Constellation Energy (CEG) stock lost 20% over the past twelve months, trailing the S&P 500's 17% gain, even as it signed new nuclear power deals. On October 6, 2026, Google agreed to a 20-year nuclear power purchase from Constellation, days after a similar Amazon deal. A Trefis scenario projects about 77% upside in three years, entirely from revenue growth, assuming sales grow 22.1% a year versus 26% over the twelve months to fiscal Q2 2026. About 30% of clean baseload output is now under long-term contracts, and the Google deal adds 890 MW and funds upgrades at 11 existing units. The upside shrinks if net margin reverts to its three-year average of 10.1% or the share count, which rose about 11% over three years, keeps climbing.
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