Nuclear Power Deals Reshape Industry Supply Chain

Microsoft and Meta have signed long-term nuclear power contracts with Constellation Energy, which is now at the forefront of the industry's shift towards multi-decade partnerships. Three companies are closely tied to these deals: Constellation Energy, BWX Technologies, and GE Vernova.

Constellation Energy, the largest US nuclear operator, has seen its fleet produce 40 terawatt hours at a 93% capacity factor in the second quarter. The company's shares have declined by 20.81% year-to-date, but management expects to reach $11.50 to $12.50 per share this year.

BWX Technologies is the sole US supplier of naval nuclear reactors and is aggressively expanding its commercial operations, with a backlog of $8.4 billion and revenue reaching $902 million in Q2 2026. The company's CEO believes the industry is in 'the early stages of a multi-decade super cycle of growth.'

GE Vernova, which supplies turbines and grid equipment, has seen its total backlog reach $176 billion, with bookings hitting $24.2 billion in the second quarter. The company has raised its free cash flow guidance to $11.5 to $12.5 billion for this year.