In September 2024, Oracle announced plans to build a gigawatt-scale data centre powered by small modular reactors (SMRs). Equinix, a leading data centre operator, made a $25m pre-payment to nuclear power company Oklo for SMR power. SMRs, compact versions of traditional nuclear plants, offer high-energy corporations a dedicated power source, providing greater energy security and consistent output.
More than 200 SMRs have already been ordered, with demand coming from companies like Standard Power and Dow. Early SMR developers, such as NuScale, Last Energy, GE Hitachi, and X Energy, are targeting tech companies aiming for carbon neutrality by 2030. SMRs offer both emission reductions and protection from energy price shocks.
Meanwhile, Microsoft has gone further by backing nuclear fusion, securing a 50MW power supply from Helion, a fusion startup aiming to deliver by 2028. This move suggests a growing trend where energy-intensive sectors, particularly tech, are exploring both SMRs and fusion reactors to meet ambitious sustainability goals.