The whole nuclear stack repriced on Google's 20-year, 890 MW reactor-uprate deal with Constellation — from merchant utilities through enrichment, forgings and the SMR platforms.

Talen Energy (TLN) led, up 12.4% to $373.11, with Constellation (CEG) +12.2% to $300.40 and Vistra (VST) +10.8% to $160.50 — the restarts, uprates & nuclear utilities chokepoint. Google's 20-year power-purchase agreement funds 890 MW of efficiency upgrades at existing Constellation reactors in Illinois, Pennsylvania and New Jersey, the clearest signal yet that hyperscalers will contract for firm nuclear output over two decades rather than build new generation. Constellation is the direct counterparty; the rest of the complex moved on the read-through.

The laggard was Huntington Ingalls (HII), down just 1.0% to $263.75 — the only material decliner on an otherwise uniformly green board. As a naval-reactor fabricator its cadence is set by defence budgets, not merchant-power contracts, so it sat out the melt-up. (A −6.6% print on the Japan Steel Works ADR was excluded as a thin, non-representative OTC quote; its Tokyo line actually rose Tuesday.) The read is that essentially nothing in the vertical fell on fundamentals — the session was a broad, catalyst-driven repricing.

The move ran the full fuel cycle. Enrichment & HALEU led via Centrus (LEU) +8.8% to $153.88 and Silex (SILXY) +6.1%; uranium supply & mining via Uranium Energy (UEC) +8.1% to $10.11, Cameco (CCJ) +6.3% to $93.02 and the Sprott miners ETF (URNM) +5.0%, with uranium spot near $89.85/lb. Large forgings and fuel fabrication moved through BWXT (BWXT) +7.6% to $145.70; the SMR & advanced-reactor platforms via Oklo (OKLO) +7.2% to $38.55 and X-energy (XE) +7.2%; and instrumentation via Mirion (MIR) +9.0% to $16.27.

The calendar keeps the catalysts coming. BWXT reports Q3 on November 2; the Xe-100 construction permit hits an NRC 18-month review milestone around December 16; Westinghouse and the US government are due to convert their binding term sheet into definitive agreements; and the NRC's decision on restarting the Crane Clean Energy Center (the former Three Mile Island Unit 1, Constellation's) is expected in 2027 — the restart template the leaders' move was priced against.