According to a report from Bloomberg, Google's parent company, Alphabet, is close to an agreement to buy nuclear energy from Constellation Energy in a multi-year deal valued at $1 billion, expected to be announced as soon as this week.

  • The deal speculation comes after Constellation recently announced a 20-year power purchase agreement with Amazon.com.
  • The agreements come as demand for power has grown as technology companies race to get ahead in the AI game. 
  • Microsoft also signed a 20-year agreement with Constellation in 2024 to support the restart of Three Mile Island Unit 1 in Pennsylvania. 

Shares of Constellation Energy Corp. (CEG) climbed more than 4% in the overnight session late Monday after a report that the company is nearing a power deal with Google parent Alphabet Inc. (GOOG, GOOGL). 

According to a Bloomberg report citing people familiar with the matter, Alphabet is close to an agreement to buy nuclear energy from CEG in a multi-year deal valued at $1 billion, expected to be announced as soon as this week. 

Constellation and Google declined to comment on the deal to Bloomberg. Shares of GOOGL were up 0.1% in overnight trading. 

Power Deals For Constellation Line Up

The deal speculation follows Constellation's recent announcement of a 20-year power purchase agreement with Amazon.com Inc. (AMZN) to add 190 megawatts (MW) of nuclear capacity at Calvert Cliffs, Maryland. This comes as power demand has grown while technology companies race to get ahead in the AI game. 

Microsoft Corp. (MSFT) signed a 20-year power purchase agreement with Constellation in 2024 to support the restart of Unit 1 at the Three Mile Island plant in Pennsylvania, now called the Crane Clean Energy Center

Meanwhile, Google also has multiple agreements with other power producers. Last month, the technology company announced new capacity from Southern Co. by funding upgrades at two atomic plants.

Last year, the technology giant struck a deal to buy electricity from NextEra Energy Inc. (NEE) to support the power company’s plans to restart its Duane Arnold reactor in Iowa. 

CEG, GOOGL Stocks: Retail Stance

On Stocktwits, retail sentiment around CEG stock was ‘extremely bullish’ at the time of writing amid ‘high’ message volumes. 

One user said, “The AI bottleneck moved: it's no longer GPUs, it's the grid. Gartner: data center power demand hits 132GW in 2026 (+27% y/y), AI servers cross conventional ones by 2027. Compute is no longer capped by silicon, it's capped by megawatts. $CEG $VST.”

Another user said, “$CEG finally…been waiting for this to start moving since I bought it in last quarter of 2025! CEG is where it’s at. Biggest pure nuclear play in the USA! Locked in with the big companies! Why can’t people see this!!”

Meanwhile, retail sentiment around GOOGL stock was ‘bullish’ amid ‘normal’ message volumes. 

CEG stock is down nearly 27% year-to-date, while GOOGL stock has gained about 10% in the same time. 

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