Constellation Energy Signs 20-Year, 690 MW Nuclear Deal With Amazon; Amazon to Invest $3 Billion in Calvert Cliffs

Constellation Energy (CEG) signed a 20-year, 690 MW nuclear power agreement with Amazon (AMZN), under which the e-commerce giant will invest $3 billion to expand the Calvert Cliffs plant in Maryland. The investment is expected to add 190 MW of capacity between 2030 and 2032 at the site, currently operating at 1,790 MW. A separate retail arrangement will see Constellation supply electricity across the 13-state PJM market. The deal follows Constellation's 2024 PPA with Microsoft for 835 MW and a June 2025 agreement with Meta covering 1,121 MW. Constellation reported Q2 2026 operating revenue of $7.5 billion, up 23% year over year but missing estimates by $122.5 million. Adjusted earnings rose 33.5% to $2.55 per share, beating consensus. The company raised full-year EPS guidance to $11.50-$12.50. CEG stock is down 28% year to date, with a $90 billion market cap and a 0.64% dividend yield. Analysts maintain a "Strong Buy" consensus with a $339.30 mean target price.