The investment bank joins Morgan Stanley in betting big on the nuclear energy company's pivot toward powering data centers and Bitcoin mining
Goldman Sachs has started covering Talen Energy with a Buy rating and a $499 price target, pointing to de-risked cash flows, constrained power supply dynamics, and the potential for new power purchase agreements. The call puts Goldman in lockstep with Morgan Stanley, which set an identical $499 target on May 21.
Talen Energy currently trades near $406, which means both banks see roughly 23% upside from here. The analyst consensus is even more lopsided: 14 Buy ratings against a single Hold, with an average 12-month price target hovering around $472, implying over 15% upside potential.
Talen Energy operates the Susquehanna nuclear facility in Pennsylvania, one of the largest nuclear power plants in the country. In March 2024, Talen secured a major power purchase agreement with Amazon Web Services for a carbon-free data center. That deal was expanded in June 2025, deepening the relationship between the nuclear operator and one of the world’s largest cloud computing providers.
In October 2024, Talen acquired full ownership of the 200 MW Nautilus Cryptomine facility by purchasing TeraWulf’s 25% stake for $85 million. Nautilus is a Bitcoin mining operation powered by Susquehanna’s nuclear output. When power prices spike, Talen can sell electricity to the grid. When mining economics are favorable, they can direct megawatts toward Bitcoin production.
On June 15, Talen acquired Western PJM gas generation assets to support expected data center load growth. PJM is the regional transmission organization covering 13 states and the District of Columbia, essentially the largest wholesale electricity market in the US.
Goldman’s “de-risked cash flows” language is worth unpacking. Power purchase agreements like the Amazon deal lock in revenue for years, sometimes decades. That transforms Talen from a commodity-price-sensitive utility into something closer to an infrastructure company with contracted income.
The consensus average target of $472 versus Goldman and Morgan Stanley’s $499 creates an interesting dynamic. When two of the most influential banks on the Street agree on a price target that sits above consensus, it tends to pull the average upward as other analysts revisit their models.
