Constellation Energy Corp

Google and Constellation Energy announced a long-term clean energy collaboration that will add 890 megawatts of new nuclear capacity to the PJM grid under a 20-year power purchase agreement. The deal also includes a 15-year, 2,700 megawatt supply agreement and more than US$4.30 billion of nuclear fleet investments supported by Google Cloud's AI technology. The Google contracts follow a separate 20-year agreement with Amazon backing over US$3.00 billion of upgrades and a 190 megawatt uprate at Maryland's Calvert Cliffs plant. Together the contracts show how hyperscale customers are directly underwriting incremental nuclear capacity, life extensions and digital optimization across Constellation's fleet. Constellation Energy's narrative projects $39.9 billion revenue and $6.5 billion earnings by 2029, requiring 8.5% yearly revenue growth and a $3.0 billion earnings increase from $3.5 billion today.

Constellation Energy has landed two 20-year contracts with tech giants in about a week, with Google committing to 890 MW of new nuclear capacity on PJM days after Amazon signed a deal tied to a 190 MW expansion at Calvert Cliffs. Constellation, the largest nuclear operator in the US, runs 55 gigawatts of capacity across nuclear, gas, geothermal, hydro, wind and solar since buying Calpine earlier this year, and sells power to about 2.5 million customer accounts, including 80% of the Fortune 100. The company will invest more than $4.3 billion to upgrade 11 nuclear units across Illinois, Pennsylvania and New Jersey, with the first uprate due by 2028, while a separate 15-year agreement covers 2,700 MW from existing plants. Adjusted operating earnings rose to $2.55 a share from $1.91 a year earlier and management raised full-year adjusted guidance to $11.50 to $12.50 a share, though GAAP earnings fell to $1.42 from $2.67. The quarter's 920 MW of new agreements run 15 to 20 years with investment-grade buyers and start between 2029 and 2032, and the Crane Clean Energy Center restart now has its fuel license and a key grid-connection approval, with the company still targeting 2027.

Jim Cramer named Constellation Energy Corporation and Vistra Corp. as power stocks worth revisiting on Mad Money on October 1, citing their share-price declines and demand for nuclear electricity. Constellation announced a 20-year agreement with Amazon on September 30 covering 690 megawatts, including roughly 190 megawatts of additional capacity at Calvert Cliffs expected between 2030 and 2032, supporting more than $3 billion in infrastructure investment and the plant's proposed license extension. Constellation also raised its full-year adjusted operating earnings outlook to $11.50 to $12.50 per share after second-quarter adjusted earnings of $2.55, up from $1.91 a year earlier, helped by the addition of Calpine and favorable market conditions. Vistra reported approximately $1.77 billion in ongoing-operations adjusted EBITDA, an increase of $418 million, and reaffirmed its full-year range of $6.8 billion to $7.6 billion, though its quarterly net income declined to $305 million. Cramer noted Constellation and Vistra have pulled back 37% and 36% from their highs, respectively, and said they look cheap at these levels.

Google has contracted 3,590 megawatts of power from Constellation Energy in the largest US power grid, PJM Interconnection, with new nuclear energy accounting for about a quarter of that supply, or 890 megawatts. The 20-year power purchase agreement will fund more than $4.3 billion of new investments at 11 Constellation-owned nuclear units in Illinois, Pennsylvania, and New Jersey, boosting thermal and electrical efficiency, with electricity from the first upgraded plants delivered in 2028. The deal responds to PJM's "bring your own power" proposal, which followed a more than 11-fold increase in PJM capacity prices since 2024 and a power shortfall driven largely by data center expansion. It is the latest in a string of nuclear power announcements involving "Magnificent Seven" tech companies, following Constellation's 20-year agreements with Amazon for 690 megawatts from Calvert Cliffs and with Meta for 1,121 MW, and Google's contract to restart NextEra Energy's Iowa nuclear plant. Data center power consumption is projected to double globally by 2030, reaching around 945-980 terawatt-hours annually, and could account for up to 12% of total US electricity consumption by 2030.

SpaceX is reportedly seeking about $40B to finance a major Nvidia chip purchase, with Apollo Global Management expected to lead the financing. The package could include roughly $10B of bank loans and $30B of investment-grade debt, the Financial Times reported, adding another large financing commitment to the AI infrastructure buildout. Separately, David Ellison said technology will be central to Skydance's strategy following the completion of its $110B acquisition of Warner Bros. Discovery, noting in a memo obtained by Business Insider that technology is changing how content is created, distributed, and consumed. Constellation Energy jumped 12.2% Tuesday after announcing a 20-year power purchase agreement with Google tied to 890 MW of additional nuclear generation, lifting Talen Energy, Vistra, and NRG Energy by 12.4%, 10.7%, and 7%, respectively, while the State Street Utilities Select Sector SPDR rose 3%. Chevron agreed to sell interests in Hess Midstream and its DJ Basin crude midstream assets as it restructures related contracts, with revised Bakken agreements expected to cut midstream costs for its Bakken operations by roughly half. Ray Dalio warned the AI investment cycle is approaching a point where rising interest rates and heavy borrowing could trigger a reversal.

Constellation Energy surged more than 12% after Alphabet's Google agreed to buy nuclear power from the company under a 20-year power purchase agreement that will drive more than 4.3 billion dollars of investment to upgrade systems at 11 Constellation reactors. The deal made Constellation the second-biggest gainer in the S&P 500 and the top gainer in the Nasdaq 100, lifting utilities and uranium-linked names on hyperscaler demand for clean, reliable baseload power. The S&P 500 closed at a record high of 7,819.04, up 45 points or about six-tenths of a percent, while the Nasdaq 100 also set a record and the Dow Jones Industrial Average added about 253 points, or half a percent. Nvidia rose to another record high and moved toward becoming the first company with a 6 trillion dollar market cap, while Marvell Technology finished just under 6% higher after raising its fiscal 2028 revenue guidance to 20 billion dollars, topping the average analyst estimate. On the downside, Seagate Technology fell 9% and Western Digital dropped almost 7%, while Moderna slid about 7.7%.

Google and Constellation Energy have signed a $1 billion deal, putting nuclear energy back in focus as a power source for AI. On a Market Hang panel, one analyst noted Constellation had already secured five plant approvals, letting it reach market faster than competitors, which is why the news was likely already priced in. The panel flagged that the biggest obstacle for the sector is that the United States has not built these plants, citing one Georgia reactor that was meant to take three years but took seven. The analyst said the government will probably get involved after the election to push-start more nuclear plant construction, calling it one of the fastest ways to deliver large amounts of safe, clean power. The panel also raised the unresolved problem of nuclear waste, noting that Yucca Mountain in Nevada never came together and that growing nuclear output will produce more radioactive rods that cannot stay on site.

Google and Constellation Energy announced a 20-year deal to bring 890 MW of new nuclear capacity onto the PJM grid in Illinois, Pennsylvania and New Jersey, with Constellation spending more than $4.3 billion on the build-out. The deal follows Amazon's similar agreement with Constellation, as surging electricity demand from AI revives interest in nuclear power. Separately, Option Care Health shares jumped after the Financial Times reported that McKesson and private equity firm Clayton Dubilier & Rice are closing in on a deal to buy the medical infusion provider for $32.50 a share, or a total enterprise value of about $5.8 billion including debt, representing a 37% premium to the prior close. Under the deal, CD&R would hold a 51% majority interest and McKesson would invest $1.4 billion for a 49% stake, with Option Care remaining a separate company led by its own management. SpaceX shares were the most actively traded in the premarket as NASA nears announcing a bulk purchase of rocket launches to fuel its $30 billion drive to build a permanent base on the moon.

Chinese AI developer DeepSeek is close to securing $12 billion in new funding from investors including CATL and Tencent, setting the stage for a potential IPO, while fellow Chinese AI firm Moonshot is reportedly eyeing a Hong Kong listing in the first quarter at a $50 billion valuation and considering raising $5 billion. The two moves come as OpenAI seeks at least $30 billion in a round anchored by Abu Dhabi-based MGX, with BlackRock reportedly in discussions. Alphabet also agreed to buy 20 years of nuclear power from Constellation Energy, covering 890 megawatts of new power that Constellation will build out at a cost of $4.3 billion, following Amazon's 690 megawatt deal with Constellation last week. Separately, the New York Federal Reserve has been visiting major Wall Street banks including JPMorgan, Wells Fargo, Barclays and Morgan Stanley to examine their lending to private credit firms, according to Semaphore, as loans from banks to non-bank institutions rose from $300 billion in 2016 to more than $1.5 trillion, now accounting for 11% of all bank loans outstanding. President Trump signed an executive order opening road vehicles to red dyed diesel and deferring the federal road tax, moves economists said would not meaningfully relieve farmers, while Chevron CEO Mike Wirth warned that a diesel export ban would send a very bad signal to allies.

Google announced a major long-term power agreement with Constellation Energy, under which it will buy power tied to 890 megawatts of new nuclear capacity alongside a separate 2,700-megawatt supply agreement, supporting more than $4.3 billion in new Constellation investment. Constellation Energy shares jumped more than 6% premarket on the news, while Alphabet rose about 0.5%. Separately, Option Care Health shares surged more than 20% following a Financial Times report that McKesson and private equity firm Clayton Dubilier & Rice are in advanced talks to jointly acquire the infusion services provider in a transaction valued at more than $5 billion; McKesson stock is up 1.5%. Berkshire Hathaway disclosed in a regulatory filing that it purchased about 2.4 million shares of Lennar, sending Lennar up 1.5%. NeoGenomics rose 5% after announcing that current President and COO Warren Stone will take the helm from Tony Cook in January 2027, and reporting preliminary third-quarter total revenue of $209 million, topping the $205.9 million consensus estimate, per FactSet. Advanced Micro Devices rose nearly 2% after Citi raised its price target to $800, citing greater CPU demand driven by Meta's Muse AI agent, while Procter & Gamble rose 1.2% on an Evercore ISI upgrade to outperform and a price target increase to $166 from $161, and Corteva rose nearly 3% after JPMorgan upgraded the stock to overweight from neutral with a $19 price target.

Zscaler shares gained 2.2% in premarket trading after the cybersecurity company reaffirmed its revenue and earnings guidance for fiscal 2027, maintaining its full-year revenue forecast of $3.91 billion to $3.94 billion and adjusted earnings per share guidance of $4.86 to $4.90. Nike shares fell more than 1% after Berenberg downgraded the sportswear maker to Sell from Hold and cut its price target to $27.50 from $49, arguing that the company has accepted a smaller place in sportswear. Constellation Energy stock climbed 3% after a major deal with Amazon, under which Amazon will purchase 690 megawatts of output from Constellation's Calvert Cliffs Clean Energy Center in Maryland under a 20-year contract supporting more than $3 billion in plant investment, and reports that Google is nearing a separate nuclear power supply agreement worth $1 billion or more. Vaxcyte stock fell 3.7% as investors weighed the dilutive implications of a $1 billion capital raise announced after Monday's close, consisting of $500 million in common stock and pre-funded warrants and $500 million in convertible senior notes due 2032. Freshworks stock climbed 3.9% after S&P Dow Jones Indices announced the company will be added to the S&P SmallCap 600 index effective before the market open on October 8, replacing BioLife Solutions.

Constellation Energy Corporation's financing strategy is providing the flexibility to fund growth investments while maintaining an investment-grade balance sheet as the company expands its generation portfolio following the Calpine acquisition. In the first six months of 2026, CEG issued $5.0 billion of long-term debt and retired $5.35 billion, leaving total long-term debt of $19.6 billion as of June 30, including $13.0 billion of senior unsecured notes, with a Times Interest Earned ratio of 7.5 at the end of second-quarter 2026. The company issued $2.2 billion of senior notes in May, comprising $750 million of 4.55% notes due 2029, $600 million of 4.80% notes due 2032 and $850 million of 5.30% notes due 2036, with proceeds used to repay short-term borrowings and for general corporate purposes. CEG has identified $3.9 billion of growth capital for 2026-2027 and expects $11.5-$13 billion of free cash flow before growth during 2028-2029, supported by its BBB+ and Baa1 investment-grade ratings. The Zacks Consensus Estimate for 2026 and 2027 EPS indicates an increase of 29.82% and 8.76%, respectively, year over year, while Constellation Energy's trailing-12-month ROE is 14.89%, ahead of the industry average of 8.28%.

Constellation Energy Corporation announced a 20-year power purchase agreement with Amazon covering 690 megawatts of power, including approximately 190 megawatts of new nuclear capacity at the Calvert Cliffs Clean Energy Center. The agreement is expected to enable more than $3 billion in Maryland infrastructure investments, including improvements across the plant's entire 1,790-megawatt generating capacity, with the capacity expansion expected to be completed between 2030 and 2032. The deal will provide Constellation with revenue certainty to support the relicensing of Calvert Cliffs for another 20 years. In the second quarter of 2026, the company signed approximately 920 megawatts of long-term power purchase agreements with diverse, investment-grade customers, with an average duration of 18.5 years and expected full ramp-up by 2032, and also signed a 176-megawatt agreement with Walmart including 30 megawatts of expanded capacity at the Dresden Clean Energy Center. Constellation invested $2.52 billion in the first six months of 2026 and expects capital expenditures of approximately $5.7 billion in 2026 and $4.7 billion in 2027.

Amazon.com announced a multi-year agreement worth over US$1.00 billion with Synopsys to bolster its custom chip design for AI and cloud computing, and separately signed a 20-year nuclear power deal with Constellation to secure 690 megawatts of electricity from Maryland's Calvert Cliffs plant. The two moves pair in-house silicon development with long-term, low-carbon power access, reinforcing the infrastructure backbone behind Amazon's expanding AI and cloud services. The chip deal and the nuclear agreement look material for AWS's near-term capacity buildout, though the immediate stock catalyst still centers on how quickly those AI investments flow through to earnings against the risk that AWS capital intensity and competition compress segment margins. The developments come as Amazon commits over US$220 billion of annual spending into AI and cloud infrastructure, alongside a proposed US$309.5 million settlement of the Amazon Return Policy class action. Amazon's narrative projects $1152.4 billion revenue and $158.3 billion earnings by 2029, with a $327.00 fair value implying 32% upside to its current price.

Microsoft plans to expand its global data center capacity to more than 38 gigawatts by 2032, more than tripling its current roughly 12-gigawatt footprint, according to Bloomberg News reporting cited by Reuters and attributed to people familiar with the plans. Only about 2 gigawatts of Microsoft's current capacity is dedicated to AI-specific chips, a share the company expects to grow to roughly one-third of the much larger 38-gigawatt total by 2032, though Microsoft has not confirmed the target in any public filing or statement. The reported roadmap rests on strong cloud demand: Azure and other cloud services revenue rose 43% year over year in fiscal Q4, Microsoft Cloud revenue reached $59.3 billion for the quarter and $214.4 billion for fiscal 2026, and commercial remaining performance obligations climbed 84% year over year to $678 billion, with roughly 30% expected to be recognized as revenue over the next 12 months. Funding the buildout will be costly, with Microsoft expecting more than $50 billion of capital expenditures in fiscal Q1 2027 and about $175 billion during calendar 2026 under its broader capex definition, after roughly $145 billion in fiscal 2026. Power and political hurdles could slow the plan, as Texas temporarily halted approvals for new data center grid connections and New York imposed a moratorium on large new data centers, even as Microsoft signed a 20-year agreement with Constellation Energy tied to the restart of the 835-megawatt Three Mile Island Unit 1.

Constellation Energy Corporation announced on September 10, 2026, an agreement to acquire 100% of RISEC Holdings, LLC, owner of the Rhode Island State Energy Center, from Shell Energy North America, a subsidiary of Shell plc, for $715 million. The 609-megawatt natural gas-fired combined-cycle facility sells power into the ISO New England wholesale market, and net of expected first-year tax benefits the effective purchase price is approximately $580 million. Constellation said the acquisition should be immediately accretive to operating earnings while meeting its 10% unlevered return threshold and preserving its $5 billion share buyback program. For Shell, the disposal is part of portfolio high-grading, freeing cash to support capital returns, structural buybacks, and higher-margin investments. Constellation gains dependable regional capacity alongside its nuclear fleet, though it takes on added debt and merchant gas exposure to commodity and power price swings.

The International Energy Agency projects that electricity demand from AI data centers will more than double between 2024 and 2030, rising from 415 terawatt-hours to 945 terawatt-hours, with demand reaching 1,200 terawatt-hours by 2035, nearly triple the 2024 figure. The IEA noted that AI electricity demand in 2030 will exceed Japan's current power use, and data center electricity use has been growing at 12% per year since 2017, more than four times the overall rate of consumption growth. Among the companies positioned to benefit, Bloom Energy entered 2026 with a product backlog of $6 billion, up 140% over 2025's starting backlog, plus a service backlog of $14 billion. Constellation Energy, one of the largest operators of nuclear power plants in the United States, is already working with AI companies including Meta and Microsoft, while Cameco expects nuclear fuel demand to outstrip supply by the mid-2030s. NextEra Energy is doubling down on AI and data centers with its pending acquisition of Dominion Energy, which holds a monopoly in one of the world's largest data center markets.

Citi says growing political opposition to artificial intelligence infrastructure ahead of the November U.S. midterm elections has not materially weakened the data center construction pipeline. Data center development has become a bipartisan flashpoint, with local governments introducing moratoriums and at least 15 state legislatures proposing tighter regulatory restrictions, yet spending remains strong as AI infrastructure demand continues to support development. The impact has been concentrated among speculative and early-stage projects, which are increasingly delayed or cancelled during local approval processes, while late-stage developments that have already secured sites and grid connections continue to move ahead. Hyperscalers are seeking workarounds to power constraints and local restrictions, with Amazon pursuing direct investment in nuclear development with Dominion Energy and Meta securing a major nuclear power purchase agreement with Constellation Energy. Citi does not expect another market shock comparable to the emergence of DeepSeek, arguing investors have already adjusted to the prospect of highly efficient Chinese models, though it flags a potentially greater risk from governments restricting models deemed too dangerous, which could abruptly create excess computing capacity.

Nvidia, Google and Emerald AI have launched the AI Energy Management Alliance, or AEMA, a coalition that dynamically manages the electricity use of data centers in response to grid conditions. Emerald AI founder and CEO Varun Sivaram said the alliance's founding members are joined by a cohort of 20 launch partners, including the AI lab Anthropic, the semiconductor firm Analog Devices, and the energy companies AES, NRG, Constellation, RWE and National Grid. Sivaram said Emerald AI, which was founded under two years ago, is building with Nvidia and Digital Realty the world's first from-the-ground-up power-flexible AI data center, a 100 megawatt facility in Manassas, Virginia, that comes online later this year. He said Google, one of the founding members, has already done a gigawatt of demand response for its data centers, while Emerald and Nvidia have completed six demonstrations around the world, in London, Phoenix and Virginia. Sivaram said the alliance is talking to the FERC commissioners, state regulators and the administration about a grand bargain in which flexible AI data centers act as good citizens to grids and communities in return for faster and larger connections to the power grid.

Constellation Energy Corporation is extending the life of its nuclear fleet and expanding its clean-power generation capacity as it positions itself to capture rising U.S. electricity demand, particularly from data centers. The company's 55-gigawatt diversified generation portfolio supplies about 10% of U.S. clean energy, and the Calpine acquisition further expanded its capacity. Constellation is pursuing license renewal applications for Ginna and Nine Mile Point Unit 1 targeting operations through 2049, plans to restart the Crane Clean Energy Center in 2027 subject to regulatory approvals, and sees opportunities to add about 1,000 megawatts of uprated capacity through technology upgrades. Constellation expects base earnings per share to grow more than 20% through 2029, followed by growth exceeding 10% over long-term rolling three-year periods. The Zacks Consensus Estimate points to 2026 and 2027 EPS increases of 29.29% and 8.09% year over year, respectively, while the company's trailing-12-month return on equity of 14.89% sits well ahead of the industry average of 7.14%.

Shell plc announced on September 10 that it had agreed to sell its interest in RISEC Holdings to Constellation Energy Corporation for $715 million. RISEC owns the Rhode Island State Energy Center, a 609 MW natural gas electric generation facility serving the New England power market. At the same time, Shell will acquire 100% equity in Hunlock Creek Generating, which owns 169 MW of natural gas-fired generation capacity in Pennsylvania. Both transactions are expected to close in the first quarter of 2027, subject to regulatory approvals. Constellation said the RISEC acquisition is expected to be immediately accretive to its operating earnings and to generate returns above its 10% unlevered return threshold, and that the deal will not impact its plans to execute $5 billion in authorized share repurchases by the end of 2027.

Shell plc is reshaping its U.S. power portfolio through two natural gas-fired generation transactions, with its subsidiary Shell Energy North America (U.S.), L.P. agreeing to acquire 100% equity interest in Hunlock Creek Generating LLC while selling its interests in RISEC Holdings, LLC to Constellation Energy Generation, LLC for $715 million. The Hunlock acquisition adds 169 megawatts of natural gas-fired capacity in Pennsylvania, comprising a 125-MW combined-cycle plant and a 44-MW simple-cycle peaking plant, and strengthens SENA's presence in the PJM Interconnection market, which spans 13 states and the District of Columbia and serves more than 65 million people. The RISEC sale covers a 609-MW, two-unit combined-cycle gas turbine plant serving the New England market, where SENA has held an energy conversion agreement for the plant's full output since 2019; that agreement terminates upon closing. Both transactions are subject to regulatory approvals and are expected to close in the first quarter of 2027, with Shell expecting the Hunlock acquisition to generate returns above the investment requirements set for its power business at its 2025 Capital Markets Day and the RISEC sale to produce a significant gain. Andrew Smith, Shell's president of Trading & Supply, said the moves reflect selectively investing in assets that strengthen market position while remaining prepared to realize value when conditions are favorable.

The U.S. Department of Energy has awarded a $1.9 billion loan to NextEra Energy to refurbish the Duane Arnold Energy Center in Iowa, a nuclear plant that Google plans to use to power its data centers. This is the second such loan, following a $1 billion loan to Constellation Energy for the Three Mile Island restart. Deputy Secretary of Energy James Danly said the restart in 2029 will drive down electricity costs, though he did not explain how. NextEra CEO John Ketchum noted that only 50 megawatts will be set aside for the local power cooperative, which would cover 18% of Iowa's demand growth since 2021. Google is reportedly planning up to six data centers near the plant, which has been idle since 2020. The refurbishment will add 14 megawatts, bringing total capacity to 615 megawatts.

Berkshire Hathaway's Greg Abel has flagged a growing nationwide resistance to data center construction, as Pennsylvania Governor Josh Shapiro signed an executive order making community support a permit prerequisite for new sites. Abel told CNBC there is "a lot more pushback" on data center construction, while White House AI adviser David Sacks amplified a political messaging script framing data centers as "life preservers" for "drowning American towns." The pushback comes as investors underwrite roughly $1 trillion in AI capital expenditure this year, with forecasts of $1.4 trillion next year. NVIDIA reported $96.22 billion in quarterly revenue and expects fiscal 2028 growth of approximately 70%, while Constellation Energy signed 920 megawatts of long-term nuclear power purchase agreements. Berkshire's operating earnings rose to $12.98 billion last quarter, and the company deployed roughly $23.5 billion into equities, including a $10 billion Alphabet stake. BRK-B is up just 0.52% year to date, compared to NVDA's 20.47% and VRT's 58.52% gains, a gap that prices in a frictionless buildout that zoning boards and rate-shock headlines could unwind.

As the third quarter of 2026 draws to a close, the nuclear energy industry is seeing tangible progress with retired plants restarting, small modular reactors under construction, and billions flowing into the fuel supply chain. The U.S. Department of Energy aims to add 2.5 gigawatts of nuclear capacity by 2027 and 5 gigawatts by 2029 through uprates and restarts, with Holtec's Palisades plant in Michigan and Constellation Energy's Crane Clean Energy Center in Pennsylvania leading the restart efforts, backed by $1.52 billion and $1 billion federal loans respectively. Ontario Power Generation has begun construction on the first of four GE Vernova Hitachi small modular reactors at Darlington, Canada, with the first 300-megawatt unit expected to cost about $5.5 billion and all four projected at $15 billion. Advanced reactor developers like Oklo, TerraPower, NuScale, and X-energy are moving beyond design stages, with X-energy's potential pipeline including 144 reactors representing about 11.5 gigawatts. AI is accelerating development through initiatives like Project Prometheus, and the DOE has awarded $2.7 billion in orders to expand domestic uranium enrichment, including HALEU production. While the nuclear renaissance is real, commercialization remains key, with established players like Constellation and BWX Technologies offering cash flow, while newer companies like Oklo, NuScale, and X-energy carry higher risk but greater upside.

Constellation Energy reported second-quarter 2026 operating revenues rose 23% year over year to $7.50 billion, driven partly by the Calpine acquisition, higher capacity revenues and stronger commercial performance. Adjusted operating earnings increased 33.5% to $2.55 per share. The company signed nearly 920 megawatts of long-term nuclear power purchase agreements with an average duration of 18.5 years, and expects nearly 30% of its baseload clean-generation megawatt-hours to be covered by long-term agreements. Constellation projects 20%+ base-adjusted operating earnings growth through 2029 and a 10%+ long-term rolling three-year base EPS growth target. It also filed license renewal applications for Ginna and Nine Mile Point Unit 1 targeting operations through 2049, and is advancing the Crane Clean Energy Center restart following approvals from the Federal Energy Regulatory Commission and the Nuclear Regulatory Commission.

Constellation Energy raised its 2026 adjusted EPS guidance to a range of $11.50 to $12.50, up from $11.00 to $12.00, while Talen Energy cleared more than 10 GW in the 2028/2029 PJM Base Residual Auction worth $2.025 billion to $2.225 billion. Uranium Energy carries zero debt and $794 million in liquid assets while operating the largest new greenfield ISR uranium project in over a decade. Constellation's Q2 adjusted EPS of $2.55 beat estimates by 9.52% on revenue of $7.504 billion, up 23% year over year, and management reiterated base EPS growth of 20% or more through 2029. Talen reported a GAAP loss of $2.00 per share due to $211 million in unrealized commodity derivative losses, but adjusted EBITDA rose to $374 million from $90 million a year ago. Uranium Energy produced 200,000 pounds at a total cost of $54.61 per pound in fiscal Q3 with no revenue recognized as management held inventory.

Constellation Energy and GE Vernova are positioned to benefit from surging electricity demand from AI data centers. Constellation, which operates the largest nuclear power fleet in the U.S., signed a 20-year power purchase agreement with Microsoft to restart the Three Mile Island nuclear facility in Pennsylvania, now called the Crane Clean Energy Center. GE Vernova, which supplies power generation and distribution hardware, generated $5 billion from data center power equipment in the first half of this year, more than double its total for all of last year, and holds a $176 billion backlog. Constellation Energy shares are down over 25% year to date through August 20, while GE Vernova shares are up over 42% this year and 194% since the start of 2025.

Constellation Energy raised its full-year adjusted operating earnings guidance to $11.50 to $12.50 per share and signed 920 megawatts of new long-term power purchase agreements in the second quarter. The contracts, averaging 18.5 years in length, include a 176-megawatt deal with Walmart split into two 15-year contracts starting in 2029 and 2030, and will fund a 30-megawatt expansion at the Dresden Clean Energy Center. The company also cleared key regulatory hurdles for the restart of its Crane Clean Energy Center, the former Three Mile Island Unit 1, with FERC granting a grid connection waiver and the NRC approving a fuel license amendment, keeping the 835-megawatt unit on track to restart in 2027. However, GAAP earnings per share fell to $1.42 from $2.67 a year earlier, partly due to a higher share count after the Calpine acquisition, and nuclear output slipped to 44,160 gigawatt-hours from 45,170 with the capacity factor dipping to 93.0% from 94.8%. Constellation also agreed to sell the 606-megawatt Brazos Valley Energy Center to LS Power for $860 million, pending Department of Justice approval.

SpaceX's latest earnings call triggered sharp moves in telecom and energy stocks after executives outlined plans to build a terrestrial wireless network and massive power infrastructure. COO Gwynne Shotwell said Starlink would target customers of AT&T, Verizon, and T-Mobile, which together generate roughly $600 billion a year, causing shares of those carriers to drop. Deutsche Telekom CEO Timotheus Hottges acknowledged the market reaction, calling it overblown but saying the company takes SpaceX's ambitions seriously. Separately, Elon Musk's comments about building 20 gigawatts of power lifted natural gas equipment suppliers GE Vernova and Baker Hughes, as well as power providers Constellation Energy, NextEra Energy, Vistra, and EQT Corporation. The call also boosted Nvidia after Musk said SpaceX would build exclusively on its Vera Rubin architecture, and highlighted Echostar's 261.8 million share stake in SpaceX as a direct beneficiary.

The explosive growth in artificial intelligence is creating a historic boom in energy demand, with modern AI hardware requiring up to 100 kilowatts per server rack, and three utility stocks are positioned as hidden winners. Constellation Energy, the largest commercial operator of nuclear power in the U.S. with 22 gigawatts of capacity, has entered 20-year power purchase agreements with Microsoft and Meta Platforms, including restarting a unit at Three Mile Island, and recently diversified through its $26.6 billion acquisition of Calpine. Vistra Corporation, with about 44,000 megawatts of total capacity, has a 20-year power purchase agreement with Meta for 2,600 megawatts from its nuclear plants and is the preferred power provider for Helix Investments, a new company formed with KKR, the Kuwait Investment Authority, and Nvidia with over $10 billion in capital commitments. NextEra Energy, which operates the largest regulated utility in the U.S. and the world's largest producer of wind and solar power, has a record 35.1 gigawatt renewable and storage pipeline and is partnering on a $100 billion AI data center campus in Kentucky, where it will build 2 gigawatts of natural-gas generation and up to 2.6 gigawatts of battery storage.

Constellation Energy reported second quarter 2026 results that beat expectations, with sales of US$7,504 million and net income of US$513 million, and also raised its full-year earnings outlook. Despite an 8.92% share price gain over the past month, the stock is still down 28.71% year to date, though its three-year total shareholder return stands at 152.05%. The most popular narrative among investors pegs Constellation Energy's fair value at $352.91, well above the last close of $261.10, implying the stock is 26% undervalued. This thesis is driven by growing demand for carbon-free, reliable power from large-scale customers such as data centers and corporates, which is expected to generate higher-margin, longer-term contracts and significant revenue and earnings growth. However, a contrasting view notes that Constellation Energy trades at a price-to-earnings ratio of 24.6 times, above the US Electric Utilities industry average of 21.2 times and above its own estimated fair ratio of 29.8 times, raising questions about whether expectations are already elevated.

Constellation Energy raised its 2026 full-year adjusted operating earnings guidance to a range of $11.50 to $12.50 per share. The company also reported adjusted earnings of $2.55 per share for the latest quarter, up from $1.91 a year ago, while adjusted net income climbed to $920 million from $599 million. Constellation locked in another 920 megawatts of long-term power purchase agreements with 15- to 20-year terms and deliveries between 2029 and 2032, and regulators cleared a key hurdle for the planned 2027 restart of the Crane Clean Energy Center. The company agreed to sell its 606-megawatt Brazos Valley gas plant for $860 million, completing divestiture commitments tied to the Calpine acquisition pending regulatory approval. GAAP earnings fell to $1.42 per share from $2.67 due to one-off factors, but the underlying operating picture continued to improve.

SpaceX is targeting as much as 20 gigawatts of power, cooling, and electrical infrastructure online by the end of next year, a demand level that Melius Research calls a 'clear positive' for industrial equipment suppliers. Managing director James West highlighted that this massive requirement, nearly half of the 53 gigawatts of new US generation capacity added in 2025, will benefit companies already riding the AI infrastructure boom. Among the beneficiaries are natural gas power equipment makers GE Vernova and Baker Hughes, as well as power providers Constellation Energy, NextEra Energy, Vistra, and EQT Corporation. GE Vernova reported a 36% backlog increase to $176 billion in its second quarter, with power segment orders up 134% year on year, while Baker Hughes saw its industrial energy and technology orders double to over $7 billion. Elon Musk stated that even if forecasts fall short, SpaceX should still have around 15 gigawatts of capacity at the power plant level by the end of 2027.

Morgan Stanley projects a 38-gigawatt electricity gap for U.S. data centers, leaving up to an 11-gigawatt deficit through 2028 even after all practical solutions are deployed. The investment bank estimates that natural gas turbines could provide 15 to 20 gigawatts of that capacity, making GE Vernova the clearest beneficiary given its dominance in large-frame gas turbines and a multiyear data center order backlog. Other potential solutions include fuel cells, co-located nuclear plants, and repurposed Bitcoin mining sites, but Morgan Stanley's base case still shows a supply shortfall. Companies such as Bloom Energy, Constellation Energy, Vistra, Talen Energy, Core Scientific, IREN, and Cipher Mining also stand to benefit from the power crunch. The analysis suggests the AI industry's biggest obstacle has shifted from semiconductor supply to electricity supply, with owners of existing power assets poised to capture significant value.