CEG

Constellation

Largest US nuclear fleet; hyperscaler PPAs.

Last

$294.73

Change

-0.63%

Market cap

$106.8B

60-day price

Near-term (0-6mo)

Earnings 5/11 — watch for new hyperscaler PPA announcements, Crane Clean Energy Center (Three Mile Island Unit 1) restart timeline, and 2026 generation guidance. Signed Microsoft PPA for ~835 MW is the benchmark.

Mid-term (6-24mo)

Operating nuclear fleet with 90%+ capacity factors is the physical moat — no other US company has this nameplate. Uprate potential across fleet could add hundreds of MW without new construction. License extensions to 80 years lock in decades of baseload.

Catalysts

Q1 earnings 5/11
Crane Clean Energy Center restart progress
New hyperscaler PPA announcements
NRC license extension approvals

Risks

Regulatory risk on nuclear restart permitting
Power price volatility in PJM/ERCOT
28% drawdown may reflect market repricing of PPA terms

Options flags

earnings_soon · Apr 16, 2026

Earnings on 2026-05-11 (24d out). Expect elevated IV into print; avoid buying OTM monthlies the day before.

monthly_liquid · Apr 16, 2026

Monthly Apr 16, 2026 chain likely liquid. Prefer ATM/ITM-20 over OTM to force discipline.

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