Overview
- Constellation closed the Calpine acquisition on Jan. 7, forming what it describes as the largest private‑sector power producer with about 55 gigawatts of capacity across nuclear, natural gas, and geothermal.
- S&P Global affirmed Constellation’s BBB+ issuer rating with a stable outlook and raised Calpine’s rating to BBB+, viewing it as a core subsidiary.
- The transaction is expected to add roughly $2 billion to Constellation’s annual free cash flow, according to company and deal materials cited in coverage.
- Constellation has signed multiple long‑term power purchase agreements with hyperscalers, highlighting its role in powering AI and data centers with firm, low‑carbon supply.
- Shares have climbed about 280% over three years, including a surge of nearly 58% in 2025, though the stock sits roughly 15% below its 52‑week high as valuation concerns persist.