Core Viewpoint - Constellation Energy has demonstrated exceptional performance since its separation from Exelon, becoming the largest producer of carbon-free energy in the U.S. and leading in nuclear energy generation [1][5]. Performance Overview - Constellation Energy has achieved remarkable returns since going public in February 2022, with stock price returns of 47.2% over one year, 287.5% over three years, and 738% since its spinoff [4]. - When including reinvested dividends, total returns are 47.9% for one year, 296.7% for three years, and 765.7% since the spinoff, significantly outperforming the S&P 500 [4]. Market Position and Financials - The company has a current market capitalization of $110 billion, with a gross margin of 19.3% and a dividend yield of 0.44% [6]. - The stock price has fluctuated between $161.35 and $412.70 over the past 52 weeks, indicating strong market interest and volatility [6]. Drivers of Growth - A resurgence in demand for nuclear energy, particularly from AI data centers, has led to long-term power purchase agreements (PPAs) with major technology companies [7]. - Microsoft has signed a 20-year PPA for 100% of the future power from the Three Mile Island Unit 1 reactor, which is set to restart by 2028 [8]. - Meta Platforms has also entered into a 20-year PPA for power from the Clinton Clean Energy Center, ensuring the plant's operation through mid-2027 and beyond [9]. Strategic Acquisitions - Constellation Energy is set to acquire Calpine in a $26 billion deal, which will enhance its scale, diversify operations, and increase earnings potential [10]. - This acquisition, along with existing contracts, positions the company for over 10% annual earnings-per-share growth through 2028 [10]. Future Outlook - The company is expected to continue delivering robust returns and high earnings growth in the coming years, supported by its strategic initiatives and market demand [11].