Constellation Energy raised $3.09 billion（約4900億円） in new equity and is securing long-term power contracts with major AI companies like Microsoft and Meta, reshaping its investment case around data center demand for clean energy.

What happened

Constellation Energy completed a $3.09 billion（約4900億円） equity offering of 11,000,000 common shares at roughly $281 each. The capital raise comes as the company reports stronger-than-expected quarterly earnings and expands long-term power contracts with hyperscalers (large cloud providers) including Microsoft and Meta. The company is also advancing the Crane Clean Energy Center project through regulatory and grid interconnection milestones.

Why it matters

The investment narrative depends on sustained, long-term demand from AI data centers for reliable, carbon-free power from Constellation's nuclear and clean energy assets. The new equity gives the company financial flexibility to convert near-term hyperscaler demand into locked-in long-duration contracts, which is the biggest near-term growth driver. However, regulatory delays and grid interconnection complexity remain real execution risks that could push opportunities further out.

What to watch

Constellation Energy's narrative projects $35.1 billion（約5.6兆円） revenue and $5.8 billion（約9300億円） earnings by 2029—requiring 11.2% yearly revenue growth and a $3.5 billion（約5600億円） earnings increase from $2.3 billion（約3700億円） today. Progress on the Crane Clean Energy Center restart and Nuclear Regulatory Commission approvals will be critical to whether the company can supply the additional firm capacity needed to fulfill future AI-focused power contracts.