3 Nuclear Stocks Powering The AI Era
Nuclear could become one of the biggest investment themes of the next decade.
The biggest energy buildout in modern history is beginning right now.
Think about what AI actually consumes.
Each new model requires more compute.
More compute requires more data centers.
More data centers require more electricity.
Some of the largest AI campuses under development will consume as much power as entire cities.
The problem is that the existing grid wasn’t designed for this.
It was built for a world where electricity demand grew slowly and predictably.
Transformer lead times now stretch beyond two years.
New transmission projects can take a decade.
When a critical resource becomes scarce, capital follows.
The first phase of AI rewarded the companies supplying compute.
The next phase may reward the companies supplying electricity.
Nuclear could become one of the biggest investment themes
Why Nuclear Is Coming Back, Not Going Away
The arguments against nuclear haven’t changed in decades.
It’s too dangerous.
It’s too expensive.
It’s a dying industry.
The problem is that AI is changing the economics of electricity.
Hyperscalers don’t optimize for the lowest cost per kilowatt-hour.
They optimize for availability.
Nuclear provides what few other energy sources can:
24/7 baseload reliability
Gigawatt-scale power density
40+ year operating lives
Zero direct emissions
That's why hyperscalers stopped waiting for renewables to catch up. They started buying nuclear directly.
Already Happening Right Now
This isn’t a forecast.
It’s already happening.
Microsoft signed a 20-year agreement with Constellation to restart Three Mile Island.
Amazon acquired a data center campus connected directly to Talen Energy’s nuclear plant.
Google partnered with Kairos Power to develop 500 MW of SMR capacity.
Meta secured agreements with Vistra, Oklo, and TerraPower for up to 6 GW of nuclear power.
Oracle announced plans for a 1 GW data center campus backed by three SMRs.
Five hyperscalers.
All moving toward the same solution.
These aren’t pilot projects.
They’re billion-dollar commitments.
The AI race may ultimately become an energy race. Nuclear is increasingly at the center of it.
The Investment Opportunity
Nuclear is more than a single investment theme.
It’s an ecosystem.
As AI drives electricity demand higher, nuclear spending may shift from discretionary to necessary.
It includes reactor developers, fuel suppliers, and the companies providing the critical infrastructure behind the buildout.
Most investors focus on who generates the power.
The bigger opportunity may lie with the businesses making that generation possible.
Nuclear Ecosystem:
The full nuclear universe I track.
Uranium Producers → $CCJ $NXE $UEC $UUUU $DNN $EU $URG
Enrichment → $LEU $ASPI
SMRs & Advanced Reactors → $OKLO $SMR $NNE $RYCEY
Nuclear Fuel Innovation → $LTBR
Nuclear Equipment & Services → $BWXT $CW $MIR
Nuclear Power Producers → $CEG $VST $TLN $PEG
You don’t need twenty nuclear stocks.
You only need the right ones.
After studying the entire ecosystem, these are the three opportunities I find most compelling today.
My Top 3 High-Conviction Nuclear Stocks
1. NuScale Power ($SMR)
The Only NRC-Certified SMR | Current Price: $9.89
It's the only publicly traded SMR company in the United States with an NRC-approved reactor design.
That matters because nuclear approvals can take years and hundreds of millions of dollars to obtain.
While competitors are still seeking approval, NuScale is moving toward deployment.
Romania's Doicești project is expected to become Europe's first commercial SMR deployment.
Then in June 2026, Japan committed up to $25 billion to support NuScale and U.S.-led SMR projects, accelerating the buildout of the domestic supply chain.
Despite these developments, the stock remains well below previous highs as investors wait for commercial contracts and evidence of execution.
Simple way to think about it
Most SMR companies are trying to get approved.
NuScale already is.
Potential Drivers
Romania becoming the first operational SMR project in Europe
New customer announcements in the U.S. and internationally
Japan's commitment translating into commercial agreements
A clearer path toward profitability
The Real Play
This is a bet on the value of a regulatory moat.
If utilities and hyperscalers increasingly turn to SMRs, companies that have already cleared the approval process may have a significant advantage.
In nuclear, the technology matters.
But the license to build may matter even more.
2. Constellation Energy ($CEG)
The First Hyperscaler Nuclear Deal | Current Price: $253.26
Constellation is the largest nuclear operator in the United States, generating roughly 10% of America’s carbon-free electricity.
In 2024, Microsoft signed a 20-year agreement with Constellation to restart Three Mile Island Unit 1. The 835 MW reactor is expected to return to service in 2027.
That deal changed how investors value nuclear assets.
It showed that hyperscalers are willing to pay premium prices for reliable, always-on power.
Simple way to think about it:
Microsoft signed the first hyperscaler-scale nuclear deal.
Constellation owns the largest fleet available to replicate it.
Potential drivers
Additional hyperscaler power agreements
Rising value of existing nuclear assets as electricity demand grows
Restart of idled reactors following the Three Mile Island model
Higher power prices in constrained markets
The Real Play
Constellation doesn’t need to build the next generation of reactors.
It already owns one of the most valuable assets in an energy-constrained world: existing nuclear capacity.
Every new hyperscaler contract reinforces what the Microsoft deal already proved:
Reliable power is becoming a strategic asset.
3. Centrus Energy ($LEU)
The HALEU Monopoly | Current Price: $162.58
Centrus operates the only NRC-licensed HALEU production facility in the Western world.
HALEU is the specialized fuel required by many advanced reactor designs, including those being developed by Oklo, X-energy, and Kairos Power.
In 2024, the United States banned Russian uranium imports through 2040.
Russia had been a major supplier of enriched uranium.
The West suddenly needed its own fuel supply chain.
Centrus was already there.
Simple way to think about it:
Every advanced reactor needs fuel.
Many advanced reactors need HALEU.
Centrus is the only commercial supplier in the United States.
Potential Drivers:
Additional DOE contracts supporting HALEU production
Expansion of enrichment capacity in Ohio
Commercial supply agreements with reactor developers
Increased HALEU demand as SMR deployments accelerate
The Real Play
This isn’t a bet on which reactor company wins.
It’s a bet on the fuel they may all need.
If advanced reactors move from pilot projects to commercial deployment, HALEU could become critical infrastructure.
Centrus sits at that bottleneck.
Nuclear Energy Watchlist:
Final Thoughts
Nuclear isn’t a future theme.
It’s already here.
Microsoft signed the first hyperscaler-scale nuclear agreement.
Meta secured gigawatts of future capacity.
Japan committed up to $25 billion to support U.S.-led SMR projects and supply chains.
The debate is shifting from whether nuclear matters to who controls the capacity.
Many of the companies mining the fuel, building the reactors, and supplying the infrastructure remain underfollowed by the broader market.
That’s where opportunity often emerges.
The biggest winners rarely look obvious at the start.
They appear when demand accelerates, supply remains constrained, and consensus hasn’t caught up.
The market has already discovered the AI winners of yesterday.
It may still be early in discovering the energy winners of tomorrow.
Disclosure: For informational purposes only. Not investment advice. It reflects my personal opinions for research and discussion purposes only. I may hold positions mentioned and may change positions at any time without notice. Do your own research.
I’m long $NLR, the ETF