Key Highlights

  • Alliant Energy (NASDAQ:LNT) has five executed Data Center service agreements, including Google, QTS and Meta, which should lift Demand about 60 percent by 2031, per its second-quarter call.
  • Alliant Energy (NASDAQ:LNT) reaffirmed 2026 guidance, now tracking the upper half of the range, with second-quarter GAAP Earnings of USD 0.65 per share and 7 percent or higher growth targeted through 2029.
  • The company has raised USD 1.8 billion of its planned USD 2.4 billion of common Equity through 2029 using forward agreements, and plans up to USD 800 million of long-term Debt in 2026.
  • The stock was quoted at USD 64.46 after a 0.2 percent gain, down 5.2 percent over the past month, on trading value far below a typical session.

Five Data Center Deals Drive The Growth Story

Alliant Energy (NASDAQ:LNT) said on its second-quarter call that it has executed five service agreements with data center customers, including projects tied to Google, QTS and Meta, and that they should increase demand about 60 percent by 2031. Management will give specific long-term targets when it updates its Capital plan on the third-quarter call. Second-quarter GAAP earnings were USD 0.65 per share, with milder weather costing about USD 0.03, while temperature-normalized electric sales rose 3 percent. On September 4, 2026 the company filed in Wisconsin for a dedicated rate class for large-load customers of 100 megawatts or more, aimed at keeping incremental costs from residential and small-business customers.

How Financing Shapes The Equity Story

A Utility earns a regulated Return on Assets it builds, so rapid load growth requires heavy capital spending funded with debt and new equity. Alliant has raised USD 1.8 billion of a planned USD 2.4 billion of common equity through 2029 using forward agreements, which limits near-term surprises but means more shares will eventually be issued. It also plans up to USD 800 million of long-term debt in 2026. Published data show trailing-twelve-month Revenue of USD 4.43 billion, up 6.8 percent, a Debt-to-Equity Ratio of 1.61, a trailing price-to-earnings ratio of 20.4 and a Dividend Yield of 3.33 percent. Yield is not a guaranteed return and rises as the price falls.

Risks, Technicals And What To Watch

The shares trade below their 20-day, 50-day and 200-day averages of USD 65.29, USD 67.91 and USD 70.29, and the 52-week low in screening data is USD 62.54, about 3 percent below the quote. Risks include regulatory pushback on the large-load rate class, community opposition to data center projects, financing costs and weather. A utility benchmark is more useful than the S&P 500 here. Watch the third-quarter report, expected in early November with the date unconfirmed, when management plans to update its capital plan and give data center targets that could reset expectations in either direction. The relative strength index near 40 in published data is weak but not oversold.

Where Things Stand

Alliant Energy is the Midwest utility in question: its 60 percent demand growth by 2031 rests on five signed data center agreements, not forecasts alone. Alliant Energy (NASDAQ:LNT) trades near a 52-week low because investors worry about financing, regulation and rates, even as 2026 guidance tracks the upper half. The capital plan update in early November is the next test of whether the growth story can justify the share price, and of how much new equity it requires.