Constellation’s AI power thesis gets loud

Power is the new gold rush

Constellation Energy just got another bullish call, and this one leans hard into the AI trade. The argument: when every chatbot, cloud giant, and data-center landlord wants more juice, the companies that can keep the lights on suddenly look a lot more exciting than they used to.

Why the bull case is getting bigger

The thesis points to three big growth engines:

• the Calpine acquisition
• the META nuclear agreement
• the Crane restart project, with MSFT support

Put together, those drivers are framed as nearly $2 billion of potential annual revenue. That’s not pocket change — that’s the kind of number that makes a utility stock start acting a lot less like a sleepy bond proxy and a lot more like an AI infrastructure play.

What investors should care about

The new price target is $424, backed by an estimate of $14.20 in 2028 EPS and a 30x forward earnings multiple. Translation: the market may still be treating Constellation like a traditional power company, while bulls are valuing it more like a scarce asset in the AI supply chain.

Big picture: if AI keeps devouring electricity the way streaming devoured your internet plan, Constellation could keep looking less like an old-school utility and more like the landlord everyone suddenly needs.