On January 10, 2025, Constellation Energy unveiled a transformative cash-and-stock deal to acquire Calpine for $16.4 billion in equity value, rising to an enterprise value of $26.6 billion once assumed debt and tax attributes were included. The transaction closed on January 7, 2026 following the divestiture of six power plants to satisfy regulatory requirements. The combined company now controls 21 nuclear reactors and over 50 natural gas plants, plus geothermal, hydroelectric, solar and battery storage assets, establishing one of the largest, carbon-free baseload portfolios in North America.

Rising forecasts for artificial intelligence data centers sent projected peak load in ERCOT higher by 81% and PJM by 31% over previous estimates for 2035, underscoring the value of always-available, zero-carbon generation. These revisions helped drive Constellation’s shares up over 55% in 2025 as investors recognized nuclear and geothermal power as critical backstops to intermittent renewables when supporting compute-intensive AI operations.

Building on a 2024 20-year contract with Microsoft, Constellation signed an additional two-decade agreement with Meta Platforms in June 2025. Under this pact, Meta will purchase the full 1.1 GW output from the Clinton Clean Energy Center starting mid-2027. These long-dated offtakes bolster revenue visibility and underpin financial projections that acquisition-adjusted earnings per share will jump by 20% in 2026, with a further $2.00 increase by 2029.

In October 2025, the federal administration directed FERC to fast-track permitting for grid connections to AI data centers, expediting Constellation’s restart of Three Mile Island Unit 1—now Crane Clean Energy Center—from an initial 2028 target to mid-2027. A $1 billion DOE loan secured in November 2025 has financed the accelerated refurbishment, positioning Constellation to bring additional carbon-free capacity online sooner than anticipated.