Vistra’s Stock Soars 257.9% as Nuclear Power Fuels AI Boom

IRVING, Texas — Shares of Vistra Corp. surged an astonishing 257.9% in 2024, driven by the company’s strategic pivot toward nuclear power to meet the growing energy demands of artificial intelligence (AI) and data centers. The energy provider, which began the year as a retail electricity and power generation company, ended it as one of the market’s hottest AI-related investments.

The rise of AI applications in 2024 created an unprecedented need for reliable, carbon-free energy to power data centers. Nuclear power emerged as a key solution, offering a stable and sustainable energy source amid challenges faced by renewable energy, including rising costs and supply chain disruptions. Vistra capitalized on this trend, significantly expanding its nuclear capacity through strategic acquisitions.

In March 2024, Vistra completed a deal to acquire Energy Harbor, adding 4,000 megawatts (MW) of nuclear generation capacity to its portfolio. This move increased Vistra’s nuclear capacity from 2,400 MW to 6,400 MW, positioning the company as a major player in the energy market. The acquisition also included full ownership of Vistra Vision, which holds the company’s nuclear assets.

Vistra’s timing proved impeccable, as major tech companies like Microsoft, Alphabet, and Amazon signed deals with nuclear power producers to secure long-term energy supplies for their data centers. Microsoft inked a power purchase agreement with Constellation Energy to restart part of the Three Mile Island nuclear plant. Alphabet’s Google partnered with Kairos Power to develop small modular reactors (SMRs), while Amazon Web Services invested $650 million in a data center campus and signed a long-term power deal with Talen Energy.

Despite a setback when the U.S. Federal Energy Regulatory Commission rejected a proposal allowing Talen to sell more power to Amazon, the tech giant reaffirmed its commitment to nuclear energy. Analysts now speculate that Vistra could soon sign a lucrative power supply agreement with a data center operator, further boosting its prospects.

“The demand for reliable, carbon-free energy is only going to grow as AI and data centers expand,” said an industry analyst. “Vistra’s strategic focus on nuclear power positions it perfectly to meet this demand.”

As of January 16, 2025, Vistra’s stock price stood at $174, reflecting a 2.85% increase. With a market capitalization of $59 billion, the company has become a standout performer in the energy sector, drawing attention from investors and analysts alike.