AtkinsRéalis bets on nuclear-powered AI factories amid data centre surge

AtkinsRéalis Group Inc. saw a 34% rise in profits last quarter, fueled by its nuclear division, which now accounts for 25% of total revenue—up from 15% two years ago. The Montreal-based firm secured a multibillion-dollar contract in 2025 to extend the life of four reactors at Ontario’s Pickering nuclear power station and won deals in Romania, including a 2024 contract to build two new reactors at Cernavoda. The company is expanding into nuclear-powered AI data centers, partnering with Nvidia to integrate chipmaking technology into these facilities. CEO Ian Edwards highlighted the need for a tenfold increase in electricity production for AI sites, calling energy supply the primary challenge. AtkinsRéalis’ Candu Energy subsidiary, which holds exclusive federal nuclear licensing, noted that mid-size reactors take about seven years to construct—comparable to combined-cycle gas turbines increasingly used for AI data centers. Financial results for the quarter ended March 31 showed net income of $92.8 million, up from $69.1 million a year earlier, with revenue reaching $3.00 billion (an 18% increase). Adjusted earnings per share hit 80 cents, surpassing analyst expectations of 74 cents. The company’s backlog stood at $20.28 billion, slightly down from $20.41 billion a year prior. Edwards emphasized the growing demand for nuclear energy in AI infrastructure, stating that the technology’s efficiency now rivals gas turbines. The company’s strategic shift aligns with broader industry trends, positioning AtkinsRéalis as a key player in powering next-generation data centers. The report underscores the intersection of nuclear energy and AI, with AtkinsRéalis leveraging its expertise to meet surging energy needs in tech-driven sectors.