Among the four largest merchant nuclear owners in the United States, roughly four-fifths of the output that remains saleable sits with two companies: Constellation Energy and PSEG. So whoever signs the next long-term nuclear contract for a data center will mostly be buying from those two. In this market, saleable supply sets the cap, and the pace of signing sets growth beneath it.

The latest agreements all went to the same seller. At the end of September, Amazon signed a Calvert Cliffs agreement with Constellation Energy that bundles existing output with an uprate and the revenue certainty to relicense the plant. In early October, Google signed an uprate deal and a separate supply deal with Constellation Energy as well. PSEG, as of its August results presentation, had disclosed no long-term data-center contract.

Those deals lift hyperscaler nuclear offtake in the United States to about $7.9 billion a year of signed contracts. That figure is the value of contracts already signed, at full ramp in 2026 dollars, not revenue delivered in 2026. Other published reports project faster growth for broader, global nuclear-for-data-center markets, but they measure different markets.

In my base case, the market keeps growing through 2036, and the growth is uneven across contract types. Physical front-of-meter supply is the largest of five contract-structure segments, while uprate-funding PPAs grow fastest in the base case, because almost every realistic restart candidate has already been contracted.

No hyperscaler nuclear contract discloses its price, so the report prices the market from sell-side estimates and treats sellers’ own figures as ceilings. Contract structure, not the plant, sets the price, with a spread of up to $45 per megawatt-hour between attribute-only contracts and a contract that funds a restart. The main policy risk is ratepayer politics: the House passed the Ratepayer Protection Act, but the Senate blocked it in September.

No public source I found nets the four largest merchant owners’ remaining supply seller by seller. Policy2050’s report, U.S. Hyperscaler Nuclear Offtake Market, 2026–2036, does that from each seller’s own SEC filings, sizes the market by contract structure, buyer and seller, and forecasts it to 2036 in three scenarios. The full analysis is on the report’s page.