NEW YORK, Feb 9, 2026, 14:18 (EST) — Regular session
Shares of Constellation Energy (CEG.O) climbed 3.6% to $270.81 Monday afternoon, lifted by news of a fresh Texas data-center power deal through its Calpine subsidiary. The stock moved in a range from $259.50 to $271.63 during the session.
The announcement comes as investors hunt for signs that major electricity buyers are locking in deals for data center power—a necessity with artificial intelligence workloads gulping down steady, massive electricity. The Energy Information Administration projects U.S. electricity demand will reach all-time highs in 2026, with data centers playing a key role. Last month, Constellation wrapped up its $16.4 billion acquisition of Calpine, the natural gas and geothermal producer. That deal, executives say, should help them meet surging demand.
Constellation announced that Calpine has inked a 380-megawatt deal with Dallas-based CyrusOne, linking up to supply a new data center right next to Calpine’s Freestone Energy Center in Freestone County, Texas. There’s also an exclusive option locked in for a second 380-MW phase. The project, using Constellation’s so-called “Powered Land Capabilities”—which combines power generation, land, and direct grid access—pushes CyrusOne’s contracted Texas power volume past 1,100 MW, according to the company. CEO Joe Dominguez said the agreement would help meet surging data demand without sacrificing grid stability. CyrusOne’s CEO Eric Schwartz called it a way to “deliver reliable, scalable infrastructure” for the region and keep local grid reliability intact. Constellation
Constellation wasn’t the only mover among U.S. power stocks: Vistra climbed 2.5%, NRG Energy added 2.1%, and Talen Energy picked up roughly 3.1%. The SPDR S&P 500 ETF, tracking the S&P 500, edged up 0.6%, while the Invesco QQQ Trust gained 0.9%.
On Monday, Constellation revealed a separate long-term deal: a 20-year agreement to operate an on-site plant that will handle heating and cooling for the Tennessee Titans’ upcoming Nissan Stadium, which is expected to open in 2027. “We’re working to provide customized solutions that meet their energy and sustainability objectives,” said Jim McHugh, the company’s chief commercial officer. Constellation
The economics remain uncertain. Permitting delays and grid-connection issues can slow data center projects, and Texas power prices are notoriously volatile. That leaves investors unsure how many of those megawatts will actually deliver reliable profit.
There’s also interest in seeing if CyrusOne advances to phase two, and if Constellation manages to pull off the “powered land” strategy with other developers as Calpine gets integrated. Details coming up on pricing, capital spend, and timing could end up counting for more than just the headline capacity.
Constellation hasn’t set a firm date for its next quarterly results yet, though market calendars point to Feb. 17. Investors want to hear about developments in the contracting pipeline and what the Calpine integration is doing early on.
