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.
Business categories Merchant Power & Retail Energy · Power & Grid · primary Nuclear Power Value Chain · Power & Grid
CEG Updated Sep 24, 2026 6 AI consumers· 5 recurring
Per the valuechain.wiki graph, Constellation Energy is directly linked to 4 companies (1 supply, 3 revenue relationships) and reaches 32 companies within two hops; the links are backed by 6 dated sources, 3 of them primary filings (as of 2026-09-24).
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 - FirstEnergy High confidence
Constellation Energy was among the winning suppliers in FirstEnergy subsidiary Potomac Edison's competitive solicitation for Maryland residential standard-offer power.Confirms EN The Potomac Edison Company Published Jun 2, 2025: Potomac Edison Maryland SOS Bid Results from June 2, 2025, Residential - 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 |
|---|---|---|---|---|---|---|---|
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +68.2 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +26.3 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +21.7 |
| Kenvue Inc. | lead2 | · | · | · | +3.1 | -15.9 | +12.4 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.3 |
| Illinois Tool Works Inc. | lead2 | +23.6 | -8.5 | +21.6 | -1 | -0.4 | +11 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +10.3 |
| Parker-Hannifin Corporation | lead2 | +18.3 | -6.9 | +60.8 | +39.6 | +39.5 | +10.2 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| The Kraft Heinz Company | lead2 | +8 | +18.2 | -5 | -13 | -16.3 | +6.1 |
| Procter & Gamble | lead2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Omnicom Group Inc. | lead2 | +21.9 | +15.7 | +9.6 | +2.5 | -2.6 | +4.4 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +0.6 |
| Ralph Lauren Corporation | lead2 | +16.7 | -8.4 | +39.8 | +62.9 | +55 | -0.2 |
| Dover Corporation | lead2 | +45.7 | -24.3 | +15.2 | +23.3 | +5.2 | -0.5 |
| Veralto Corporation | lead2 | · | · | · | +24.3 | -1.6 | -3.2 |
| Roper Technologies | lead2 | +14.7 | -11.6 | +26.9 | -4.1 | -13.8 | -7.9 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -8 |
| Axon Enterprise, Inc. | lead2 | +28.1 | +5.7 | +55.7 | +130.1 | -4.4 | -9.2 |
| Take-Two Interactive Software, Inc. | lead2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.6 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -20.4 |
| Fiserv | lead2 | -8.8 | -2.6 | +31.4 | +54.6 | -67.3 | -21.1 |
| First Solar | lead2 | -11.9 | +71.9 | +15 | +2.3 | +48.2 | -21.7 |
| Cognizant Technology Solutions Corporation | lead2 | +9.6 | -34.5 | +34.4 | +3.5 | +9.7 | -23.6 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Boston Scientific Corporation | lead2 | +18.2 | +8.9 | +24.9 | +54.5 | +6.8 | -55.2 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| FirstEnergy | lead1 | +41.8 | +4.8 | -8.9 | +13.2 | +17.3 | +3.5 |
| Meta Platforms | lead1 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| Constellation Energy | node | · | · | +37.2 | +92.7 | +58.8 | -15.3 |
| Cameco | benef1 | +63.2 | +4.3 | +90.5 | +19.5 | +78.4 | -3.7 |
YTD as of 2026-10-09 · source: Yahoo Finance
Constellation Energy operates across AI datacenter power (nuclear). It is -15% in 2026. The supply side (avg +10.1%) has moved harder than the stock (-15%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Cameco (+10.1%) and the furthest behind is Meta Platforms (-6.4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It sits at the very bottom of the chain (power), holding up AI infrastructure.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 1 · Hold 2 · Sell 0 · Avg. target $299 · Price $298.211 (10-10) · Upside +0%
| 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
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