Google’s agreement with Constellation Energy (NASDAQ: CEG) to fund efficiency upgrades at operating nuclear reactors has ignited a broad rally across small modular reactor developers.
NANO Nuclear Energy (NASDAQ: NNE) has climbed 8%, with shares recently trading at $16.79, making it one of the session’s standout performers in the nuclear space.
Oklo (NYSE: OKLO) is also surging 8%, with shares changing hands at $38.81, as traders pile into the name on the back of the Constellation news.
NuScale Power (NYSE: SMR) is posting the smallest gain of the three, rising 7% to $8.20, though the move still leaves it well ahead of the broader market on the day.
The sector-wide bid is also lifting the Global X Uranium ETF (NYSEARCA: URA), which is up 5%, compared with a 0.8% advance in the SPDR S&P 500 ETF Trust (NYSEARCA: SPY), highlighting how concentrated the buying has been in nuclear and uranium names.
Google and Constellation Energy announced a long-term agreement that funds efficiency upgrades at operating reactors, adding capacity to the PJM Interconnection grid from already-running sites, which is faster and cheaper than new construction.
Traders have interpreted the deal as confirmation that hyperscale technology buyers will pay a premium for firm nuclear power, and that confidence is spilling over into developers whose reactors remain on paper.
All three surging companies are pre-revenue small modular reactor developers, valued on licensing progress, order books, and the credibility of a first deployment, while Constellation already sells power from functioning reactors.
The gains come against a punishing year-to-date backdrop, with Oklo down 46%, NuScale Power down 42%, and NANO Nuclear Energy off 30%, framing today’s rally as a sharp repricing of sentiment rather than a fundamental change in each company’s commercial timeline.
NuScale Power holds a competitive distinction its rivals currently lack, as the only small modular reactor provider with a design certified by the U.S. Nuclear Regulatory Commission, giving it a clearer licensing record heading into any future deployment.
Oklo is developing its Aurora powerhouse concept, while NANO Nuclear Energy is focused on microreactor technology, and the company separately appointed a nuclear materials specialist to support that development work.
The composition of the Global X Uranium ETF ties its daily moves closely to Oklo, which accounted for 6.1% of the fund’s net assets as of July 31, with NuScale Power at 3% and NANO Nuclear Energy at 0.7%.
Google’s agreement does nothing to advance the licensing or construction schedules of any of the three developers, meaning the practical distance between the deal’s catalyst and these companies’ revenues remains considerable.
Licensing milestones and any hyperscale buyer extending nuclear agreements to new small modular reactor designs will be the key signals to monitor, particularly given NuScale Power’s regulatory head start over its peers.
All three stocks remain deep in negative territory for the year and each company is still pre-revenue, meaning sharp headline-driven gains like today’s can reverse quickly, and investors should moderate position sizes accordingly.
