NuScale Power Corporation (NYSE: SMR) and Oklo Inc. (NYSE: OKLO) both sit within the advanced nuclear theme, but they approach the opportunity from fundamentally different angles.
Growing electricity demand from data centers, artificial intelligence workloads and industrial electrification has pushed nuclear power back into the center of the energy conversation.
OKLO is building a broader nuclear ecosystem that includes clean baseload generation, fuel supply and isotope production, with its Aurora reactor design central to that plan.
The proposed 1.2-gigawatt Aurora-Ohio campus connected to Meta Platforms gives OKLO a direct link to the fast-growing data-center power market.
OKLO’s work with NVIDIA and Los Alamos National Laboratory focuses on AI-enabled modeling, digital twins and nuclear fuel development, adding credibility even as the business remains at an early stage.
On the fuel side, OKLO is pursuing high-assay low-enriched uranium work, surplus material opportunities and long-term recycling plans, including a fuel recycling facility in Tennessee.
Despite its broad ambitions, OKLO reported no revenues in the first quarter of 2026, though its loss was slightly narrower than expected, and it holds $2.5 billion in cash and marketable securities.
NuScale’s investment case rests more on regulatory progress, with U.S. Nuclear Regulatory Commission approvals already secured for its 50-megawatt and 77-megawatt reactor designs.
NuScale benefits from using conventional low-enriched uranium, which is already commercially available, giving it a practical fuel-supply advantage over competitors relying on limited HALEU supplies.
The TVA-ENTRA1 opportunity, which could involve up to 6 gigawatts of nuclear capacity using NuScale technology, represents a major potential validation point if it moves into firm agreements.
NuScale’s first-quarter 2026 revenues fell to $0.6 million from $13.4 million a year earlier, while losses widened, underscoring that its regulatory lead has yet to convert into recurring revenue.
On price performance, OKLO has declined around 22% over the past six months, while SMR has fallen approximately 33%, reflecting investor concern following weak financial results.
On a price-to-book basis, OKLO trades at around 4.5x while SMR trades closer to 3.7x, making NuScale the less expensive option relative to its regulatory foundation.
The Zacks Consensus Estimate for NuScale points to 63% earnings growth in 2026, compared to an estimated 8% earnings decline for OKLO over the same period.
Both stocks currently carry a Zacks Rank of Hold, but NuScale’s NRC approvals, conventional fuel advantage, lower valuation and stronger earnings estimate trajectory give it a marginal edge at this stage.
