Constellation Energy’s stock saw a notable rise in July, gaining over 11% as the broader nuclear sector struggled. The company’s shares, which had declined more than 29% in the first half of the year, outperformed rivals such as Vistra Corp. and Oklo Inc., both of which saw double-digit losses in the same period. This unexpected surge sparked interest among investors and traders, even as the energy market remained generally lukewarm.
Significant power supply agreements with tech giants
The company sealed a major 20-year deal with Microsoft to supply energy from the revived Crane Clean Energy Center, formerly known as Three Mile Island Unit 1. At the same time, a 20-year contract with Meta for 1,121 MW of power from the Clinton Clean Energy Center was set to begin in 2027. In addition, Constellation partnered with CyrusOne to provide energy for a Texas data center, including plans for an additional 380 MW of capacity. These deals highlight a rising trend among tech firms to secure stable and dedicated energy sources for their expanding AI operations.
Constellation’s retail operations serve a massive 2.5 million customer accounts, including partnerships with 80% of Fortune 100 companies. Its nuclear generation fleet, the largest in the U.S., contributes about 10% of the country’s clean electricity. With a diverse generating portfolio spanning nuclear, natural gas, hydro, wind, solar, and geothermal, the company holds 55 GW of total generating capacity.
Strategic shift into small modular reactors
In July 2026, the company made a significant move by investing in Blue Energy, a U.S. developer of prefabricated small modular reactors (SMRs). This investment marks a new step for Constellation Energy, signaling a potential pivot toward emerging nuclear technologies. Management has highlighted the availability of 147 million MWh of annual nuclear generation for new long-term contracts, further supporting the company’s growth strategy.
To address increasing electricity demand, the company submitted 5,000 MW of new capacity to PJM. This includes nuclear power plant uprates, natural gas, and battery storage. Constellation Energy reaffirmed its 2026 adjusted operating earnings guidance, which remains between $11 and $12 per share.
Strong first-quarter performance and high expectations
In the first quarter of 2026, the company reported a significant revenue increase of 63.9% year-over-year, with total revenue rising to $11.12 billion from $6.79 billion. Adjusted operating earnings climbed to $2.74 per share, up from $2.14 per share a year earlier. GAAP earnings also surged, jumping from $0.38 to $4.49 per share.
Analysts project even stronger results for the upcoming quarter. Revenue is expected to grow by 28% to $7.81 billion, and earnings per share are forecasted to rise nearly 26% to $2.40. The company is scheduled to release its second-quarter results on August 6, an event that will be closely watched by investors.
Retail traders on Stocktwits have expressed cautious optimism. One trader remarked, 'Hoping earnings next week will remind people that great things are coming.' Despite this, the overall sentiment remains 'bearish,' reflecting ongoing uncertainty about the company’s stock performance.
The company continues to position itself as a leader in the energy transition, combining its legacy in clean nuclear power with forward-looking investments in AI infrastructure and modular reactor technology. As it moves toward securing new contracts and expanding its energy offerings, Constellation Energy remains a key player in shaping the future of the U.S. energy market.