Constellation Energy (CEG)
Largest US nuclear fleet. Clean baseload for DCs. Three Mile Island restart.
- Ticker: CEG
- Sector: energy (nuclear)
- DC exposure tier: high
Constellation Energy (CEG) is a high-exposure name in the data-center supply chain in the energy sector. Data Center Index tracks Constellation Energy's capex history, project wins, and supplier exposure across the AI infrastructure buildout, refreshed daily from SEC filings and project announcements.
Constellation Energy data center thesis
Constellation operates the largest US nuclear fleet (~22 GW), making it the only generator that can credibly sell hyperscalers 24/7 carbon-free baseload at scale. The Microsoft Three Mile Island restart deal (835 MW, ~$1.6B capex, 20-year PPA) set the template, and Q1 2026 backlog hit $0.86B (+153% YoY) on accelerating DC offtake conversations.
Bull case
- TMI/Crane restart precedent unlocks premium PPA pricing across the fleet; backlog has tripled YoY for three straight quarters as hyperscalers chase 24/7 carbon-free megawatts.
- Behind-the-meter and co-located DC structures bypass interconnection queues entirely, letting CEG capture full retail spreads instead of wholesale clearing prices on dedicated nuclear MWs.
- 2026 capex guide of $3.9B funds restart and uprate optionality across ~22 GW of nuclear, levered directly to PJM data-center load growth that NERC now flags as the grid's top reliability risk.
Bear case
- Stock trades around 22x forward EPS at $304, a steep multiple for a regulated nuclear operator if FERC pushes back on co-located behind-the-meter structures or PJM capacity prices normalize.
- Restart capex (TMI ~$1.6B for 835 MW) carries real execution risk on schedule and cost, and any slippage on first reactor reload would hit the entire restart-pipeline narrative.
- Spreads on existing nuclear PPAs face compression as more nuclear capacity gets unlocked and as hyperscalers diversify into geothermal, SMRs, and on-site gas turbines; the scarcity premium isn't permanent.
Data center exposure rationale
Explicit hyperscaler PPAs (Microsoft Three Mile Island re-start, Meta nuclear); DC offtake is the central growth thesis.
Constellation Energy revenue and capex
In fiscal 2025, Constellation Energy reported revenue of $25.5B, capital spending of $2.9B and operating income of $3.1B.
| Fiscal year | Revenue | Capex | Operating income |
|---|---|---|---|
| 2025 | $25.5B | $2.9B | $3.1B |
| 2024 | $23.6B | $2.6B | $4.4B |
| 2023 | $24.9B | $2.4B | $1.6B |
Tracked Constellation Energy data center projects
- Three Mile Island Restart, 837 MW est., Middletown, PA · under construction
- Calvert Cliffs Relicense, Lusby, MD · operational