Company File
Largest US nuclear fleet; Three Mile Island restart for Microsoft — the purest nuclear-for-AI trade.
Plate I — Pillar-Purity Score
Direct, signed hyperscaler PPAs; utility cadence but visible AI revenue tether.
Methodology — How we score
Plate II — The Thesis
Why it’s on the list.
Constellation owns the largest fleet of US nuclear reactors and signed the first modern hyperscaler PPA — Microsoft for the Three Mile Island restart. Every marginal gigawatt sold to a data center carries a premium unavailable to legacy utility ratepayers. The thesis is that hyperscaler load growth persists through the 2030s and that Constellation's incumbent fleet is the path of least regulatory resistance.
Plate III — Supply Chain
Upstream & downstream.
See the full chain plate for all 37 names.
Upstream — what feeds CEG
Downstream — where CEG feeds into
Plate IV — Thesis Breakers
What would invalidate this.
- Risk 01Hyperscaler load growth stalls
- Risk 02Nuclear PPA pricing caps imposed
- Risk 03Reactor unplanned outage
Plate V — Also on the Power plate
Siblings by pillar.
- TLNScore 10Owns the Susquehanna nuclear and Cumulus data-center campus feeding AWS; post-bankruptcy compound.
- VSTScore 8Texas nuclear + gas generation signing hyperscaler PPAs; recent top-performing S&P utility.
- OKLOScore 8Small modular reactor pre-revenue moonshot; Sam Altman-chaired — speculative but on-thesis.
- GEVScore 7Gas turbines, grid equipment, offshore wind; multi-year backlog constraints are the bull case.
- CCJScore 7Largest Western uranium miner; tier-one fuel supplier to the nuclear renaissance.
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Next earnings: 2026-05-07.
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