Alphabet (GOOGL) Stock Rises as Google Nears Nuclear Power Deal With Constellation Energy

TLDR

• Alphabet is reportedly close to a multi-year deal with Constellation Energy worth $1 billion or more for nuclear power.
• The agreement could be announced as soon as this week, according to Bloomberg News.
• Constellation Energy (CEG) stock rose 4% in premarket trading following the report.
• Big tech firms including Amazon and Microsoft have signed similar nuclear power deals as AI energy demand grows.
• Google already has nuclear power agreements with NextEra Energy and Southern Company.

Constellation Energy (CEG) stock climbed 4% in premarket trading on Monday after Bloomberg News reported that Google parent Alphabet (GOOGL) is nearing a major nuclear power deal with the company. The agreement is reportedly worth $1 billion or more and could be announced as soon as this week.

Alphabet Inc., GOOGL

Neither Google nor Constellation has confirmed the deal publicly. Google did not respond to requests for comment outside business hours, and Constellation declined to comment.

The details of the deal have not been shared. It’s not yet clear how much power capacity is involved or where the energy will come from.

Why Tech Companies Want Nuclear Power

AI data centers use huge amounts of electricity, and that demand keeps climbing. Nuclear power plants produce steady energy without direct carbon emissions, which makes them appealing to companies racing to power massive server farms.

Google parent Alphabet is close to an agreement to buy nuclear energy from Constellation Energy, as technology companies race to line up power for the data-center boom. https://t.co/EhJsnl89F7

— Bloomberg (@business) October 6, 2026

Unlike solar or wind, nuclear plants run around the clock regardless of weather. For data centers that need constant power, that reliability matters a lot.

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Google isn’t the first tech giant to look to nuclear energy for this reason. Several of its peers have already locked in similar arrangements.

Amazon (AMZN) recently signed a deal with Constellation to buy 690 megawatts of power. Part of that electricity will come from planned upgrades at Constellation’s Calvert Cliffs nuclear plant in Maryland.

Microsoft (MSFT) made a similar move back in 2024, agreeing to buy power from the Three Mile Island plant in Pennsylvania. Constellation plans to restart that plant next year.

Google’s Growing List of Nuclear Partnerships

This wouldn’t be Google’s first nuclear power agreement either. Last year, the company partnered with NextEra Energy (NEE) to help restart the Duane Arnold nuclear plant in Iowa.

Google also signed a deal last month with Southern Company (SO) to support upgrades at two of its nuclear plants. A Constellation agreement would add another piece to that growing energy portfolio.

If the deal goes through, it would give Google more dedicated power to run its AI operations. That’s become a bigger priority as the company expands its data center footprint.

Wall Street remains upbeat on Alphabet stock regardless of how this particular deal shakes out. According to TipRanks, GOOGL carries a Strong Buy consensus rating, based on 24 Buy ratings and four Holds over the past three months.

The average analyst price target sits at $427.88, which implies upside of roughly 24% from current levels. That bullish view reflects confidence in Alphabet’s broader business, not just its energy strategy.

Constellation has now built power relationships with three of the biggest names in tech: Amazon, Microsoft, and soon possibly Google. Each deal looks a little different, but the pattern is the same. Big tech needs more electricity, and nuclear is increasingly part of the answer.

For now, the Google-Constellation deal remains unconfirmed by either company. Bloomberg’s report, citing people familiar with the matter, is the only source of the news so far. An official announcement could come within days.