

The aggressive pursuit of nuclear energy reflects Meta CEO Mark Zuckerberg's strategy to 'aggressively front-load building capacity' in preparation for achieving what the company calls 'superintelligence'—AI that outperforms humans across most tasks. Zuckerberg told investors last year that he sees more risk from underspending on AI infrastructure than overspending.

The nuclear agreements will help power Meta's Prometheus AI supercluster, currently under construction in New Albany, Ohio. The company expects Prometheus to come online sometime in 2026. 'State-of-the-art data centres and AI infrastructure are essential to securing America's position as a global leader in AI,' said Joel Kaplan, Meta's President of Global Affairs.

Despite the nuclear focus, Meta's larger Hyperion project in rural Louisiana—which could scale to 5 gigawatts by 2028—is expected to be powered initially by at least three natural gas plants.

Nuclear's Comeback in the AI Era

The Meta deals signal a broader nuclear renaissance driven by tech sector demand. Small modular reactors like those Oklo is developing offer compact, factory-built designs that enable quicker construction and lower costs compared to traditional nuclear plants. These reactors can be placed closer to data centres, minimising transmission inefficiencies.

For Oklo, the Meta partnership represents the most significant catalyst. The firm remains in its pre-revenue growth phase, having reported zero commercial revenue and a net loss of approximately £23.7 million in the third quarter of 2025. However, analysts view the Meta deal as validation of Oklo's business model, with several top-tier analysts maintaining 'Buy' ratings.

Pre-construction activities for the Ohio site are scheduled to begin in 2026, with the campus scaling in stages to reach its full 1.2-gigawatt capacity by 2034. The timeline reflects the lengthy development process for nuclear projects, which often take a decade or more to plan and build.