• In the past quarter ended March 31, 2026, Alliant Energy Corporation reported first-quarter revenue of US$1,184 million and net income of US$224 million, with GAAP EPS rising to US$0.87 from US$0.83 a year earlier while reaffirming its 2026 consolidated ongoing EPS guidance of US$3.36–US$3.46.
• Alongside these results, Alliant expanded its data center footprint to approximately 3.4 gigawatts of contracted demand through five executed agreements, highlighting how large-load digital infrastructure customers are increasingly shaping its long-term growth profile and capital investment plans.
• Now we’ll examine how reaffirmed EPS guidance and expanding data center contracts may influence Alliant Energy’s existing investment narrative.

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Alliant Energy Investment Narrative Recap

To own Alliant Energy, you have to be comfortable with a regulated utility that is tying a meaningful part of its future to large data center load while managing heavy capital needs and regulatory oversight. The latest quarter, with reaffirmed 2026 EPS guidance and progress on contracted data center demand, supports the near term earnings story but does not remove the key risks around project execution, financing and keeping regulators onside.

The most relevant update here is Alliant’s five fully executed data center agreements totaling about 3.4 gigawatts of contracted demand, supported by reaffirmed 2026 EPS guidance of US$3.36 to US$3.46. Together, these point to a pipeline that could be a major earnings catalyst if projects connect as planned, but they also heighten concentration and capital intensity risks if large customers delay, scale back or require more infrastructure than initially expected.

Yet behind this seemingly straightforward growth story, there is an important risk that investors should be aware of related to how much new equity Alliant may need to issue to...

Alliant Energy's narrative projects $5.1 billion revenue and $1.1 billion earnings by 2029.

Uncover how Alliant Energy's forecasts yield a $77.09 fair value, a 4% upside to its current price.

Exploring Other Perspectives

Three Simply Wall St Community fair value estimates for Alliant Energy range widely, from about US$66.77 up to over US$94,000, underscoring how far apart individual views can be. Set against this, the company’s growing dependence on a small number of large data center customers as a key earnings catalyst raises important questions about how concentrated future performance might become, so it is worth weighing several different opinions before deciding where you stand.

Explore 3 other fair value estimates on Alliant Energy - why the stock might be a potential multi-bagger!

The Verdict Is Yours

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your Alliant Energy research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Alliant Energy research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Alliant Energy's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.