Alphabet nears $1 billion-plus nuclear power deal with Constellation, Bloomberg reports

Alphabet's Google is nearing a multi-year agreement to buy nuclear power from CEG worth $1 billion or more, Bloomberg reported, citing people familiar with the matter. The deal would supply electricity for Google's expanding fleet of AI data centers and could be announced as soon as this week, according to the report. Neither GOOGL nor Constellation has confirmed it, and no plant, capacity or pricing has been reported.

Constellation shares climbed more than 4% in the overnight session late Monday and were up about 3.0% pre-market on Tuesday. The report lands days after Constellation announced a 20-year agreement with Amazon covering 690 megawatts of output from its Calvert Cliffs plant in Maryland, including about 190 megawatts of new capacity and more than $3 billion in infrastructure investment, so part of the stock's strength this week reflects that deal as well.

The talks fit a broader pattern of hyperscalers locking in long-term, carbon-free baseload power as AI computing pushes up electricity demand. Google already has nuclear arrangements with other utilities, and a Constellation agreement would add the largest U.S. nuclear operator to that list. Constellation shares are down nearly 27% this year even after the recent gains, while Alphabet is up about 10%.

What to watch: whether the companies announce the agreement this week as Bloomberg suggested, and the details that matter for valuing it, including which plant supplies the power, the volume and the contract length.