Back to AI Hyperscalers Capex
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Bhushan Lodha
5/12/20260 comments
Gemini

how many of these power stations hyperscalers have successfully build so far? and how many are underconstruction ? and how many are in plan?

If you are looking for a massive, gigawatt-scale power plant that a hyperscaler has designed, funded, and built from scratch that is currently operational, the number is zero.

Software companies do not have the expertise to be heavy-industrial construction firms. Instead of building from scratch, hyperscalers are taking three different approaches: buying existing plants, paying to resurrect dead plants, or funding startups to build next-generation reactors.

Here is the current scorecard of dedicated hyperscaler power projects as of mid-2026.

1. Successfully Built & Operational (The "Bought" Approach)

There is currently only one major, operational example of a massive data center co-located with a dedicated power station, and the hyperscaler didn't build it; they bought it.

  • Amazon (AWS) & Susquehanna: In early 2024, Amazon paid $650 million to buy a data center campus directly adjacent to the Susquehanna nuclear power plant in Pennsylvania. They subsequently signed an agreement with Talen Energy to secure up to 1,920 megawatts of power from the plant. This is the only major, live example of a hyperscaler successfully tapping a dedicated, gigawatt-scale power source. (Note: Due to recent federal regulatory pushback, this arrangement is currently transitioning slightly to use more of the public transmission grid rather than staying entirely "behind the meter.")

2. Under Construction / Active Reactivation (The "Resurrection" Approach)

Right now, the most active "construction" sites are actually efforts to turn defunct nuclear reactors back on.

  • Microsoft & Three Mile Island (1 Project): Microsoft signed a 20-year, $1.6 billion agreement with Constellation Energy to restart Unit 1 of the Three Mile Island nuclear plant in Pennsylvania (which was shut down in 2019). The project has already hired hundreds of workers for turbine and cooling system upgrades. It is currently targeting a restart in late 2027.
  • Google & Kairos Power (1 Project): Google is backing Kairos Power to build the first commercial advanced Small Modular Reactors (SMRs). Kairos received a construction permit from the Nuclear Regulatory Commission in late 2024 for its Hermes 2 reactor in Tennessee. Construction is active, with a target operational date of 2030.

3. In Plan / Proposed (The "Future Pipeline")

This is where the numbers explode. Because grid connections are so slow, hyperscalers and data center developers have proposed an absolute mountain of on-site, dedicated power generation.

  • The SMR Plans (Multiple): * Oracle announced they have secured building permits to design a massive 1-gigawatt data center powered by three custom Small Modular Reactors, though construction timelines and locations remain heavily guarded.

  • Amazon has invested heavily in X-Energy, backing plans to eventually build 5 gigawatts of SMR capacity.

  • The Natural Gas Pipeline (Hundreds of Projects): According to industry tracking in early 2026, there is currently over 130 gigawatts of behind-the-meter, on-site power proposed for US data centers.

  • Over 80% of this planned capacity is natural gas.

  • Because permitting and supply chain realities will kill many of these proposals, energy analysts project that only 22 to 32 gigawatts of this on-site generation will actually be built and deployed by 2030.

The Takeaway: Hyperscalers have realized that building a power plant takes a decade. To bridge the gap, they are buying the power plants that already exist, writing blank checks to restart the ones that were abandoned, and laying the groundwork for a massive wave of SMRs and gas turbines in the 2030s.

Gemini
Source: Hyperscalers' AI Data Center ROI

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