Constellation Energy

What Constellation Energy does

Constellation Energy Corporation (NYSE: CEG) is the largest private-sector power producer in the United States, operating approximately 55 gigawatts of generation capacity across 146 facilities following its January 2026 acquisition of Calpine Corporation for $16.4 billion. The company's core technology is the largest nuclear fleet in the United States at 21.5 GW, operating at a 92.3% capacity factor with license renewals extending operations to 2047-2051, supplemented by natural gas, geothermal (The Geysers complex), hydroelectric, wind, and solar assets. Constellation was established in 2022 as an independent publicly traded entity spun off from Exelon Corporation and is headquartered in Baltimore, Maryland with 16,500+ employees.

Name

Constellation Energy

Legal name

Constellation Energy Corporation

Website

https://www.constellationenergy.com/

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

5,001–10,000 employees

Ownership category

akta.pro rank

Headquarters

HQ city

Baltimore

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Revenue model

1. Wholesale Electricity Generation: Generation and sale of electricity from nuclear, natural gas, oil, geothermal, hydro, wind, and solar facilities into wholesale electricity markets. Revenue is driven by capacity factors, market prices, and contracted volumes.
2. Capacity Payments: Revenue from providing capacity (ensuring adequate generation is available when needed) to grid operators and utilities
3. Power Purchase Agreements (PPAs): Long-term contracts (15-20 years) with corporate customers like Microsoft, Meta, Walmart for dedicated electricity supply from nuclear and other clean energy sources
4. Retail Energy Products and Services: Sale of energy products and services to approximately 2.5 million customer accounts nationwide, including flexible, reliable, and customizable energy solutions
5. Renewable Energy Certificates (RECs): Environmental attributes and renewable energy certificates from clean generation sold to customers meeting sustainability goals

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

No supporting source data available in the input to describe the core offering.

Product overview

Constellation Energy is America's largest clean energy producer, operating a diverse 55 GW generation fleet across nuclear (approximately 21.5 GW nuclear capacity), natural gas, geothermal, hydroelectric, wind, and solar facilities. Following the $16.4 billion Calpine acquisition in January 2026, the combined company became the nation's largest private-sector power producer. The portfolio centers on the nuclear fleet (Crane Clean Energy Center, Clinton Clean Energy Center, Nine Mile Point Clean Energy Center) providing reliable baseload carbon-free power, supported by Calpine's natural gas and geothermal assets including The Geysers complex. Recent growth is driven by data center power agreements with Microsoft (Crane Clean Energy Center 835 MW PPA) and Walmart (Dresden Clean Energy Center 176 MW PPA), positioning the company to serve AI-driven electricity demand. The company serves approximately 2.5 million customer accounts including 80% of Fortune 100 companies.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Q1 2026 revenue of $11.1 billion, up 64% year-over-year
• +4 more outcomes

Named customers6 records

Segments4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered core, minor and major.

• WalmartcoreStrategic or Co-development Partner · 23 June 2026Walmart and Constellation signed a 15-year nuclear power purchase agreement for approximately 176 MW from Dresden Clean Energy Center in Illinois. The deal, Walmart's first nuclear PPA, will power a perishable distribution center in Belvidere, Illinois, starting in 2029-2030. Includes 30 MW from planned efficiency uprates.
• Pine Creek RNGminorStrategic or Co-development Partner · 15 May 2026Constellation purchased a minority equity interest in five operating Pine Creek RNG production facilities located in Washington, Utah, Iowa, and Illinois. Facilities produce approximately 1.5 million MMBtus of renewable natural gas per year with framework to develop approximately 3.0 million MMBtus annually of additional RNG production.
• MicrosoftcoreStrategic or Co-development Partner · 1 September 2024Microsoft signed a 20-year power purchase agreement to restart Three Mile Island Unit 1 (Crane Clean Energy Center) with 835 MW capacity to power AI data centers. Constellation is spending $1.6 billion on the restart with DOE backing. Target restart is 2027.
• MetacoreStrategic or Co-development PartnerMeta signed a 20-year reactor contract for power from a Constellation nuclear facility in Illinois. The deal is part of Meta's strategy to secure reliable, carbon-free energy for data center operations.
• CyrusOnemajorStrategic or Co-development PartnerConstellation secured a 380 MW agreement with data center developer CyrusOne for power from its Freestone Energy Center in Texas. Positions Constellation to benefit from growing AI-driven data center power demand.
• CalpinecoreStrategic or Co-development PartnerConstellation completed its $16.4 billion acquisition of Calpine in January 2026, creating the world's largest private power producer with approximately 55 GW of generation capacity. Calpine operates as a Constellation business unit with integration continuing through 2027. The acquisition adds natural gas, geothermal, and renewable assets.
• LS PowerminorStrategic or Co-development PartnerLS Power agreed to pay $5 billion for a Constellation Energy asset portfolio as part of broader power sector M&A activity.

Scale indicators9 records

Recent moves9 records

Expansion highlights7 records

Broad incumbents

• Public Service Enterprise Group (PSEG): PSEG is a major Northeast U.S. utility with significant nuclear generation (Salem and Hope Creek) and regulated/unregulated business lines. Comparable as a nuclear-heavy IPP and utility with PJM market exposure.
• Southern Company: Southern Company operates the largest regulated U.S. utility footprint with major nuclear (Vogtle) and gas generation. Comparable in scale, nuclear operations, and integrated utility-plus-generation model serving similar enterprise customers.
• Entergy Corporation: Entergy operates nuclear, natural gas, and other generation assets across the Mid-South U.S. and is pursuing hyperscaler data center power deals. Comparable as a nuclear-focused utility competing in PJM-adjacent markets for enterprise customers.
• Dominion Energy: Dominion Energy is a large U.S. utility with substantial nuclear, natural gas, and renewable generation serving the Mid-Atlantic and Southeast. Comparable as a major nuclear operator and data center power supplier, particularly in Virginia's Data Center Alley.
• Duke Energy: Duke Energy is one of the largest U.S. electric utilities with significant nuclear, natural gas, and renewable generation across regulated markets in the Carolinas, Florida, and the Midwest. Broad incumbent with overlapping nuclear expertise and large-scale generation assets.

Direct peers

• NRG Energy: NRG is a major U.S. competitive power producer and retail electricity provider serving millions of customers across PJM, ERCOT, and other markets. Directly comparable in retail energy, wholesale generation, and data center power sales.
• Vistra Corp: Vistra is the largest competitive power producer in the U.S. with a diverse generation portfolio including nuclear, natural gas, coal, and solar. Most directly comparable peer given overlapping nuclear fleet (Comanche Peak), Texas exposure, and IPP business model serving hyperscalers via PPAs.
• NextEra Energy: NextEra operates the world's largest renewable energy portfolio through Florida Power & Light and NextEra Energy Resources. Comparable as the largest U.S. power generator with both regulated utility and competitive generation arms, competing head-to-head for hyperscaler PPA business.
• Talen Energy: Talen Energy is an independent power producer with a PJM-located nuclear fleet (Susquehanna) that has signed a notable PPA with Amazon Web Services for data center power. Closely comparable to Constellation as a nuclear-focused IPP targeting hyperscaler customers.

Regional players

• WEC Energy Group: WEC Energy Group is a Midwest-focused regulated utility serving Wisconsin, Illinois, and surrounding states with mixed generation including significant natural gas and renewables. Regional peer with overlapping Illinois/PJM-adjacent geography but a regulated utility business model rather than IPP focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/constellationeg
• YouTubeyoutube.com/channel/UCGEdtGuKe2fJoP4R1ybTydA
• Facebookfacebook.com/ConstellationEnergy
• LinkedInlinkedin.com/company/constellation-energy
• Instagraminstagram.com/constellationenergy

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries4 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments15 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Constellation Energy