Constellation Energy (CEG) closed up 4.60% at $270.74 on October 21, 2026, a day after SpaceX CEO Elon Musk said the constraint on deploying superintelligence lies more in power, cooling and infrastructure than in chips. The bigger issue came on October 9, when FERC rejected most of PJM's data center framework, three days after Google signed a 20-year, 890-megawatt uprate deal with Constellation. Management had said regulatory ambiguity was the worst thing for deal execution, but added that already signed contracts did not depend on the PJM and FERC outcomes. The mean analyst target slipped to around $338 from around $343, below Morgan Stanley's new $378. Third-quarter results, expected in early November, will show whether the FERC decision has slowed new contracting.
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