Amazon Invests Hundreds of Millions of Dollars in SMRs! Nuclear Power Sector Surges—China Has Its Own Linglong One

On October 21, A-share nuclear power-related stocks surged, with numerous concept stocks rising sharply. Among them, Qifeng Precision Engineering jumped 29.83%; Jindun Holdings, Guangzhi Technology, and Tongyu Heavy Industry all hit the 20% daily trading limit; Ruiqi Intelligent Manufacturing rose 18.67%; Chuanrun Holdings and Shanghai Electric hit the 10% daily limit; and Haiou Co., Ltd., Jikang Instruments, and Lianchuang Optoelectronics also posted gains. News-wise, Amazon Web Services (AWS), a global cloud computing leader, recently announced partnerships with three companies and an initial investment of hundreds of millions of dollars to develop small modular reactors (SMRs). AI and big data technologies are advancing rapidly, significantly increasing electricity demand from data centers. Globally, data centers already consume over 2% of total electricity—and this share continues to rise. By 2030, U.S. data centers alone may consume up to 9% of the nation’s electricity—more than double today’s level. Thus, securing a stable, low-carbon energy source to meet data center power demands has become critically important. Major Tech Players Accelerate SMR Development Amazon signed cooperation agreements with Energy Northwest, Dominion Energy, and X-energy. Its agreement with Energy Northwest stipulates that Amazon will fund the development, licensing, and construction of four advanced SMRs. The first phase is expected to deliver 320 megawatts (MW) of installed capacity, potentially expanding later to 960 MW. With Dominion Energy, Amazon reached an agreement to jointly explore developing an SMR project to power its AWS cloud platform. The proposed plant would be located near Dominion’s existing North Anna nuclear station. If realized, it would generate 300 MW of electricity. Additionally, Amazon’s Climate Pledge Fund led a $500 million financing round for X-energy—a developer of SMRs and nuclear fuel. Energy Northwest’s reactors will be built using X-energy’s technology, funded by Amazon. This news triggered a surge in U.S. nuclear power stocks: Oklo and NuScale Power both soared over 30%, while uranium miner Cameco rose 6%. This reflects investor optimism toward Amazon’s SMR investments—and signals a promising new opportunity for the nuclear industry. China Everbright Securities analysis notes that Amazon’s series of initiatives highlights the potential and strategic importance of SMRs in future energy development. Compared with traditional large-scale nuclear plants, SMRs refer to nuclear reactors with installed capacity under 300 MWe (300 megawatts electric), offering advantages including smaller footprint, shorter construction timelines, higher safety, and greater operational flexibility. Their modular design enables standardized manufacturing and scalable deployment, allowing installations closer to the grid—including in remote areas, industrial parks, and data centers—to meet distributed energy needs. Moreover, SMRs can flexibly adjust output power to accommodate grid fluctuations and feature enhanced accident prevention capabilities.

Are Small Modular Reactors the 'Energy Savior' for AI?

AI technology companies have already invested heavily in wind and solar energy. Yet these sources currently struggle to guarantee stable electricity supply. Michael Terrell, Google’s Senior Director of Energy and Climate, candidly admitted that nuclear energy offers a clean, 24/7 power solution—enabling AI firms to reliably meet their electricity needs in a carbon-free manner. An article published on the U.S. Office of Nuclear Energy’s website states that nuclear power boasts a capacity factor as high as 92.5%, meaning it operates at full capacity over 92% of the time. Most existing nuclear facilities are massive, generating 1,000 MW or more. However, their planning and construction often take years—and require enormous capital investment, carrying substantial risk. Unlike conventional large-scale nuclear plants, SMRs are physically smaller. This not only helps reduce reactor construction costs but also dramatically shortens build times and expands viable deployment locations. Chris Sharp, Chief Technology Officer of U.S.-based digital reality firm Digital Reality, noted that data centers consume enormous amounts of electricity—and SMRs could be built directly within data center sites, potentially delivering stable, on-site power. On October 14, Google signed an agreement with Kairos Power, a nuclear energy startup, to construct seven SMRs supplying approximately 500 MW of carbon-free electricity to Google’s data centers. On October 16, Amazon announced its SMR strategy: it signed an agreement with the Northwest Energy Coalition—a public utility alliance in Washington State—to fund the development, licensing, and construction of four SMRs. The first phase targets 320 MW of installed capacity, expandable to 960 MW in Phase Two. Amazon also plans to collaborate with Dominion Energy in Virginia to develop an SMR dedicated to powering its cloud platform. Meanwhile, Bill Gates has invested over $1 billion in TerraPower, which is partnering with Pacific Power—owned by Warren Buffett—to develop SMRs. Sam Altman, founder of OpenAI, has also invested in nuclear startup Oklo. Safety and Other Concerns Remain Debated Some argue that SMRs are inherently safer than conventional nuclear plants. Dr. Edwin Lyman, Director of Nuclear Safety at the Union of Concerned Scientists, stated that, theoretically, smaller nuclear reactors may offer superior passive safety features. X-energy claims its reactor design operates without pressurization—and coolant circulation remains effective even without pumps.

Amazon and AEP Explore 960-Megawatt Nuclear Project in Indiana

Oct 19, 2026

Amazon and American Electric Power are evaluating a 960-megawatt nuclear project in Indiana using small modular reactors from X-Energy. The initiative aims to meet surging power demands from data centers and industrial users while reducing carbon emissions.

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Amazon and AEP Explore 960-Megawatt Nuclear Project in Indiana

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