Key Points
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Constellation Energy is poised for growth with long-term agreements worth 1,121 megawatts with Meta Platforms and over 800 megawatts with Microsoft.
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GE Vernova has a substantial $150 billion backlog, including $64 billion in equipment, reflecting a 50% year-over-year increase.
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Both companies are strategically positioned to meet rising electricity demand, driven mainly by data centers.
Constellation Energy (NASDAQ: CEG) has emerged as one of the largest electricity producers in the U.S. after acquiring Calpine in January 2026, increasing its capacity to 55 gigawatts and serving nearly 2.5 million customers. The company’s significant contracts include a 20-year agreement for nuclear energy with Meta Platforms, slated to begin in June 2027, and another with Microsoft expected to provide carbon-free electricity starting in 2028.
GE Vernova (NYSE: GEV) ended fiscal 2025 with a record backlog of $150 billion, up 25% YoY. This includes 24 gigawatts of new gas turbine capacity contracts. The company recorded $38 billion in revenue for fiscal 2025 and expects revenue between $44 billion to $45 billion for fiscal 2026, along with $5 billion to $5.5 billion in free cash flow.
