Constellation Energy Shares Jump on Google Power Deal Speculation

Constellation Energy Corp. (CEG) shares surged more than 4% in overnight trading on Monday following reports of a potential power deal with Google parent Alphabet Inc. (GOOGL). According to Bloomberg, Alphabet is nearing a multi-year agreement to purchase nuclear energy from Constellation, valued at $1 billion. Both companies declined to comment on the deal, which could be announced as soon as this week. GOOGL shares saw a modest 0.1% increase during the same period.

The speculation comes after Constellation recently secured a 20-year power purchase agreement with Amazon.com (AMZN) to add 190 megawatts of nuclear capacity at Calvert Cliffs, Maryland. This deal is part of a broader trend where technology companies are racing to secure power deals to support their growing AI infrastructure. Microsoft (MSFT) also signed a 20-year agreement with Constellation in 2024 to restart the Three Mile Island Unit 1 in Pennsylvania, now known as the Crane Clean Energy Center.

Google has been active in securing power agreements with other producers as well. Last month, the company announced new capacity from Southern Co. by funding upgrades at two atomic plants. Additionally, Google struck a deal last year to buy electricity from NextEra Energy Inc. (NEE) to support the restart of its Duane Arnold reactor in Iowa.

Retail sentiment around CEG stock was described as ‘extremely bullish’ on Stocktwits, with high message volumes. One user highlighted the growing demand for data center power, noting that the AI bottleneck has shifted from GPUs to the grid. Another user expressed enthusiasm about CEG’s position as a major nuclear energy provider in the U.S. Meanwhile, sentiment around GOOGL stock was labeled ‘bullish’ with normal message volumes. Year-to-date, CEG stock is down nearly 27%, while GOOGL has gained about 10%.