Amazon’s (NASDAQ: AMZN) decision to fund 12 small nuclear reactors at a former Indiana coal plant has transformed a long-running debate about atomic power into a live commercial test.
A major buyer committing to nuclear energy for data center-level reliability puts fresh attention on businesses tied to uranium, fuel services and reactor technology.
Three stocks in particular offer compelling exposure across uranium supply, fuel processing and reactor operations within the nuclear energy sector.
NuScale Power (NYSE: SMR), with a market cap of approximately $2.5 billion, develops small modular light water reactors and provides end-to-end services covering licensing, construction, operation and maintenance of nuclear power plants.
NuScale generated roughly $11 million from U.S. electric utility-related activities, with all reported revenue originating from the United States.
The company’s involvement in the RoPower project is drawing particular attention from analysts tracking the SMR pipeline.
“NuScale’s involvement in the RoPower 6-module small modular reactor (SMR) power plant in Romania indicates future meaningful revenue and cash flow through its partnership in the Fluor-led Front-End Engineering and Design (FEED) Phase 2.”
Unresolved funding and contract hurdles remain a key variable that could shift when that commercial SMR pipeline converts into recognized revenue.
Constellation Energy (NASDAQ: CEG) operates a large fleet of boiling water and pressurized water reactors that supply low-carbon baseload generation to utilities, data centers and energy-intensive corporate buyers across the U.S.
The company reports approximately $31.3 billion from its Generation segment, with output spread across the Midwest, Mid-Atlantic, New York, ERCOT and other U.S. regions, supporting a market cap of $96.1 billion.
“Growing demand for carbon free, reliable power from large scale customers such as data centers and large corporates is now translating into roughly 920 MW of long duration nuclear power contracts with investment grade buyers on an average 18.5 year term, which can support more visible revenue and earnings growth for Constellation Energy as additional load is signed over time.”
That cluster of long-dated nuclear contracts introduces meaningful questions about how pricing power, cash coverage and future margins will ultimately develop for the company.
Oklo (NYSE: OKLO), carrying a market cap of $5.2 billion, develops Aurora Powerhouse small modular fission plants producing between 15 and 75 MW and recycles used nuclear fuel into new reactor fuel.
The company recently cleared a significant regulatory milestone that is expected to meaningfully reduce uncertainty around its core technology.
“Just had a major regulatory hurdle overcome, NRC (Nuclear Regulatory Commission) just approved Oklo’s Principal Design Criteria for Aurora. Reactors still aren’t fully licensed / approved, but this has a significant positive impact on uncertainty.”
Project funding and partnership assumptions remain central to the question of when Aurora units will meaningfully scale and begin generating commercial revenue.
Across all three names, the timing risk tied to licensing progress, contract execution and capital deployment is the defining factor separating near-term catalysts from longer-dated optionality.
The broader nuclear renaissance theme continues to attract institutional interest as power demand from artificial intelligence infrastructure and data center buildout accelerates with no clear signs of slowing.
