Google's 890 MW Constellation Deal: What Isn't Priced

TL;DR: Google and Constellation Energy signed a 20-year power purchase agreement on October 6, 2026 to add 890 megawatts of nuclear capacity to the PJM grid through upgrades at 11 reactors in Illinois, Pennsylvania and New Jersey. Constellation says it will invest more than $4.3 billion. The price Google pays has not been disclosed.

According to Google's own announcement, the companies signed on October 6. I signed off on more than 1,000 QA jobs in the Navy, and the habit stuck: I read the delivery schedule and the missing numbers before I read the headline. My first take on the deal is in Google and Constellation Sign 890 MW Nuclear Deal.

What did Google and Constellation announce?

The 20-year agreement pays for new equipment and technology at 11 Constellation-owned units. The work is meant to increase thermal and electrical efficiency at plants that already run, per the Google release. ETDatacenters reported the same terms on October 13.

The release also describes a second contract, and together they are bigger than the headline number suggests.

Piece	Size	Term	Source
Uprates at 11 nuclear units	890 MW	20 years	Google press release
Supply from Constellation's existing PJM fleet	2,700 MW	15 years	Google press release
Constellation investment	More than $4.3 billion	n/a	Google press release
First uprate expected	2028	n/a	Google press release

Add the two contracts and you get 3,590 MW, which is the total Sayer reports for the pair.

Why does the 2,700 MW contract matter more than the 890 MW?

Because it covers power that already exists. The 890 MW takes years to build, while the 15-year contract covers output from plants that already operate. Google's release says the agreement ensures existing assets "remain economically viable without taking resources off of the grid."

The analysts at DealFlow.energy make the same point, writing that the existing-fleet contract "is the leg that tells you how this deal was built." Their read of the structure is an inference, not a disclosed term, so treat it that way. Still, it fits what I see in these deals. The new megawatts get the press coverage and the existing megawatts get the revenue security.

When does the new power actually arrive?

In stages. The release says the first uprate is due by 2028. Per Sayer, Google said in a blog post that the projects will add the full 890 MW before the end of 2032. If you're modeling the deal, use 2032 for the full amount and 2028 for the first slice.

What is still unknown?

The price. DealFlow says that of the six nuclear PPAs it has recorded since March 2026, none disclosed one. Without a price, nobody outside the two companies can say what Google is paying for certainty, or what return Constellation earns on $4.3 billion.

Google did say what it plans to spend around the deal. According to Energy Tech, the company is committed to spending roughly $25 billion in PJM territory over the next two years without passing costs to residential customers. That's a company statement about intent, and the contract terms that would let you test it haven't been published.

What should an accredited investor take from this?

If you're newly accredited and wondering how AI demand reaches your portfolio, this deal shows one route. Power producers are signing decades-long contracts with the biggest buyers of electricity. I'm not telling you to buy anything here. I can't tell you whether Constellation's investment earns a good return.

What I can tell you is how I'd approach it: downside first. A 20-year contract with one buyer concentrates risk in that buyer. A schedule that stretches to 2032 means construction risk sits with Constellation for years.

Constellation is a public company, so the private-markets version of this trade comes later. Sooner or later a sponsor will pitch you a private infrastructure fund built on contracts like this one. Three things decide whether it's worth your money: how long your capital is locked up, how much of the contract's cash flow the fee stack takes before you see any, and whether you're allowed to read the contract at all. A contract you can't read is a return you can't check, so ask for the terms before the projections. My piece on infrastructure investing for accredited investors covers the lock-ups and fees you'd face, and how Europe's data centers could revive nuclear power shows hyperscalers paying up for certainty on the other side of the Atlantic.

Common mistakes when reading deals like this

The biggest one is treating the headline megawatts as the whole deal. Here, the larger contract is the one that covers plants already operating.

Another is quoting a price. Neither company has disclosed one, so any dollar figure for what Google pays is a guess. People also assume a big-name buyer makes the economics safe, when a famous counterparty tells you who signed and nothing about what they agreed to pay.

Don't confuse a hyperscaler's spending plan with a guarantee, either. Spending commitments are statements of intent until a contract says otherwise. For more on what mega-deals can hide, see why AI mega-round valuations are a warning sign.

FAQ

How much nuclear capacity does the Google and Constellation deal add?

The 20-year agreement adds 890 MW through upgrades at 11 existing units in Illinois, Pennsylvania and New Jersey. A separate 15-year contract covers 2,700 MW from Constellation's existing PJM fleet, so the two total 3,590 MW.

Is the Google and Constellation deal building new reactors?

No. The 890 MW comes from new equipment and technology at reactors Constellation already operates. Per Sayer, a Google blog post described the full 890 MW as roughly the output of a new large reactor.

How much will Google pay under the agreement?

The price has not been disclosed. The joint Google–Constellation announcement states Constellation's own investment of more than $4.3 billion, but that is what Constellation spends, not what Google pays for the power.

Can I invest in this deal directly?

Not through anything announced. The agreement is between two companies. Constellation's own securities are a separate matter, and I'm not recommending them.

What to do today

Before you act on any power or infrastructure pitch, write down one question the contract has to answer, such as price, counterparty or delivery date. If you want a downside-first read on the next big private-markets deal, subscribe to the free AIN briefing.

Educational content only. Not investment, tax, or legal advice. Not an offer or solicitation to buy or sell securities. Past performance does not guarantee future results. Private-market investments are illiquid and involve risk of loss, including total loss of capital. Consult qualified advisers. Angel Investors Network is not a broker-dealer or investment adviser.