Overview
- Shares rose about 57.9% in 2025, according to S&P Global Market Intelligence.
- Constellation agreed to acquire Calpine for $16.4 billion in equity value and $26.6 billion in enterprise value, adding natural gas, geothermal, solar and storage to its nuclear fleet.
- The company announced a second 20-year power purchase agreement with a “Magnificent Seven” AI hyperscaler.
- Projected 2035 peak load climbed roughly 81% in ERCOT and 31% in PJM, reinforcing demand for firm, round-the-clock power.
- Analysts turned more bullish, with a Wells Fargo analyst naming Constellation his top IPP pick and citing electricity demand growth as “not a fad,” as reporting also noted eased regulatory hurdles under the Trump Administration.