Meta Took the PJM FleetWide moat

Vistra (VST) — moat facet

Two entire reactors and every uprate megawatt Vistra plans to create, contracted before the equipment exists.

On 9 January 2026 Vistra announced twenty-year power purchase agreements with Meta covering 2,609 megawatts of carbon-free power and capacity from its PJM nuclear plants: 1,268 megawatts of energy and capacity from Perry, 908 from Davis-Besse, and 433 megawatts of future uprate capacity — 213 at Perry, 80 at Davis-Besse and 140 at Beaver Valley1.

Meta agreement, 2,609 MW for twenty years1,268 MWPerry, operating908 MWDavis-Besse,operating213 MWPerry uprate140 MWBeaver Valley uprate80 MWDavis-Besse uprateTwo entire reactors plus every uprate megawatt Vistra plans to create
Meta contracted up to 6.6 GW of nuclear across three companies on one day. Vistra supplied the megawatts that already exist.

Perry and Davis-Besse are 1,268 and 908 megawatts respectively2, which is to say Meta has contracted the entire output of two of Vistra's four PJM reactors, plus every uprate megawatt the company plans to create.

The structure is worth noticing. The contract covers energy and capacity — in PJM those are separate products with separate revenue, and Meta has taken both. And it extends to megawatts that do not yet exist: the uprate volumes commence delivery in 2031 and reach full volume by the end of 20343, contracted years before the equipment is installed or the regulator has approved the higher rating.

Vistra also agreed to be the preferred power partner for Helix Digital Infrastructure, a newly formed company developing infrastructure for AI-oriented hyperscalers4 — a relationship rather than a contract, and one that points at where the next agreements may come from.

The context is that Meta contracted up to 6.6 gigawatts of nuclear across three companies on the same day5, of which Vistra supplied the only megawatts that already exist. The other agreements were with developers of reactors that have not been built.

That is the clearest available statement of what Vistra owns. In a market where a hyperscaler is willing to sign twenty-year agreements for power from reactors that do not exist yet, the ones that do are worth a great deal.

Moat trajectory: Widening

Perry and Davis-Besse in full, plus every planned uprate megawatt, contracted for twenty years. It is the strongest available statement of what operating reactors are worth in a market where hyperscalers are underwriting unbuilt ones.

The number that tests this moat
Reported
Volume contracted to Meta
2,609 MW for twenty years

Perry's 1,268 MW and Davis-Besse's 908 MW in full, plus 433 MW of planned uprates. Two entire reactors, contracted alongside up to 6.6 GW Meta committed across three companies - and Vistra supplied the megawatts that already exist.

Source: Vistra Corp. Form 10-K, fiscal year 2025 ↗
⚠ Threats to the moat
⚠ THREAT 01
Two Reactors, One Counterparty
Concentration created on purpose, into excellent credits that are unusually correlated with each other.
References
  1. ReportedOn 9 January 2026 Vistra announced twenty-year power purchase agreements with Meta covering 2,609 megawatts of carbon-free power and capacity from its PJM nuclear plants: 1,268 megawatts of energy and capacity from Perry, 908...
    Vistra and Meta announce agreements to support nuclear plants in PJM, 9 January 2026 — twenty-year power purchase agreements under which Vistra will supply Meta with a total of 2,609 MW of carbon-free power and capacity from its PJM nuclear plants: 1,268 MW of energy and capacity from Perry and 908 MW from Davis-Besse, plus 213 MW of uprate energy and capacity from Perry, 80 MW from Davis-Besse and 140 MW from Beaver Valley; delivery commences on a portion of the operating energy and capacity in late 2026 with full delivery by year end 2027, and uprate delivery commences in 2031 with full delivery by year end 2034; Vistra agreed to be the preferred power partner for Helix Digital Infrastructure, a newly formed company designed to develop infrastructure for AI-oriented hyperscalers. Meta contracted up to 6.6 GW of nuclear power across agreements with Vistra, Oklo and TerraPower announced the same day — January 2026 · publ. January 2026 · source ↗
  2. ReportedPerry and Davis-Besse are 1,268 and 908 megawatts respectively, which is to say Meta has contracted the entire output of two of Vistra's four PJM reactors, plus every uprate megawatt the company plans to create
    Vistra and Meta announce agreements to support nuclear plants in PJM, 9 January 2026 — twenty-year power purchase agreements under which Vistra will supply Meta with a total of 2,609 MW of carbon-free power and capacity from its PJM nuclear plants: 1,268 MW of energy and capacity from Perry and 908 MW from Davis-Besse, plus 213 MW of uprate energy and capacity from Perry, 80 MW from Davis-Besse and 140 MW from Beaver Valley; delivery commences on a portion of the operating energy and capacity in late 2026 with full delivery by year end 2027, and uprate delivery commences in 2031 with full delivery by year end 2034; Vistra agreed to be the preferred power partner for Helix Digital Infrastructure, a newly formed company designed to develop infrastructure for AI-oriented hyperscalers. Meta contracted up to 6.6 GW of nuclear power across agreements with Vistra, Oklo and TerraPower announced the same day — January 2026 · publ. January 2026 · source ↗
  3. ReportedAnd it extends to megawatts that do not yet exist: the uprate volumes commence delivery in 2031 and reach full volume by the end of 2034, contracted years before the equipment is installed or the regulator has approved the...
    Vistra and Meta announce agreements to support nuclear plants in PJM, 9 January 2026 — twenty-year power purchase agreements under which Vistra will supply Meta with a total of 2,609 MW of carbon-free power and capacity from its PJM nuclear plants: 1,268 MW of energy and capacity from Perry and 908 MW from Davis-Besse, plus 213 MW of uprate energy and capacity from Perry, 80 MW from Davis-Besse and 140 MW from Beaver Valley; delivery commences on a portion of the operating energy and capacity in late 2026 with full delivery by year end 2027, and uprate delivery commences in 2031 with full delivery by year end 2034; Vistra agreed to be the preferred power partner for Helix Digital Infrastructure, a newly formed company designed to develop infrastructure for AI-oriented hyperscalers. Meta contracted up to 6.6 GW of nuclear power across agreements with Vistra, Oklo and TerraPower announced the same day — January 2026 · publ. January 2026 · source ↗
  4. ReportedVistra also agreed to be the preferred power partner for Helix Digital Infrastructure, a newly formed company developing infrastructure for AI-oriented hyperscalers — a relationship rather than a contract, and one that points...
    Vistra and Meta announce agreements to support nuclear plants in PJM, 9 January 2026 — twenty-year power purchase agreements under which Vistra will supply Meta with a total of 2,609 MW of carbon-free power and capacity from its PJM nuclear plants: 1,268 MW of energy and capacity from Perry and 908 MW from Davis-Besse, plus 213 MW of uprate energy and capacity from Perry, 80 MW from Davis-Besse and 140 MW from Beaver Valley; delivery commences on a portion of the operating energy and capacity in late 2026 with full delivery by year end 2027, and uprate delivery commences in 2031 with full delivery by year end 2034; Vistra agreed to be the preferred power partner for Helix Digital Infrastructure, a newly formed company designed to develop infrastructure for AI-oriented hyperscalers. Meta contracted up to 6.6 GW of nuclear power across agreements with Vistra, Oklo and TerraPower announced the same day — January 2026 · publ. January 2026 · source ↗
  5. ReportedThe context is that Meta contracted up to 6.6 gigawatts of nuclear across three companies on the same day, of which Vistra supplied the only megawatts that already exist
    Vistra and Meta announce agreements to support nuclear plants in PJM, 9 January 2026 — twenty-year power purchase agreements under which Vistra will supply Meta with a total of 2,609 MW of carbon-free power and capacity from its PJM nuclear plants: 1,268 MW of energy and capacity from Perry and 908 MW from Davis-Besse, plus 213 MW of uprate energy and capacity from Perry, 80 MW from Davis-Besse and 140 MW from Beaver Valley; delivery commences on a portion of the operating energy and capacity in late 2026 with full delivery by year end 2027, and uprate delivery commences in 2031 with full delivery by year end 2034; Vistra agreed to be the preferred power partner for Helix Digital Infrastructure, a newly formed company designed to develop infrastructure for AI-oriented hyperscalers. Meta contracted up to 6.6 GW of nuclear power across agreements with Vistra, Oklo and TerraPower announced the same day — January 2026 · publ. January 2026 · source ↗
Sources
Generated September 23, 2026