Independent power producer (Vistra) — nuclear + gas fleet selling firm power into AI data-center demand; founding investor and preferred power provider in the Helix rack-to-grid platform
AI exposure 20% — derived from reported segment revenue, not asserted.
Energy Supply & Critical Minerals → Nuclear Power & Utilities · figures rebased to Q2 2026, reported 2026-08-07
Gas/coal generation + competitive retail electricity (TXU, Dynegy) leads 2 businesses in this sub-tier that together are 100% of revenue, so Nuclear Power & Utilities is effectively the whole company rather than one leg of it.
Vistra (~$17B FY2025; Q2 2026 ongoing-operations adj. EBITDA $1,767M, +31% YoY) — integrated power (generation + retail). Nuclear ~30% (Comanche Peak + Energy Harbor fleet = primary basis B4 Nuclear; 2,176MW of 20-year Meta PPAs from Perry/Davis-Besse plus uprates, and a 300MW SMR option) + gas/coal gen + competitive retail ~70% (largest US competitive retailer — TXU). Reports four segments (Q2 2026 adj. EBITDA: Retail $773M, East $642M, Texas $311M, West $68M, Corporate $(27)M) but the atlas holds it as one integrated generation+retail spine. Primary B4 Nuclear Power & Utilities (nuclear is…
Moat. Site and interconnection advantage more than fleet advantage: roughly 41GW of already-interconnected dispatchable capacity in ERCOT and PJM, nuclear operating licences that cannot be replicated on any AI-relevant timeline, and the largest US competitive retail book (TXU) which both hedges the generation and is itself sticky. The June 2026 FERC order directing PJM and transmission owners to accommodate co-location channels data-center demand toward Vistra's existing sites rather than to greenfield competitors — management called it a very positive development for co-location projects.
Bottleneck / pricing power. Two-sided for the first time. Realized prices rose about 5%/MWh YoY, PJM capacity revenue improved and fleet commercial availability held above 97% through record July heat in both ERCOT and PJM. But ERCOT forward curves softened significantly on a battery-storage surge that has been performing below expectations, and management now guides 2027 adjusted EBITDA to the LOW end of $7.4-7.8B. Scarcity pricing is still the thesis; this is the first quarter in which supply additions rather than demand set the direction in Vistra's largest market.
Role in the AI stack. The merchant firm-power layer (nuclear + gas) for AI demand — and now a founding investor and preferred power provider in the Helix rack-to-grid platform.
All 174 companies · What moved this quarter · How the map is built