Constellation Energy Completes Calpine Acquisition, Expands Generation Fleet

Constellation Energy Corporation ( (CEG) ) has shared an update.

On January 7, 2026, Constellation completed its acquisition of Calpine Corporation from Energy Capital Partners in a cash-and-stock deal that included 50 million newly issued Constellation shares and $4.5 billion in cash (subject to expenses), making Calpine a wholly owned subsidiary and creating what the company describes as the nation’s largest producer of electricity. In connection with the closing, Constellation granted former Calpine shareholders registration rights over their stock consideration, subject to a staged lock-up ending in 2027, while Calpine and its subsidiaries retained their existing capital structure, including multiple series of unsecured and secured notes with defined coupon, maturity and redemption terms, as well as substantial term loan facilities at Calpine Construction Finance Company and Geysers Power Company that were recently refinanced, upsized or repriced; these debt covenants place limits on additional liens, indebtedness and certain corporate transactions. The merger and related internal reorganization, completed between January 2 and January 7, 2026, also triggered the cash-and-stock vesting and cancellation of Calpine equity awards and resulted in former Calpine shareholders owning about 13.8% of Constellation’s outstanding common stock, while the combined company now controls 55 gigawatts of largely clean and flexible generation capacity aimed at serving surging power demand from data centers, advanced manufacturing and critical infrastructure, particularly in high-growth markets such as Texas and California. Governance changes accompanied the deal’s close, with long-serving finance executive Shane Smith elevated to executive vice president and chief financial officer and designated principal financial officer, while former CFO Daniel Eggers assumed a newly created senior executive role overseeing finance and the data economy, as Constellation seeks to leverage the enlarged generation fleet and commercial platform to scale advanced nuclear, geothermal, carbon capture and long-duration storage technologies and deepen its community and workforce investments from headquarters in Baltimore and a major presence in Houston.

The most recent analyst rating on (CEG) stock is a Buy with a $520.00 price target. To see the full list of analyst forecasts on Constellation Energy Corporation stock, see the CEG Stock Forecast page.

Spark’s Take on CEG Stock

According to Spark, TipRanks’ AI Analyst, CEG is a Neutral.

The score is driven primarily by moderate financial quality (good revenue and gross margin trends but weaker profitability and negative free cash flow). Earnings-call takeaways are favorable on operations and guidance, partially offset by headwinds. Technicals are mostly neutral, while valuation is the main constraint given the high P/E and low yield.

To see Spark’s full report on CEG stock, click here.

More about Constellation Energy Corporation

Constellation Energy Corporation is a Fortune 200 power producer headquartered in Baltimore and the largest private-sector producer of electricity globally, with 55 gigawatts of capacity across nuclear, natural gas, geothermal, hydro, wind and solar facilities. It is the largest nuclear energy company in the U.S. and a leading competitive retail supplier, providing clean and reliable power and tailored energy solutions to more than 2.5 million residential, commercial and public-sector customers nationwide, including three-fourths of the Fortune 100, with a significant operational footprint in states such as Texas, California, Illinois, Maryland, New York and Pennsylvania.

Average Trading Volume: 2,621,596

Technical Sentiment Signal: Buy

Current Market Cap: $110.8B

For detailed information about CEG stock, go to TipRanks’ Stock Analysis page.