Nuclear energy is experiencing a remarkable renaissance. After decades as a political pariah associated with Cold War anxieties and high-profile accidents, nuclear power is suddenly positioned as essential infrastructure for the 21st century economy. Global leaders have committed to tripling nuclear capacity by 2050, while the U.S. has pledged to quadruple its nuclear output by the same timeframe.
The catalyst isn’t environmentalism alone—it’s necessity. Artificial intelligence data centers require massive amounts of reliable baseload power that intermittent renewable sources can’t consistently provide. Major tech companies including Amazon and Alphabet have joined over 120 corporations backing nuclear expansion, recognizing that their computing ambitions depend on stable electricity supplies.
This convergence of policy support, corporate demand, and technological advancement has created opportunities across the nuclear supply chain. Three companies stand out for their strategic positioning in different segments of this resurgence, from next-generation reactor designs to the specialized fuel that powers them.
Oklo Inc. (OKLO)
Market Cap: $13 billion | Currently trading around $82 | 52-Week Range: $17.21 – $193.84
Oklo represents the speculative edge of nuclear’s revival—a pre-revenue startup developing microreactors designed specifically for the AI data center boom. The company’s Aurora “powerhouse” is a compact nuclear reactor engineered to deliver 15 to 75 megawatts of power for off-grid applications including data centers, industrial sites, military installations, and remote communities.
What makes Oklo’s approach interesting is the fuel source. Aurora reactors run on high-assay low-enriched uranium (HALEU), a specialized nuclear fuel that enables the reactors to operate for roughly a decade between refuelings. This extended operational period dramatically reduces maintenance costs and downtime compared to traditional reactor designs.
The Department of Energy has validated Oklo’s technology by selecting the company for its Reactor Pilot Program, which aims to demonstrate at least three advanced reactors operating outside national laboratories by July 4, 2026. This government endorsement provides crucial credibility as Oklo navigates the regulatory approval process.
More significantly for commercial viability, Oklo signed a pre-agreement with data center operator Equinix for up to 500 megawatts of capacity. This partnership demonstrates real demand from exactly the type of power-hungry customers that microreactors were designed to serve. As AI computing demands continue escalating, data center operators face increasingly difficult choices about power sourcing—Oklo’s reactors could solve that problem.
The risks are substantial and transparent. Oklo remains pre-revenue and hasn’t yet secured a commercial operating license from the Nuclear Regulatory Commission. The regulatory pathway for advanced reactor designs is uncertain, with potential delays or additional requirements that could extend the timeline to commercialization. The stock’s 52-week range from $17 to nearly $194 reflects this high-risk, high-reward profile.
But for investors willing to accept startup risk, Oklo offers pure-play exposure to the microreactor opportunity. If the company successfully navigates regulatory approval and demonstrates commercial viability, early investors could benefit substantially as the technology scales. The combination of government support, corporate demand commitments, and technological differentiation creates a compelling if speculative thesis.
Centrus Energy Corp. (LEU)
Market Cap: $4.2 billion | Currently trading around $230 | 52-Week Range: $49.40 – $464.25
Centrus Energy controls a critical chokepoint in the nuclear resurgence: specialized fuel production. The company operates one of the only U.S. facilities licensed by the Nuclear Regulatory Commission to produce high-assay low-enriched uranium (HALEU)—the fuel required by next-generation reactor designs like Oklo’s Aurora.
This monopolistic position carries significant strategic value. As the U.S. seeks to build domestic nuclear fuel supply chains independent from foreign sources, Centrus’s 70-year heritage in uranium enrichment provides both technical expertise and regulatory credibility that new entrants would struggle to replicate quickly.
The company traces its roots to the U.S. government’s enrichment program from the 1940s, operating as a government entity before privatization. This lineage matters because uranium enrichment involves complex technical processes, strict regulatory oversight, and national security considerations—barriers that protect Centrus from competition while creating dependencies for customers.
In November 2023, Centrus became the first U.S. company in 70 years to produce HALEU, marking a significant milestone for domestic fuel production. The company delivered 900 kilograms of HALEU under a Department of Energy contract in June 2025, demonstrating production capacity at commercial scale.
The DOE has extended Centrus’s contract through June 2026 at a value of $110 million, providing near-term revenue visibility. More importantly, if the U.S. follows through on advanced reactor buildout plans, Centrus is positioned to capture disproportionate value as the primary domestic HALEU supplier.
The stock’s extreme volatility—ranging from $49 to over $464 in the past year—reflects both the opportunity and uncertainty. Centrus’s fortunes depend heavily on government policy execution and the pace of advanced reactor deployment. Any delays in reactor construction or shifts in fuel sourcing strategy could significantly impact demand projections.
However, the asymmetric opportunity is clear. If even a fraction of planned advanced reactors reach operation over the next decade, Centrus’s fuel production capacity becomes increasingly valuable. The 28.85% gross margins suggest healthy unit economics even at current production levels, with significant operating leverage as volumes scale.
Constellation Energy Corporation (CEG)
Market Cap: $112 billion | Currently trading around $357 | Dividend Yield: 0.43%
Constellation Energy offers the most conservative nuclear exposure—an established operator with existing revenue, profits, and the largest nuclear fleet in the United States. The company operates 21 nuclear reactors, making it the country’s leading producer of carbon-free electricity.
Unlike Oklo’s speculative microreactors or Centrus’s specialized fuel production, Constellation generates electricity from proven technology at commercial scale today. This operational maturity provides stable cash flows while positioning the company to benefit from increasing electricity demand and favorable policy treatment for carbon-free generation.
The Department of Energy recently provided a $1 billion loan to support Constellation’s Crane Clean Energy Center, a nuclear facility that will add 835 megawatts of baseload power to the grid. This government support reflects nuclear power’s strategic importance while reducing Constellation’s capital costs for expansion projects.
Perhaps more significantly, Constellation agreed to acquire Calpine for approximately $16.4 billion earlier in 2025. This acquisition transforms Constellation from purely a nuclear operator into the largest generator of electricity from natural gas and geothermal sources as well, while potentially adding 2.5 million customers to its platform.
The Calpine acquisition provides diversification benefits and operational synergies. Natural gas generation complements nuclear baseload power by providing flexibility to match demand fluctuations. The expanded customer base creates opportunities for long-term power purchase agreements that lock in margins and reduce exposure to volatile wholesale electricity markets.
Constellation’s 19.30% gross margins reflect the capital-intensive nature of power generation but also demonstrate consistent profitability from existing operations. As electricity demand grows driven by data center expansion, electric vehicle charging, and industrial reshoring, Constellation’s generation capacity becomes increasingly valuable.
The modest 0.43% dividend yield won’t attract income investors, but it signals management’s confidence in maintaining profitability while funding growth investments. At a $112 billion market cap, Constellation offers the financial stability and operational scale that speculative nuclear plays lack.
For investors wanting nuclear exposure without startup risk or single-product concentration, Constellation provides diversified participation in the sector’s growth through an established operator with proven execution capability.
The Nuclear Investment Thesis
These three stocks represent different risk-reward profiles within nuclear energy’s resurgence. Oklo offers speculative upside tied to microreactor commercialization. Centrus provides leveraged exposure to specialized fuel demand. Constellation delivers stable operations with moderate growth potential.
The unifying theme is positioning ahead of a multi-decade buildout cycle. Global commitments to triple nuclear capacity aren’t aspirational—they’re increasingly necessary as electricity demand from AI computing, transportation electrification, and manufacturing reshoring collides with grid reliability requirements.
Nuclear energy solves the baseload power problem that renewable sources can’t address. Solar and wind generate electricity intermittently, requiring expensive battery storage or backup generation to ensure consistent supply. Nuclear reactors run continuously at high capacity factors, providing the reliable power that data centers and industrial facilities require.
For long-term investors, the question isn’t whether nuclear capacity will expand—policy commitments and corporate demand make that trajectory clear. The question is which companies will capture disproportionate value as the buildout accelerates. These three stocks offer different answers to that question, allowing investors to match their risk tolerance with their conviction about nuclear’s trajectory.
