GE Vernova (NYSE: GEV), best known for its gas turbine and wind energy operations, is quietly emerging as an underappreciated player in the small modular reactor space.
While pure-play nuclear names like Oklo (NASDAQ: OKLO) and NuScale (NYSE: SMR) have captured the bulk of investor attention, GE Vernova is already building an SMR that could beat both companies to market.
The AI-driven nuclear power resurgence has been one of the most dominant investment themes over the past year, pushing interest in nuclear energy stocks to elevated levels.
Oklo and NuScale have attracted significant capital from investors betting on the nuclear power megatrend, but the embedded SMR opportunity inside GE Vernova remains largely overlooked.
GE Vernova already operates an established nuclear power services business, with power service orders rising 12% during the second quarter, driven by nuclear and gas power demand.
The company’s services revenue also increased during the quarter, with nuclear and gas power cited as the primary drivers of that growth.
CEO Scott Strazik addressed the company’s long-term nuclear ambitions on the second-quarter earnings call, stating that “we continue advancing the SMR for industrialization at scale, as evidenced by our progress on the existing project underway in Ontario.”
Once completed, that Ontario project will be the first grid-scale SMR in the Western world, a milestone that would place GE Vernova ahead of both Oklo and NuScale in the race to deliver commercial SMR power.
Strazik also noted that during the second quarter, the company “secured two more tech selects in early work agreements for our SMR in the U.S.,” a development that could position the company for broader nuclear-powered revenue growth.
GE Vernova has since launched the next phase of what could become its next nuclear project in the United States, extending its pipeline beyond the Ontario development.
Unlike Oklo and NuScale, which are pre-revenue SMR startups dependent on future contracts, GE Vernova is already generating strong and growing revenues alongside substantial cash flow.
That financial foundation gives GE Vernova the staying power to fund long-term SMR development without the capital constraints that weigh on smaller, speculative nuclear technology companies.
Investors seeking nuclear exposure without the volatility of pure-play startups may find that GE Vernova offers a more durable path to capitalizing on the global SMR buildout in the years ahead.
