$VST setup: 100 shares cost ~$16,672 vs. Jan 2028 $150 call LEAP at ~$4,813. 71% less capital, 470+ days of runway.
Breakeven: $198.13. If $VST hits $250 by expiration, LEAP returns ~108% vs. 50% on shares.
Why it works:
• Meta locked in 20-year deals for 2,609 MW of Vistra nuclear, including 433 MW of new capacity from uprates
• Separate 20-year, 1,200 MW deal at Comanche Peak starts Q4 2027
• DOE committed up to $4.2B in loans for nuclear plant upgrades
• Q2 adjusted EBITDA $1.77B, up 31% YoY. 2026 guidance $6.8B–$7.6B reaffirmed
• $6.5B buyback since Nov 2021, share count down ~30%
• Trades ~16x forward earnings, 23% below 52-week high
• Jan 2028 expiration gives time for new contracts to hit the numbers
Max loss: entire premium ($4,813). LEAPs are leveraged, can lose value fast if stock drops or stays flat. Size so you can lose it all.
LEAPs are a selective add-on for high-conviction setups, not a replacement for owning shares.
Breakeven: $198.13. If $VST hits $250 by expiration, LEAP returns ~108% vs. 50% on shares.
Why it works:
• Meta locked in 20-year deals for 2,609 MW of Vistra nuclear, including 433 MW of new capacity from uprates
• Separate 20-year, 1,200 MW deal at Comanche Peak starts Q4 2027
• DOE committed up to $4.2B in loans for nuclear plant upgrades
• Q2 adjusted EBITDA $1.77B, up 31% YoY. 2026 guidance $6.8B–$7.6B reaffirmed
• $6.5B buyback since Nov 2021, share count down ~30%
• Trades ~16x forward earnings, 23% below 52-week high
• Jan 2028 expiration gives time for new contracts to hit the numbers
Max loss: entire premium ($4,813). LEAPs are leveraged, can lose value fast if stock drops or stays flat. Size so you can lose it all.
LEAPs are a selective add-on for high-conviction setups, not a replacement for owning shares.