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 Jul 12, 2026 5 AI consumers· 1 recurring
Per the valuechain.wiki graph, Constellation Energy is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 11 companies within two hops; the links are backed by 5 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · $25.53bn (FY2025, +8.3%)
- Customer concentration · Largest US nuclear generator. 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).Confirms EN SEC annual report Published Feb 18, 2026: SEC annual report — constellation-energy resultsConfirms KO Edaily Published Sep 21, 2024: Largest US nuclear operator restarts Three Mile Island for Microsoft - Power market · corporate PPA (undisclosed) Medium confidence
Wholesale power market and corporate PPA revenue.Confirms KO Edaily Published Sep 21, 2024: Largest US nuclear operator restarts Three Mile Island for Microsoft - Meta Platforms Medium confidence
Supplies AI-datacenter power to Meta under a 20-year nuclear PPA.Confirms KO Electimes Published Jun 1, 2025: Meta signs 20-year nuclear deal with Constellation for AI power
Pays to
- Cameco High confidence
Sources nuclear fuel (uranium) from Cameco. - Nuclear fuel · operation · maintenance (undisclosed) Low confidence
Uranium fuel, nuclear operations and maintenance. - Restart capital expenditure (undisclosed) Low confidence
TMI restart capex (~$1.6B).Confirms KO Edaily Published Sep 21, 2024: Largest US nuclear operator restarts Three Mile Island for Microsoft
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +27.4 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +20 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +19.2 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.6 |
| Procter & Gamble | lead2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.1 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +2.6 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -29.7 |
| Meta Platforms | lead1 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Constellation Energy | node | · | · | +37.2 | +92.7 | +58.8 | -28.6 |
| Cameco | benef1 | +63.2 | +4.3 | +90.5 | +19.5 | +78.4 | +4.9 |
YTD as of 2026-07-10 · source: Yahoo Finance
Constellation's thesis is 'the carbon-free (nuclear) supplier at the bottom of the AI-datacenter power crunch.' As the largest US nuclear generator, surging AI power demand let it lock long-term output and price via 20-year nuclear PPAs with Microsoft (restarting Three Mile Island Unit 1, 837MW) and Meta — sitting at the very bottom of the generation chain that holds up AI infrastructure. The +59% in 2025 and -29% give-back in 2026 is a correction of power-stock enthusiasm, and it depends on Cameco for uranium fuel. What to watch is further datacenter PPAs and the restart (2027-28) schedule and regulatory approval.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 1 · Hold 2 · Sell 0 · Avg. target $299 · Price $251.322 (07-11) · Upside +19%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Citigroup | Neutral | $297 | Jul 1, 2026 | Report ↗ |
| Goldman Sachs | Neutral | $305 | Jun 18, 2026 | Report ↗ |
| Bernstein | Outperform | $296 | Jun 17, 2026 | Report ↗ |
Top U.S. nuclear operator Constellation Energy draws mixed calls: Citi and Goldman sit at Neutral on valuation while Bernstein initiates at Outperform on AI power demand.
Analyses covering this node
- Perez's clock: the frenzy of installation leaves the infrastructure of deployment Jun 23, 2026
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026