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    Constellation Energy (CEG) Is Back In The Spotlight, So What Has Changed?

    Simply Wall St·10/24/2026 07:36:03
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    Constellation Energy (CEG) moved back into focus after agreeing a 20 year nuclear power deal with Alphabet that targets 890 megawatts for data centers and extends visibility on contracted carbon free output over the long term.

    Against that contract backdrop, Constellation Energy’s recent trading has moved the other way, with the share price down 6.6% over the past week, 7.6% over 90 days and 30.8% year to date. This comes even though the three year total shareholder return is 133.23%, which points to long term momentum that contrasts with the current pullback.

    Scan nuclear and AI power plays moving on long-term data center demand through our curated list of 16 nuclear energy infrastructure stocks for comparison alongside Constellation Energy.

    Constellation Energy now pairs a sharp pullback with fresh, long dated contracts tied to AI power demand. Does that reset leave more upside for new buyers, or signal that much of the good news is already priced in?

    Most Popular Narrative: 27.6% Undervalued

    Constellation Energy last closed at $253.45. The most followed narrative anchors on a fair value of $350, frames that level as materially higher than today’s price, and ties the gap to long dated nuclear contracts with large technology buyers.

    The market is underappreciating how scarce true 24/7 carbon-free baseload has become just as AI data centers and electrification drive the sharpest sustained rise in U.S. power demand in decades. Most investors still treat CEG as a “utility with nuclear exposure.” It is better understood as the owner of the largest, highest-quality fleet of scarce, dispatchable zero-carbon generation that hyperscalers cannot easily replicate or replace.

    See why 27 investors see Constellation Energy as 28% undervalued.

    Result: Fair Value of $350 (UNDERVALUED)

    Still, the Constellation Energy story can break if nuclear operations stumble or if regulators and PJM push back on large load and uprate plans.

    Find out about the key risks to this Constellation Energy narrative.

    Next Steps

    Mixed feelings about Constellation Energy after this pullback and contract news are understandable. Move quickly, test the numbers yourself and weigh both sides through 4 key rewards and 2 important warning signs.

    Looking for more investment ideas beyond Constellation Energy?

    If Constellation Energy has your attention, do not stop there. Use this pullback as a prompt to widen your watchlist and pressure test fresh opportunities.