Who Constellation buys from and sells to
Largest US nuclear operator, now also a big gas fleet after buying Calpine; sells power wholesale and under long contracts.
Part of Power Grid and Clean Energy Infrastructure spending
Buys from 4
- GE VernovaGEVBWR fuel via Global Nuclear Fuel, and gas turbine service
- Uranium and enrichment suppliersuranium concentrate, conversion and enrichment on long contractsthree suppliers ~35% of uranium needs 2026-2030 (FY2025 10-K)
- Natural gas producers and pipelinesfuel for the former Calpine gas fleet
- US Department of Energyloan guarantee for the Crane restartup to $1.0B guarantee (FY2025 10-K)
Sells to 5
- MicrosoftMSFToutput of the restarted Crane (Three Mile Island 1) unit
- MetaMETAoutput of the Clinton nuclear plant
- CyrusOnepower for data-centre campuses
- US federal government (GSA)nuclear power for federal agencies
- PJM and ERCOT marketswholesale energy and capacity
Where the chain could break
- Part of nuclear fuel still sourced under contracts tied to Russia, exposed to sanctions and import bans
- PJM capacity prices and FERC rules on co-locating data centres at nuclear plants set much of the upside
- Calpine deal added ~$12.6B of assumed debt and heavy natural gas exposure
Competes with
- VistraVSTnuclear PPAs with hyperscalers
- Talen EnergyTLNPJM nuclear supply to data centres
- NRG EnergyNRGgas generation and retail power
Mapped by hand from filings and company reporting, as of October 2026. It shows the relationships that matter most, not every contract: most are never disclosed, and agreements change.