Overview
- Constellation said it closed the $16.4 billion acquisition of Calpine on Jan. 7, broadening its generation mix across nuclear, natural gas, and geothermal assets.
- The combined platform totals about 55 gigawatts of zero- and low-emission capacity, positioning the company as the largest U.S. electricity producer.
- S&P Global affirmed Constellation’s BBB+ issuer rating and upgraded Calpine to BBB+, citing its role as a core subsidiary.
- The company signed multiple long-term power purchase agreements with hyperscalers in 2025 to supply always-on power for AI data centers.
- Shares have risen roughly 280% over three years yet sit about 15% below the 52-week high, prompting fresh valuation scrutiny in recent coverage.