AI datacenter power (nuclear)
Constellation Energy
The largest carbon-free (nuclear) power generator in the US and a key source for AI-datacenter power. It signed a 20-year PPA with Microsoft to restart Three Mile Island Unit 1 (837MW, ~$1.6B investment, restart 2027-28) and a 20-year nuclear PPA with Meta. It sits at the very bottom of the chain (power), holding up AI infrastructure.
CEG Updated Jun 21, 2026
Financials & Segments
- Total revenue · Largest US nuclear generator
- Customer concentration · Long-term PPAs with Microsoft and Meta for AI-datacenter power.
- Segments · Nuclear generation · Datacenter PPAs
Revenue from
- Microsoft High confidence
Supplies restarted Three Mile Island Unit 1 power to Microsoft datacenters under a 20-year PPA (837MW). - 전력시장·기업 PPA (비공개) Medium confidence
Wholesale power market and corporate PPA revenue.Confirms KO Edaily Published Sep 21, 2024: "Largest US nuclear generator selling wholesale/corporate power." - Meta Platforms Medium confidence
Supplies AI-datacenter power to Meta under a 20-year nuclear PPA.Confirms KO Electimes Published Jun 1, 2025: "Meta signed a 20-year nuclear PPA with Constellation."
Pays to
- 원전 연료·운영·정비 (비공개) Low confidence
Uranium fuel, nuclear operations and maintenance.Confirms EN SEC EDGAR Published Sep 20, 2024: "Nuclear operations, fuel and restart-maintenance costs." - 재가동 설비투자 (비공개) Low confidence
TMI restart capex (~$1.6B).
Value-chain ripple (tiers 2–3)
Following node-to-node links up to 3 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Meta Platforms | lead1 | +23.1 | -64.2 | +194.1 | +65.9 | +13.1 | -12.3 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -21.2 |
| Constellation Energy | node | · | · | +37.2 | +92.7 | +58.8 | -22.2 |
YTD as of 2026-06-18 · source: Yahoo Finance
Constellation Energy occupies the bottom of the chain: power. As AI datacenters multiply, chips, servers and cooling are not enough, and power becomes the bottleneck. Microsoft's Three Mile Island restart (837MW, 20 years) and Meta's nuclear PPA are the signal. That the chain starting at demand (OpenAI, Anthropic) reaches all the way to power generation shows the cycle widening beyond semiconductors into energy.