Company File
Texas nuclear + gas generation signing hyperscaler PPAs; recent top-performing S&P utility.
Plate I — Pillar-Purity Score
Dual-fuel baseload in the fastest-growing DC region.
Methodology — How we score
Plate II — The Thesis
Why it’s on the list.
Vistra operates Comanche Peak nuclear plus a massive Texas gas fleet, giving hyperscalers baseload plus peaker capacity in the single region with the fastest data-center buildout. The Energy Harbor acquisition doubled nuclear exposure. Thesis is that Texas becomes the second great AI campus after Northern Virginia — and Vistra owns the generation.
Plate III — Supply Chain
Upstream & downstream.
See the full chain plate for all 37 names.
Upstream — what feeds VST
Downstream — where VST feeds into
Plate IV — Thesis Breakers
What would invalidate this.
- Risk 01ERCOT reform caps merchant pricing
- Risk 02Texas DC boom stalls
Plate V — Also on the Power plate
Siblings by pillar.
- TLNScore 10Owns the Susquehanna nuclear and Cumulus data-center campus feeding AWS; post-bankruptcy compound.
- CEGScore 9Largest US nuclear fleet; Three Mile Island restart for Microsoft — the purest nuclear-for-AI trade.
- OKLOScore 8Small modular reactor pre-revenue moonshot; Sam Altman-chaired — speculative but on-thesis.
- GEVScore 7Gas turbines, grid equipment, offshore wind; multi-year backlog constraints are the bull case.
- CCJScore 7Largest Western uranium miner; tier-one fuel supplier to the nuclear renaissance.
Close
Next earnings: 2026-05-07.
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