[Goldman Sachs: Constellation Energy Signs 3.6GW Nuclear Power PPA with Google, Contracted Rate Rises to 28%] According to Deep Tide TechFlow, citing research from Tide Research, Goldman Sachs stated in a research report dated October 6, 2026, that Constellation Energy has signed a nuclear power purchase agreement (PPA) with Google totaling approximately 3.6GW. The agreement includes an 890MW nuclear power upgrade with a 20-year term and 2,700MW of existing nuclear power with a 15-year term, amounting to approximately 3.59GW in total. Constellation Energy has committed to investing over $4.3 billion. The agreement increases the company's contracted nuclear power capacity from 13% to 28%. Goldman Sachs estimates that pre-growth free cash flow could rise by approximately $449 million to $1.167 billion, accounting for 5% to 14% of its 2030 projections. Goldman Sachs maintains a neutral rating with a target price of $305, compared to the current stock price of $267.62. Goldman Sachs believes the agreement is positive for both the company and the industry, and investor skepticism about PJM's ability to sign PPAs may shift as a result. However, Goldman Sachs also noted that Constellation Energy's valuation is less attractive compared to other independent power producers. Whether the revaluation can be sustained depends on potential negative outcomes from PJM policies, including the IRAS ruling before October 12 and the pending RBP process.