The artificial intelligence boom is driving a projected $7 trillion in global spending on data center infrastructure over the next few years, creating enormous demand for reliable power.
Nuclear energy has emerged as a leading candidate to meet that surging electricity demand, with small modular reactor companies attracting significant investor attention.
Two of the most prominent SMR stocks are NuScale Power and Oklo (NYSE: OKLO), each pursuing a distinct strategy for capturing a share of the AI-driven energy market.
NuScale Power is focused on meeting AI’s energy needs by delivering power to grid suppliers in a traditional way, working within established utility and infrastructure frameworks.
Oklo is taking a more direct approach, pitching its SMR systems straight to AI companies and data center operators rather than routing through grid intermediaries.
Oklo has already signed deals with data center companies, giving it an early foothold in the direct-to-customer market that NuScale has not yet matched.
However, neither company has secured firm financial commitments on any of these systems, meaning both remain in early commercial stages with execution risk still firmly on the table.
Valuation presents one of the starkest contrasts between the two companies, with NuScale’s $4 billion market cap looking considerably more modest against Oklo’s $40 billion valuation.
For investors, the choice between the two ultimately hinges on which go-to-market strategy proves more effective as AI energy demand continues to accelerate through the decade.
If the traditional grid-based model gains traction first, NuScale represents the more attractively priced opportunity, while a direct AI company sales model would give Oklo a clear competitive advantage.
Both companies merit a closer examination, as additional factors beyond strategy and valuation could ultimately tip the scales for investors weighing exposure to the nuclear energy sector.
