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Artificial intelligence has driven demand for multiple industries while creating many stock opportunities. It turns out nuclear energy is no exception to this rule, as it provides reliable, 24/7 clean energy. AI data centers that use nuclear energy won’t have to consume electric grids or risk downtime as often.
Some big tech companies have already invested in nuclear energy to position themselves for the AI boom. Those corporations are pouring a lot of money into AI, and these nuclear energy stocks may end up being the winners of this trend.
Oklo (OKLO)
If you believe success is based on who knows who, Oklo (NYSE:OKLO) may be the best nuclear energy stock. OpenAI co-founder Sam Altman is an early investor and a former board chair of the small modular nuclear reactor developer. With ChatGPT’s parent company doing a lot of the steering in the AI industry, it wouldn’t be surprising to see OpenAI and others prioritize Oklo.
Once Oklo generates revenue, momentum can build quickly. Its Q3 earnings presentation hints at long-term contracts and recurring revenue as its business model. The business model resembles crypto mining stocks like IREN (NASDAQ:IREN) and Cipher Mining (NASDAQ:CIFR) that have pivoted to AI data center plays.
It can continue to invest in projects, research, and development with its $1.2 billion in cash and marketable securities. Oklo’s Idaho site will likely be commercialized in late 2027 or early 2028. The stock has more than quadrupled year-to-date, but it has dropped by almost 50% over the past month. Any additional dips can represent a long-term buying opportunity for the next energy source for AI data centers.
Centrus Energy (LEU)
Centrus Energy (NYSE:LEU) is another high-flyer that has more than tripled this year. It’s much smaller than Oklo, with a $5 billion market cap and already produces some revenue. Centrus Energy reported a $3.9 million profit and $74.9 million in revenue during the third quarter. It also has a $3.9 billion backlog that extends to 2040.
The company supplies nuclear fuel and services for the nuclear power industry. In other words, this company does business with nuclear reactors by providing critical resources. Centrus Energy should benefit as AI data center energy demands increase the number of nuclear plants.
While other nuclear energy stocks are speculative, LEU has already demonstrated rising revenue and profit margins. The big opportunity may arise when big tech money flows into companies like Oklo. Then, those companies will turn to Centrus Energy for nuclear supplies.
NuScale Power (SMR)
NuScale Power (NYSE:SMR) hasn’t had the same year-to-date successes as the other two companies on this list. The company designs small modular reactors, just like Oklo, and it stands to benefit from similar AI tailwinds.
It has $753.8 million in cash, short-term, and long-term investments. The company also has a six gigawatt pipeline thanks to its top partner ENTRA1 Energy signing an agreement with the Tennessee Valley Authority. NuScale Power can expand its small modular reactor footprint with this contract and set the stage for similar contracts if it does well. The project marks the largest SMR deployment program in U.S. history.
This initiative will also test whether NuScale Power can minimize losses on nuclear reactor development compared to its peers. Right now, NuScale Power is the only company with approval from the U.S. Nuclear Regulatory Commission for its small modular reactor designs. It has a head start over Oklo and other competitors.
NuScale Power is also working on a decommissioned Romania coal plant site to make it a nuclear plant. This RoPower Nuclear project has been the key revenue driver for now.