Constellation Energy opted not to hold a 4Q25 earnings call but did release some information on Feb. 24, 2026 regarding operations and new contracts signed between October and December 2025.

The energy giant reported the finalization of its acquisition of Calpine and now claims to be the nation’s largest producer of electricity. Via that acquisition, Constellation will now preside over recent agreements signed with data center developer CyrusOne, which signed a 380 MW agreement with Calpine to serve a new data center project in Freestone County, Texas. Calpine also entered into an exclusive agreement to provide power for Phase 2 of the data center project, which will require an additional 380 MW.

Earlier in the year, Calpine also announced a 400 MW agreement with the firm for its Thad Hill data center project in Bosque County, Texas.

The release also touted Constellation’s nuclear fleet, claiming over 45 GWh produced in 4Q25 and noting that the nuclear regulatory commission has approved 20-year license renewals for its Clinton and Dresdent nuclear projects in Illinois. Constellation says it is investing USD 370m to relicense the plans and install upgrades.

Constellation also reported receiving a guaranteed unsecured loan from the US DOE’s Office of Energy Dominance Financing for up to USD 1bn via the federal financing bank to support the restart of its Crane nuclear project at Three Mile Island, Pennsylvania. That loan will mature in October 2055. The project’s restart is also being supported by a 20-year PPA with Microsoft to purchase its output.

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