Vistra Corp. (VST) just landed what might be the nuclear power industry's deal of the year, and investors took notice. Shares jumped over 15% Friday after the company announced a 20-year power purchase agreement with Meta Platforms Inc. (META) to supply massive amounts of zero-carbon electricity for the tech giant's operations.

The Nuclear Power Play

Here's what Meta is getting: over 2,600 MW of nuclear power from three plants, which is enough to power a small city or, more relevantly, a lot of AI data centers. The bulk of it comes from Vistra's Perry and Davis-Besse nuclear facilities in Ohio, delivering 2,176 MW from existing operations. Then there's another 433 MW coming from planned capacity uprates at Perry, Davis-Besse, and the Beaver Valley plant in Pennsylvania.

What's particularly interesting is that over 15% of this contracted capacity represents brand new generation being added to the PJM grid. Translation: this isn't just shuffling existing power around, it's actually expanding the region's clean energy supply.

All the electricity from these plants will flow into the regional grid as usual, supporting everyone in the area. But Meta has essentially locked in the rights to claim that power under long-term contracts, with deliveries starting in late 2026 and ramping up through 2034 until the full 2,609 MW comes online.

License Extensions and Long-Term Thinking

The Nuclear Regulatory Commission has already granted initial license renewals for all three plants. Current licenses run through 2036 for Beaver Valley Unit 1, 2037 for Davis-Besse, 2046 for Perry, and 2047 for Beaver Valley Unit 2. But here's the kicker: this Meta deal gives Vistra the financial certainty to pursue subsequent license renewals that could extend each reactor's operating life by another 20 years.

That's the beauty of a 20-year power purchase agreement. It's not just about buying electricity, it's about creating the economic foundation for long-term infrastructure investment that might not pencil out otherwise.

Big Tech's Nuclear Appetite

Meta isn't putting all its nuclear eggs in one basket. Earlier the same day, Oklo Inc. (OKLO) announced its own strategic partnership with Meta to develop a 1.2-gigawatt nuclear power campus in Ohio. The pattern is clear: Big Tech is positioning nuclear energy as critical infrastructure for AI-driven growth, working with both established operators and next-generation developers.

Together, these deals reveal Meta's two-pronged strategy. Lock in near-term power from existing nuclear plants to meet immediate needs, while simultaneously investing in new nuclear capacity for the longer haul. When you're training AI models that consume enormous amounts of electricity, zero-carbon baseload power starts looking pretty attractive.

VST Price Action: Vistra shares climbed 15.21% to $173.50 during premarket trading Friday.