Constellation Energy Corporation - Common Stock When-Issued (CEG)

As of January 14, 2026, the narrative surrounding Artificial Intelligence has undergone a profound transformation. What began as a feverish pursuit of large language models and generative software has matured into a massive, tangible "infrastructure supercycle." The focus of the financial markets has shifted from the ethereal world of algorithms

Chipmakers and data centers dominate the headlines for AI infrastructure, but another sector is set to profit big from the next phase of the AI boom.

Constellation Energy Generation, LLC (“Constellation”), a Pennsylvania limited liability company, announced today the expiration and final results of (A) the previously announced private offers to exchange any and all of the outstanding (i) 4.625% Senior Unsecured Notes due 2029 (“Existing Unsecured 2029 Notes”), (ii) 5.000% Senior Unsecured Notes due 2031 (“Existing Unsecured 2031 Notes”) and (iii) 3.750% Senior Secured Notes (“Existing Secured 2031 Notes” and, together with the Existing Unsecured 2029 Notes and the Existing Unsecured 2031 Notes, the “Calpine Notes”) issued by Calpine Corporation, a Delaware corporation (“Calpine”), held by eligible holders for newly issued (a) 4.625% Senior Unsecured Notes due 2029 (“New Unsecured 2029 Notes”), (b) 5.000% Senior Unsecured Notes due 2031 (“New Unsecured February 2031 Notes”) and (c) 3.750% Senior Unsecured Notes due 2031 (“New Unsecured March 2031 Notes,” and, together with the New Unsecured 2029 Notes and New Unsecured February 2031 Notes, the “Constellation Notes”) by Constellation (each, an “Exchange Offer”, and collectively, the “Exchange Offers”) and (B) Constellation’s related solicitation of consents, on behalf of Calpine (the “Consent Solicitations”), to adopt the Proposed Amendments (as defined below). The Exchange Offers and Consent Solicitations were made pursuant to the terms and subject to the conditions set forth in an exchange offers memorandum and consent solicitations statement, dated December 9, 2025 (the “Offering Memorandum”). The Exchange Offers and Consent Solicitations expired at 5:00 P.M., New York City time, on January 12, 2026 (the “Expiration Date”).

The era of the "AI Factory" has arrived, and it is hungry for power. As of January 12, 2026, the global technology landscape is witnessing an unprecedented convergence between the cutting edge of artificial intelligence and the decades-old reliability of nuclear fission. What began as a series of experimental power purchase agreements has transformed into [...]

As of January 12, 2026, the global technology landscape has undergone a seismic shift, driven by the widespread deployment of NVIDIA’s (NASDAQ:NVDA) Blackwell GPU architecture. What began as a bold promise of a "30x performance increase" in 2024 has matured into the physical and digital backbone of the modern economy. In early 2026, Blackwell is [...]

This AI infrastructure company provides an overlooked but critical resource to data centers, and is set for a growth spurt because of it.

Steam turbines will start powering AI workloads in 2028.

As the global race for artificial intelligence supremacy intensifies, the energy grid is facing an unprecedented strain, sparking a massive resurgence in nuclear energy. On January 9, 2026, shares of NuScale Power (NYSE:SMR) surged by over 7%, leading a broader rally in the nuclear sector following news that Meta

In a move that solidifies the "Nuclear Renaissance" as the defining energy trend of the decade, Meta Platforms (NASDAQ: META) has announced a series of landmark nuclear energy agreements aimed at powering its burgeoning artificial intelligence infrastructure. On January 9, 2026, the company unveiled a massive 6.6-gigawatt (GW) nuclear

As we move into early January 2026, the technology sector is standing at the precipice of a massive structural shift. While the previous two years were defined by a frantic "land grab" for specialized chips and data center capacity, the market is now entering a high-conviction "Utility Phase." This transition

As of January 9, 2026, the intersection of artificial intelligence and carbon-free energy has reached a fever pitch, with Oklo Inc. (NYSE: OKLO) standing at the epicenter of this industrial revolution. The company’s stock has witnessed a staggering 36% surge in the first week of the new year, culminating

Nuclear power is popular -- perhaps too popular, with Constellation stock priced at 37x earnings

As of January 9, 2026, Microsoft Corporation (NASDAQ: MSFT) stands not merely as a software giant, but as the foundational utility of the global artificial intelligence economy. In a market narrative dominated by the insatiable demand for compute power and the race for "agentic" AI, Microsoft has successfully vertically integrated its operations—from custom-designed silicon and [...]

Today, January 9, 2026, Vistra Corp (NYSE: VST) stands at the epicenter of a historic realignment in the global energy sector. Once viewed as a cyclical utility play, Vistra has successfully rebranded itself as a mission-critical provider of "AI infrastructure" through its unique combination of nuclear baseload and flexible gas generation. As the stock emerges [...]

On January 9, 2026, the financial markets witnessed a historic rally in the nuclear energy sector, led by a massive breakout for Oklo Inc. (NYSE:OKLO). Shares of the advanced fission company surged over 20% in early trading, reaching a record high of $115.75. This dramatic move follows the

NRG Energy, Inc. (NYSE: NRG) has undergone a radical transformation, evolving into an integrated energy and technology platform at the heart of the "data center demand supercycle." As of January 9, 2026, the company is a benchmark for legacy utilities pivoting toward high-growth AI infrastructure. Historical Background NRG’s journey began in 1989. After navigating a [...]

Constellation announced a huge acquisition amid increasing demand for electricity.

As the first full week of 2026 unfolds, the financial markets are witnessing a familiar yet evolved phenomenon: a relentless surge in artificial intelligence stocks driven by a highly sophisticated and resilient retail investor class. Despite warnings of a "crowded trade" from institutional analysts, the retail segment—now accounting for

Constellation (Nasdaq: CEG) today announced it has completed its acquisition of Calpine Corporation from Energy Capital Partners (ECP), creating the nation’s largest producer of electricity. With millions of customers depending on the company every day, the combined organization will deliver reliable, clean power that keeps America moving forward. By uniting Constellation’s zero-emission nuclear fleet with Calpine’s industry-leading natural gas and geothermal generation, the company is building the foundation for America’s next great era of innovation — powering the data centers, advanced manufacturing facilities and critical infrastructure that will define the AI age and secure the nation’s economic leadership.

The year 2025 has officially been etched into the financial history books as the year of the "Alpha Renaissance." According to a comprehensive year-end analysis released by Goldman Sachs (NYSE: GS), the U.S. hedge fund industry staged a dramatic comeback, delivering widespread double-digit gains that have fundamentally shifted the

The S&P 500 climbed to a fresh all-time high on Wednesday, January 7, 2026, as investors cheered a combination of fiscal stimulus tailwinds and the accelerating commercialization of "Agentic AI." The benchmark index surged 1.2% during the session, briefly touching an intraday peak of 7,624.88 before

In a landmark year for active management, Goldman Sachs (NYSE: GS) has released its comprehensive 2025 year-end report, revealing that the hedge fund industry staged a dramatic comeback, delivering widespread double-digit gains that haven’t been seen at this scale in nearly a decade. The report, which analyzes performance data