NuScale Power (NYSE: SMR) shares rose 4% to $8.07 on Wednesday, continuing a broader rally across nuclear and uranium stocks despite persistent investor concerns over share dilution.
Oklo (NYSE: OKLO) gained 2% to $37.94 on the same session, while Uranium Energy (NYSE: UEC) climbed 4% to $9.65, with all three names drawing support from broader market strength.
The Global X Uranium ETF (NYSE ARCA: URA) advanced 0.68% to $40.31, reflecting measured but steady interest across the uranium supply chain, as the SPDR S&P 500 ETF Trust (NYSE ARCA: SPY) rose 0.51% to $768.09.
NuScale Power’s diluted weighted average share count surged approximately 173% year over year, rising from roughly 133 million shares in the second quarter of 2025 to about 365 million in the second quarter of 2026.
The company sold nearly 90 million Class A shares earlier this year through an at-the-market program, generating nearly $985 million in net proceeds, and has since authorized a new at-the-market program worth up to $750 million.
NuScale Power ended the second quarter with approximately $1.9 billion in cash and investments, with management describing the liquidity position as providing optionality as commercial efforts advance.
The company’s 77-megawatt module has received U.S. Nuclear Regulatory Commission approval, and NuScale is pursuing opportunities with partners including the Tennessee Valley Authority and the RoPower project in Romania.
Oklo is developing advanced small modular reactors targeting clean and reliable power for data centers and other high-demand users, and has similarly relied on equity raises to fund its pre-commercial development path.
Uranium Energy focuses on uranium exploration, development, and production assets in North America, operating a business model distinct from NuScale’s reactor-design approach but similarly tied to long-term nuclear fuel demand.
Electricity demand growth from data centers and industrial users continues to draw investor attention toward both nuclear developers and uranium producers across the supply chain.
Progress with the Tennessee Valley Authority or the RoPower project could serve as meaningful catalysts for NuScale if definitive commercial agreements are reached in the coming months.
Dilution risk, project timing, and the pace of commercial adoption are expected to remain central factors shaping performance across NuScale, Oklo, and Uranium Energy in the period ahead.
