Shares of small modular reactor developers Oklo (NYSE: OKLO) and NuScale Power (NYSE: SMR) have endured significant losses through 2026, declining 45% and 37% respectively.
Neither company has yet established commercial operations, meaning any investment in either stock is fundamentally a bet on future potential rather than present performance.
The sell-off has prompted investors to weigh which of the two represents the stronger long-term opportunity, given their differing business models and capital positions.
Oklo has secured a notable commercial agreement with Meta Platforms, under which the tech giant can prepay for power and provide funding toward Oklo’s reactor project in Ohio.
That Ohio reactor is expected to be operational by 2030, with the facility reaching its full power target by 2034, giving Oklo a concrete near-term milestone to anchor investor expectations.
Oklo reported $3 billion in cash, cash equivalents, and marketable securities as of the end of the second quarter of 2026, providing a substantial runway to fund ongoing development.
The company follows a vertically integrated model, meaning it develops, owns, and operates its reactors while selling power and heat directly to customers, which could generate more reliable and recurring revenue streams.
NuScale operates differently, functioning primarily as an equipment and technology provider rather than a direct power seller, which fundamentally changes its revenue profile and risk exposure.
While NuScale’s model reduces some operational barriers and execution risks associated with running a power facility, it also caps the company’s upside by removing the ability to capture ongoing energy sales revenue.
Oklo’s arrangement with Meta Platforms also signals growing corporate appetite for dedicated nuclear energy supply, a trend that could benefit vertically integrated operators more than pure technology vendors.
The contrast between the two business models ultimately shapes which company is better positioned to capitalize on the expanding global interest in small modular reactor technology.
With a stronger cash position, a signed commercial agreement with a major technology partner, and a clear operational timeline, Oklo appears to carry more identifiable near-term catalysts than its rival.
Investors willing to accept the risks inherent in pre-commercial nuclear energy companies will find the Oklo vs. NuScale comparison central to any portfolio strategy targeting the SMR sector.
