Constellation Energy Corporation (CEG)

Constellation Energy is the largest private-sector nuclear power producer in the United States, with 55 gigawatts of generating capacity and approximately 10% of the nation's clean energy supply. The company sits at the intersection of two powerful trends: surging AI data center power demand and the decarbonization of the electric grid. Hyperscalers are signing long-term power purchase agreements (PPAs) for always-on, carbon-free nuclear electricity — exactly what Constellation sells.

The landmark Microsoft deal to restart Three Mile Island Unit 1 (branded as Crane Clean Energy Center) is the proof-of-concept: a tech hyperscaler paying a premium for dedicated nuclear power to support AI infrastructure, not just carbon offset credits. Meta and CyrusOne followed with similar agreements. Constellation completed its acquisition of Calpine Corporation in early 2025, adding natural gas and geothermal generation to become the largest private power producer in the world. Full-year 2025 revenue reached $25.53 billion, and the company expects ~11% revenue growth and ~22.5% earnings growth in 2026.