While Nvidia dominates AI headlines, the physical infrastructure powering artificial intelligence depends heavily on energy and power companies that rarely receive the same investor attention.
Oklo (NYSE: OKLO), NuScale Power (NYSE: SMR), and GE Vernova (NYSE: GEV) are three companies positioned at the intersection of nuclear energy and the surging demand for AI infrastructure power.
Each firm benefits from rising interest in nuclear energy, but their contracted backlogs tell very different stories about near-term revenue certainty and commercial maturity.
Oklo has generated some of the most attention among pure-play small modular reactor companies, securing a 12-gigawatt non-binding master agreement with Switch.
The company also holds an agreement with Meta Platforms that supports a 1.2-gigawatt Ohio campus, with Meta retaining the ability to prepay for power and fund project development directly.
Oklo’s total customer pipeline stands at 14 gigawatts, but the bulk of those commitments remain non-binding agreements rather than fully executed contracts with guaranteed revenue.
NuScale Power has made measurable progress on regulatory and engineering fronts, though its Romania and TVA deals remain largely uncommitted in terms of near-term revenue generation.
Among the three pure-play SMR companies, NuScale’s contracted backlog is the thinnest, with its advancements concentrated in technical and regulatory milestones rather than signed commercial agreements.
GE Vernova operates in an entirely different commercial league, reporting $176.3 billion in remaining performance obligations as of the second quarter of 2026.
Its Gas Power segment alone carried an equipment backlog of 116 gigawatts alongside slot reservation agreements, reflecting the scale of its existing infrastructure business.
GE Vernova’s nuclear exposure includes GE Vernova Hitachi’s BWRX-300 small modular reactor, alongside a more established business servicing existing reactors and supplying nuclear fuel.
The company’s nuclear fuel subsidiary GNF recently extended its fuel supply contracts with Entergy through 2035, adding further long-term revenue visibility to the portfolio.
Critically, GE Vernova does not need nuclear expansion to succeed commercially, since its broader power infrastructure business is already generating substantial revenue and cash flow.
For investors weighing AI infrastructure exposure beyond semiconductor names, the contrast between headline pipeline figures and hard contracted revenue is the most important distinction to understand across these three companies.
