Small modular reactors stocks

NuScale designs modular SMR reactors targeting behind-the-meter, off-grid deployments to provide 24/7 clean baseload power directly to high-demand data centers.

NuScale holds the only SMR design certification currently approved by the US NRC, though commercial deployment is still several years away.

NuScale Power designs and manufactures certified small modular reactors, serving as an energy equipment provider for commercial and localized utilities.

NuScale Power Corporation provides proprietary and innovative small modular reactor (SMR) nuclear technology. The company's mission is to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. Its primary products are its VOYGR SMR plants which utilize NuScale Power Modules (NPM), a light water nuclear reactor that can generate 77 megawatts of electricity.

Oklo is pursuing a custom combined licensing process, making regulatory timing a direct determinant of project development and revenue timing.

Provides carbon-free, off-grid power capacity (SMRs) for data centers facing grid congestion.

Oklo's advanced-reactor platform requires specialized HALEU fuel, making domestic enrichment availability a commercialization input.

Oklo is a pre-revenue advanced-reactor developer pursuing a licensing process that remains exposed to the NRC rulemaking timeline. Final-rule work continuing into 2027 can delay its licensing milestones, project financing, customer deployment, and revenue generation while increasing external-capital needs.

Oklo is positioned to provide Small Modular Reactors (SMRs) to meet the massive, off-grid power demands of AI 'gigawatt factories' where traditional grid infrastructure is insufficient or unstable.

Oklo Inc. develops advanced fission power plants to provide clean, reliable, and affordable energy at scale to customers in the United States. The company’s primary offering is the Aurora powerhouse, which is designed to produce between 15 and up to 75 megawatts of electricity. The company is also commercializing nuclear fuel recycling, fuel fabrication technology that can convert used nuclear fuel into usable fuel for its reactors, and the production of radioisotopes. The company has a strategic partnership with Blykalla AB for the development of advanced nuclear reactor technology and its commercialization. The company was formerly known as AltC Acquisition Corp. and changed its name to Oklo Inc. in May 2024. Oklo Inc. was founded in 2013 and is headquartered in Santa Clara, California.

X-energy has direct advanced-fuel manufacturing and supply-chain exposure through its TRISO-X fuel license and graphite supply agreement.

X-energy is a publicly financed advanced-reactor developer with direct exposure to AI-related nuclear demand and reactor commercialization.

X-energy is another publicly financed advanced-reactor developer competing for AI-related demand and scarce nuclear supply-chain resources.

X-Energy, Inc. operates within the energy sector, primarily focusing its efforts on the development of modular nuclear reactors and cutting-edge fuel technology to enable clean energy production. This company was established in 2009 by co-founders Kam Ghaffarian and Eben Mulder, and its main corporate offices are situated in Rockville, Maryland.

NANO Nuclear remains an early-stage developer, so its reactor commercialization and regulatory progress require substantial external capital rather than internally generated operating cash flow.

NANO Nuclear is an advanced microreactor developer with exposure to reactor design and HALEU-dependent fuel requirements, but it has no disclosed role in Oklo’s project.

NANO Nuclear is an early-stage pure-play developer whose KRONOS MMR commercialization is directly gated by FOAK regulatory progress.

NANO Nuclear is an early-stage microreactor developer with a licensing-dependent commercialization model. Continued NRC rulemaking delays can postpone its KRONOS MMR regulatory path, procurement, customer contracts, and cash-flow inflection; its HALEU dependence adds a second deployment bottleneck.

NANO Nuclear Energy Inc. operates as a nuclear energy company. The company is developing KRONOS MMR Energy System, a high-temperature gas-cooled reactor; LOKI MMR, a compact microreactor designed for remote and specialized applications; ZEUS, a solid core battery reactor; and ODIN, a low-pressure salt coolant reactor. It is also developing a high-assay low-enriched uranium fuel processing facility to provide a fuel pipeline for the nuclear reactor industry, and fuel transportation and nuclear consultation businesses. The company was incorporated in 2022 and is based in New York, New York.

Standard Nuclear is described as the only U.S. company with industrial-scale TRISO fuel fabrication facilities and has a Radiant supply agreement.

The company receives the direct commercial benefit of a binding, multi-year TRISO fuel supply agreement.

Standard Nuclear is the direct beneficiary of the new information. Q2 revenue increased sharply, the company delivered 50 kgU of TRISO fuel and completed a reactor-core delivery, while total and funded backlogs expanded materially. These milestones improve near-term revenue visibility, demonstrate production execution, and support utilization of its new facilities.

Standard Nuclear, Inc. is a reactor-agnostic producer of TRISO nuclear fuel, designing and manufacturing advanced nuclear fuels for next-generation reactors to support U.S. energy security. The company is the only independent U.S. manufacturer of TRISO fuel, a robust, high-performance fuel essential to advanced nuclear reactors. It aims to supply advanced fuels to the next-generation nuclear industry and deliver radioisotope power solutions.

Eagle Nuclear Energy Corp. functions as an exploration and extraction enterprise, primarily dedicated to identifying and developing mineral resources across North America. This organization holds a distinctive position within the nuclear energy sector, integrating localized uranium prospecting with its proprietary Small Modular Reactor (SMR) technology. Furthermore, it engineers compact, modular nuclear reactors specifically designed to supply electricity for industrial operations and national power grids. Established in 2023, the company maintains its corporate headquarters in Reno, Nevada.

ONE Nuclear Energy Inc. provides large-scale energy development, ownership, and operation of integrated power generation platforms using fast-track natural gas and advanced nuclear small modular reactor (SMR) technologies. It offers development; construction; ownership and operation of utility-scale natural gas power plants; deployment of factory-built SMRs; turnkey energy parks for customers, such as data centers, hydrogen production, industrial manufacturing, and utilities; and long-term power purchase agreements and offtake structures. It serves AI and data centers, hydrogen production, industrial manufacturing, utilities and grid operators, government and infrastructure, and sustainability-driven enterprises. The company is based in West Palm Beach, Florida.

Terra Innovatum Global N.V., a nuclear energy technology company, develops micro-modular nuclear reactors to deliver power solutions. The company offers SOLO, a micro-modular nuclear reactor which generates 1 megawatt electric of baseload power through a gas-cooled system utilizing commercially available low enriched uranium. It serves various industries including cement production, food processing, paper mills, chemical plants, pharmaceutical facilities, and mining operations. Terra Innovatum Global N.V. was founded in 2018 and is headquartered in Lucca, Italy.

Hadron Energy, Inc. operates as a nuclear power company, focusing its efforts on the development and refinement of Micro Modular Reactor (MMR) technology. This cutting-edge solution provides clean, emissions-free electricity, specifically tailored to meet the power demands of data centers, a variety of industrial uses, and remote populations. The company maintains its primary office in Redwood City, California, and also has a presence with another office in San Francisco, California.

newcleo is a nuclear technology company that develops advanced modular reactors (AMR) and nuclear fuel. The company's technology focuses on lead-cooled fast reactors that are designed to run on recycled nuclear materials, such as mixed-oxide (MOX) fuel. The goal is to provide clean, safe, and sustainable energy for industrial users and close the nuclear fuel cycle.

Terrestrial Energy Inc. produces carbon free nuclear energy in North Carolina. It offers Pre-construction services, such as site selection and site and use-specific engineering studies for construction and licensing planning preparation; construction services and component supply; and post construction IMSR Core-unit supply and fuel supply. The company was founded in 2013 and is headquartered in Charlotte, North Carolina.

Centrus provides enrichment services for both LEU and HALEU, the feedstock required by many TRISO-based advanced reactors.

Centrus is a specialized HALEU supplier, and public SMR commercialization increases the probability of future advanced-reactor fuel demand.

Centrus has high deployment exposure because advanced microreactors require HALEU and Centrus is identified as the only U.S. commercial-scale HALEU producer.

Standard Nuclear's delivered TRISO fuel and sharply higher funded backlog provide incremental validation for the commercial advanced-reactor fuel cycle. Because TRISO fuel requires HALEU feedstock, successful production scaling increases prospective demand for enrichment services. Centrus is a U.S. HALEU enrichment supplier, although no direct Standard Nuclear contract is disclosed.

Centrus is one of the most directly exposed listed companies because many advanced SMRs require HALEU and commercial HALEU supply is scarce. A materially larger SMR deployment outlook increases the strategic value of Centrus's enrichment capacity and supports future enrichment, deconversion, and fuel-service demand, subject to execution and regulatory approvals.

Centrus Energy Corp. is a global provider of essential nuclear fuel and associated services to the nuclear power industry, serving markets including the United States, Japan, and Belgium. The company operates through two primary divisions: Low-Enriched Uranium (LEU) and Technical Solutions. The LEU segment specializes in supplying key components for nuclear energy production, offering separative work units (SWU) — either as a standalone part of LEU or combined with natural uranium — as well as natural uranium, primarily to utilities operating nuclear power plants. Conversely, the Technical Solutions segment offers a comprehensive array of services, encompassing technical expertise, manufacturing, engineering design, procurement, construction management, and operational support. This segment caters to both public and private sector clients, with notable involvement in projects such as the engineering and testing of the American Centrifuge. Established in 1998, the company was formerly known as USEC Inc. before officially changing its name to Centrus Energy Corp. in September 2014. Its corporate headquarters are situated in Bethesda, Maryland.

BWXT participates in HALEU deconversion and TRISO fuel fabrication, making enriched uranium availability a direct input to relevant activities.

BWXT is identified as a key SMR component supplier and participates in pressure-vessel, steam-generator, and advanced-fuel activities, giving it strong potential to capture nuclear manufacturing spending.

A funded public SMR developer increases the potential addressable market for nuclear-grade pressure vessels, steam generators, fuel fabrication, and other specialized components. BWXT is a major supplier to multiple advanced-reactor programs, though no ONE Nuclear-specific award is disclosed.

BWXT participates in the domestic enrichment and advanced-fuel buildout through its centrifuge-manufacturing development facility, NNSA enrichment work, and TRISO fuel capability. Faster domestic enrichment expansion improves the availability of HALEU for BWXT's deconversion, fuel-fabrication, and advanced-reactor activities and can support related government and commercial contracts.

BWXT is a major nuclear supply chain and component manufacturer. As advanced reactor developers like NNE progress their licensing applications toward actual construction, the total addressable market for specialized nuclear component fabrication increases, benefiting supply chain incumbents.

BWX Technologies, Inc. operates globally, specializing in the production and sale of nuclear components across the United States, Canada, and other international regions. The company's multifaceted operations are categorized into three distinct segments: Nuclear Operations Group, Nuclear Power Group, and Nuclear Services Group. The Nuclear Operations Group is a pivotal supplier of precision naval and critical nuclear components, including reactors, nuclear fuel, and assemblies, primarily supporting the United States Department of Energy/National Nuclear Security Administration's Naval Nuclear Propulsion Program. This segment also fabricates missile launch tubes for U.S. Navy submarines, produces specialized close-tolerance equipment for various nuclear applications, and is involved in converting Cold War-era stockpiles of high-enriched uranium. Its responsibilities further extend to the receiving, storage, characterization, dissolution, recovery, and purification of uranium-bearing materials, alongside providing research reactor fuel elements for academic and national laboratories, and other defense-related components. The Nuclear Power Group caters to the commercial nuclear sector, offering a comprehensive range of products such as nuclear steam generators, fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems, and specialized containers. This group provides engineering and in-plant services for nuclear power facilities, overseeing the design, manufacturing, commissioning, and servicing of nuclear power generation equipment. It also delivers essential in-plant inspection, maintenance, and modification services, non-destructive examination, and tooling/repair solutions. Moreover, it is a key provider of medical radioisotopes and radiopharmaceuticals for research, diagnostic, and therapeutic applications. Finally, the Nuclear Services Group focuses on critical support functions, encompassing nuclear materials processing, environmental site remediation, and comprehensive management and operating services. This segment is also dedicated to advancing technology for nuclear power sources and plays a role in the design, engineering, licensing, and manufacturing of nuclear reactors. Founded in 1867 as The Babcock & Wilcox Company, the corporation adopted its current name, BWX Technologies, Inc., in June 2015, and is headquartered in Lynchburg, Virginia.

Doosan has nuclear-grade forging, pressure-vessel, steam-generator, and SMR fabrication capabilities, including a facility designed for substantial annual reactor-unit capacity.

Doosan is directly positioned for nuclear and SMR equipment and EPC if additional reactors are included in the power plan.

Doosan has identified advanced-reactor equipment exposure and can benefit from funded SMR design, demonstration and commercialization.

Doosan Enerbility has direct exposure to SMR reactor-component manufacturing and nuclear-grade forgings. A substantially larger global SMR buildout could increase its addressable orders for pressure vessels, steam generators, forgings, and factory capacity, although awards will depend on reactor selection and project execution.

Validation of advanced-reactor deployment increases the prospective market for scarce nuclear-grade forgings, reactor pressure vessels, steam generators, and EPC work. Doosan has established reactor-component and forging capabilities, but no contract for the reported four reactors is identified.

A more credible U.S. SMR pipeline increases the prospective market for nuclear EPC and project-development services, although revenue conversion remains uncertain.

Fluor has specialized nuclear EPC capabilities but is not evidenced as a direct supplier of HALEU, TRISO fuel, or reactor components.

Fluor has nuclear EPC and project-development capabilities that could capture future engineering, procurement, construction-management, or EPCM work as the approved project advances.

Fluor can capture front-end engineering, project-definition, procurement, construction-management, and EPC work as utilities and governments convert the larger nuclear outlook into financed projects. Revenue conversion remains uncertain because SMR deployment is long dated and exposed to licensing and construction delays.

Fluor can provide engineering, procurement, construction-management, and project-definition services for nuclear projects. Extending licensing work into 2027 can defer EPC awards, mobilization, milestone billing, and backlog conversion, while preserving a longer-term opportunity if the revised framework accelerates construction afterward.

Newcleo’s new capital increases the probability that advanced-reactor projects proceed into front-end engineering, project definition, procurement, construction management, and EPCM work. Fluor has relevant nuclear EPC and project-development capabilities, but no newcleo-specific contract is disclosed and licensing remains long dated.

Fluor Corporation provides engineering, procurement, and construction (EPC); fabrication and modularization; and project management services worldwide. The company operates through three segments: Urban Solutions, Energy Solutions, and Mission Solutions. The Urban Solutions segment offers EPC and project management services to the advanced technologies and manufacturing, life sciences, mining and metals, and infrastructure industries. This segment also provides professional staffing services to the company and third-party clients with technical, professional, and craft resources on a contract or permanent placement basis, as well as maintenance services. The Energy Solutions segment offers EPC services for traditional oil and gas markets, including the production and fuels, chemicals, LNG, and power markets. This segment also provides solutions to the energy transition markets, including nuclear power and other low-carbon energy sources, asset decarbonization, carbon capture, renewable fuels, waste-to-energy, green chemicals, and hydrogen; and consulting services, such as feasibility studies, process assessments, and project finance structuring. The Mission Solutions segment offers technical solutions to the U.S. and other governments, as well as it provides site management, environmental remediation, and decommissioning for nuclear remediation at governmental facilities, as well as services to commercial nuclear clients. It also delivers solutions for nuclear security and operation, nuclear waste management, and laboratory management; and operation and maintenance, logistics, EPC, and life support solutions for mission-critical facilities across U.S. military service organizations. The company was founded in 1912 and is headquartered in Irving, Texas.

Curtiss-Wright supplies qualified nuclear components, creating meaningful equipment exposure as an approved SMR moves toward design finalization and procurement.

More advanced-reactor construction and licensing progress can increase procurement of safety-related instrumentation, controls, pumps, and monitoring equipment. Curtiss-Wright is an established qualified nuclear-component supplier, although no award tied to the four test reactors is disclosed.