Dozens of companies are pursuing small modular reactor technology worldwide, but most remain privately held or embedded within larger, diversified conglomerates.
Only three publicly traded stocks currently offer investors meaningful SMR exposure, making them the primary options for those seeking direct nuclear energy investment.
Oklo (NYSE: OKLO) is betting that artificial intelligence providers will want to control their own means of energy production, positioning itself as a direct supplier to that market.
The company intends to finance and construct its own plants near data center infrastructure, selling energy output to AI companies through long-term power purchase agreements.
At the close of last year, Oklo’s project backlog totaled 18.1 gigawatts, a figure that appears substantial until the composition of that pipeline is examined more closely.
Roughly 12 gigawatts of that total derive from a single customer under a deal that is largely nonbinding, and many of the company’s other agreements carry similar cancellation risk.
A handful of Oklo’s deals have included milestone prepayments, offering some degree of financial commitment, but the backlog overall remains vulnerable to significant attrition.
NuScale Power (NYSE: SMR) takes a more traditional commercial approach, selling its SMR systems to utility companies rather than directly to AI firms.
Under NuScale’s model, artificial intelligence companies purchase power through the conventional grid, with utilities managing the actual energy production and delivery infrastructure.
NuScale’s backlog currently totals between 6 gigawatts and 7 gigawatts, nearly all of which is tied to a single utility customer located in the eastern United States.
If fully constructed, that SMR system would become the largest of its kind in the world, representing a landmark project for the broader small modular reactor industry.
Like Oklo, NuScale’s backlog is largely nonbinding, meaning cancellation risk remains a material concern for prospective investors evaluating the company’s forward revenue picture.
For investors seeking SMR exposure without disrupting the established energy-delivery model, NuScale holds a comparative edge given its alignment with existing utility infrastructure.
GE Vernova (NYSE: GEV) rounds out the publicly traded SMR field, though nuclear technology currently accounts for less than 3% of the company’s total sales.
That limited exposure means GEV offers a far more diversified risk profile than either Oklo or NuScale, with SMR upside representing only a modest portion of its overall business.
Investors prioritizing backlog size may lean toward Oklo, while those favoring commercial model stability and grid integration may find NuScale’s utility-focused strategy more compelling.
