Alphabet’s (GOOGL Quick QuoteGOOGL - Free Report) Google and Constellation Energy (CEG Quick QuoteCEG - Free Report) signed a landmark power purchase agreement (PPA) last week that has put the entire nuclear industry squarely in the spotlight. Under the deal, Google will procure a total of 3.59 gigawatts (GW) of power, roughly a quarter of it from new nuclear capacity. 

Specifically, Google signed a 20-year PPA for 890 megawatts (MW), which will be sourced from multiple CEG-owned nuclear power plants, alongside a separate long-term supply agreement of 15 years covering the remaining 2,700 MW. The transaction will drive more than $4.3 billion in new investment by Constellation to upgrade 11 nuclear units across Illinois, Pennsylvania and New Jersey. 

Following the announcement, Constellation shares surged over 12%, while pure-play funds like VanEck Uranium and Nuclear ETF (NLR Quick QuoteNLR - Free Report) gained roughly 5.5% on the day of the announcement. 

While the initial headline triggered an immediate rally, this partnership represents far more than a short-term market pop — it signals a fundamental, long-term repricing across the entire nuclear supply chain.

For investors, this structural shift highlights a compelling case to re-evaluate exposure to nuclear exchange-traded funds (ETFs) and capture these emerging long-term tailwinds.

Before identifying the top funds, let us dig deeper into the broader renaissance sweeping the energy sector — and examine how recurring mega-agreements between tech hyperscalers and nuclear operators are reshaping valuations across nuclear equities.

The Nuclear Renaissance Fueled by AI

The nuclear industry is undergoing a structural renaissance driven by artificial intelligence (AI). Over the past couple of years, as data center power demand has surged, technology giants have increasingly turned to nuclear power to secure 24/7 baseload electricity. 

Behind these agreements lies the insatiable demand from AI data centers for round-the-clock, reliable power — the very force that has been driving unprecedented partnerships between hyperscalers and nuclear power suppliers lately.

This trend largely began in 2024, when Microsoft (MSFT Quick QuoteMSFT - Free Report) signed a 20-year agreement worth $16 billion with Constellation to restart the Three Mile Island nuclear plant. 

In 2025, NextEra Energy (NEE Quick QuoteNEE - Free Report) and Google signed a 25-year carbon-free energy agreement to restart the dormant Duane Arnold Energy Center, a 615-MW nuclear facility, in Palo, IA. Once operational, electricity from this facility will power Google's growing cloud and AI infrastructure in Iowa.

Next, in early 2026, Meta signed 20-year power purchase agreements (PPAs) with Vistra Corp (VST Quick QuoteVST - Free Report) for 2,600 MW of nuclear-powered electricity, in addition to a power agreement with Oklo Inc. (OKLO Quick QuoteOKLO - Free Report) to anchor a planned 1.2-gigawatt GW advanced nuclear power campus in Pike County, OH. 

In late September, Amazon signed a 20-year PPA with CEG to support the expansion of the Calvert ‌Cliffs nuclear plant in Maryland. The deal includes 690 MW of power from Constellation's 1,790 MW Calvert Cliffs nuclear plant.

What these recurring mega-deals clearly demonstrate is a permanent shift in utility economics — long-term contracted revenues from tech hyperscalers are creating unprecedented growth visibility across the nuclear value chain. 

ETFs: A Diversified Path to Nuclear Demand

As demand for clean, 24/7 power drives an aggressive expansion of carbon-free generation capacity, investors looking to participate in this structural multi-year rally can leverage specialized nuclear ETFs to build targeted portfolio exposure.

Against the current backdrop, a single company's risk may stem from regulatory delays, construction overruns, or operational disruptions. Nuclear ETFs hold dozens of companies across the supply chain, spanning uranium mining, fuel processing, reactor operations, equipment manufacturing, and next-generation reactor technology, helping hedge these idiosyncratic risks while capturing the long-term trend of AI-driven power demand.

Nuclear ETFs in Spotlight

Considering the aforementioned discussion, the following Nuclear ETFs are currently worth an investor’s spotlight:

VanEck Uranium and Nuclear ETF (NLR Quick QuoteNLR - Free Report)

This fund, with net assets worth $3.52 billion, offers exposure to 28 companies involved in uranium mining; the construction, engineering, and maintenance of nuclear power facilities and nuclear reactors; the production of electricity from nuclear sources; or providing equipment, technology, and/or services to the nuclear power industry. 

CEG holds the first spot in this fund with a 9.20% weight, while OKLO holds the eighth spot with a 4.81% weight.  NLR charges 52 basis points (bps) in fees. 

Range Nuclear Renaissance Index ETF (NUKZ Quick QuoteNUKZ - Free Report)

This fund, with net assets worth $678 million, offers exposure to 52 companies that are involved in advanced reactor, utilities, construction & services, and fuel. VST holds the fourth spot in this fund with a 3.23% weight, while OKLO holds the fifth spot with a 3.16% weight. 

CEG holds the sixth position in this fund, with 3.03% weight. NUKZ charges 85 bps in fees. 

First Trust Bloomberg Nuclear Power ETF (RCTR Quick QuoteRCTR - Free Report)

The fund, with net assets of $29.3 million, holds 45 companies involved in the nuclear energy industry. These include regulated utilities and merchant-power producers that operate nuclear-generation assets, uranium miners and enrichers, and companies providing engineering, construction, reactor manufacturing, nuclear waste management, and other equipment or services for nuclear power generation.

CEG holds the second spot in this fund with a 5.79% weight, while VST holds the third spot with a 4.96% weight. RCTR charges 70 bps in fees.