Bars = capex as % of total revenue. Lines = capex in $B. Source: SEC 10-Q filings.
Est. NVDA DC Revenue by Buyer (Q4 2025)
| Buyer | Est. Spend | % of NVDA Rev |
|---|---|---|
| Microsoft | $8.6B | 22% |
| Meta | $7.1B | 18% |
| Amazon | $4.7B | 12% |
| Alphabet | $3.9B | 10% |
| Oracle | $2.8B | 7% |
| ByteDance | $3.1B | 8% |
| xAI | $2.4B | 6% |
| Other | $6.7B | 17% |
* Private company estimates sourced from SemiAnalysis, The Information, and SEC filings where available. Figures are approximate.
DC GPU Revenue: NVIDIA vs AMD
NVIDIA DC revenue grew from $22.6B to $51.2B per quarter (Q1 2024 - Q3 2025). AMD MI300X scaling from $2.3B.
| Buyer | Plant / Reactor | MW ↓ | Status | Type | Notes |
|---|---|---|---|---|---|
| Meta | TerraPower Natrium (8 reactors) | 2,800 | announced | new | Up to 8 Natrium reactors. 2.8 GW baseload + 1.2 GW storage, peak 4 GW. Two initial units (690 MW) ~2032. |
| Meta | Perry + Davis-Besse + Beaver Valley (Vistra) | 2,600 | signed | existing | 20-year PPAs. Ohio and Pennsylvania plants including 433 MW of uprates. |
| Constellation Energy | Various existing fleet | 2,000 | signed | existing | Multiple co-location deals at existing nuclear plants. Aggregate estimate. |
| Amazon (Talen Energy) | Susquehanna Nuclear (front-of-meter PPA) | 1,920 | signed | existing | Originally 960 MW behind-the-meter (FERC denied Nov 2024). Restructured Jun 2025 as 1,920 MW front-of-meter PPA through 2042 (~$18B). |
| Meta | Comanche Peak Nuclear (Vistra) | 1,200 | signed | existing | 20-year PPA. Deliveries begin Q4 2027, full capacity by 2032. Texas. |
| Meta | Oklo Aurora Fast Reactor | 1,200 | announced | smr | Pike County, OH campus. Phased deployment beginning ~2030 into PJM. |
| Oracle | NuScale / undisclosed SMR | 1,000 | announced | smr | Larry Ellison announced 3 SMRs for data center campus. Design partner TBD. |
| Microsoft | Three Mile Island Unit 1 (Constellation) | 835 | signed | restart | 20-year PPA. TMI-1 restart expected 2028. Largest single corporate nuclear deal. |
| Kairos Power (Hermes SMR) | 500 | signed | smr | First commercial SMR PPA. 6 reactors, delivery starting 2030. | |
| Standard Power | NuScale VOYGR | 462 | under review | smr | Ohio DC campus. First announced SMR-powered data center project. |
| Amazon | X-energy (Xe-100 SMR) | 320 | announced | smr | Investment in X-energy + off-take agreement for Xe-100 reactors. |
| Google (Kairos/TVA) | Kairos Hermes for TVA | 50 | signed | smr | TVA signed 50 MW PPA with Kairos for Google data centers in Tennessee/Alabama. |
Total nuclear capacity under contract/announced: 14.9 GW across 12 deals.