Google Locks In 890 MW of Nuclear Power for 20 Years — Bitcoin Miners Watch From the Sidelines

Google has signed a 20-year power purchase agreement with Constellation Energy for 890 megawatts of new nuclear capacity, one of the largest long-term electricity commitments made by a technology company to date. The deal, announced on October 6, 2026, will be delivered through uprates at eleven nuclear units across six sites in Illinois, Pennsylvania and New Jersey, all feeding into the PJM grid, which serves 67 million people across the eastern United States.

Constellation said the agreement represents more than $4.3 billion in private investment and will sustain and create thousands of jobs. First power under the contract is expected in 2028. In a post on X, the company described the arrangement: "More nuclear energy is coming to PJM. Our agreement with @Google will add 890 MW of reliable, emissions-free capacity – equivalent to a new reactor – backed by $4.3B+ in private investment. Deal will also sustain and create thousands of jobs."

Google and Constellation also signed a second, separate contract covering 2,700 MW over 15 years, drawn entirely from existing fleet capacity rather than new uprates. Combined, the two agreements total 3,590 MW, though only a quarter of that comes from the capacity expansions announced alongside the headline deal.

Markets react

Constellation Energy shares jumped sharply on the news, touching an intraday high of $309.80 — a gain of nearly 16% — before closing the session at $300.40, up 12.2%. The stock remains down 15% since the start of the year. The announcement also lifted the wider nuclear sector: the VanEck Uranium and Nuclear ETF rose 5.5% on the day, while Oklo gained 7.2%, NANO Nuclear 6.3% and NuScale 4.4%.

Google is not alone among large technology firms securing nuclear supply. Microsoft has agreed to buy electricity from the restarted Three Mile Island plant in Pennsylvania. Meta has agreements covering sites in Ohio, Pennsylvania and Illinois, and Amazon has signed a deal in Maryland. Constellation CEO Joe Dominguez said the structure of the Google agreement "can serve as a model" for future arrangements.

The bitcoin mining backdrop

The scale of these commitments sits alongside a bitcoin mining industry that draws an estimated 13 to 25 gigawatts of power continuously worldwide, according to Cambridge tracking data cited by CoinDesk in April. Some miners have already begun shifting part of their operations toward computing demand tied to artificial intelligence. Core Scientific converted a portion of its capacity to AI hosting through a contract with CoreWeave, while IREN and Hut 8 have both reported rising revenue from high-performance computing services.

Bitcoin's network hashrate, meanwhile, has climbed past 1 zettahash per second, a figure that reflects continued expansion of mining infrastructure even as the electricity market around it grows more contested. None of the long-term, multibillion-dollar nuclear supply agreements signed by Google, Microsoft, Meta or Amazon have a direct counterpart yet among publicly disclosed bitcoin mining contracts.