To The Moon

Nuclear Stocks Surge: SMRs Reshape Energy Amid AI Boom

The collaboration between the Tennessee Valley Authority, $Alphabet(GOOGL)$   , and Kairos Power marks a turning point for the commercialization of small modular reactors. TVA, the country's largest public power utility, has agreed to purchase electricity from Kairos's 50-megawatt fourth-generation reactor by 2030. Google is participating by securing clean energy attributes, a move designed to support the company's carbon-neutral targets at its Alabama and Tennessee data centers.

The deal comes as artificial intelligence drives explosive growth in electricity consumption across hyperscale data centers. To address this demand, Google has already locked in a long-term commitment of 500 megawatts from Kairos Power, with delivery expected by 2035. The logic is straightforward: SMRs can provide zero-carbon electricity that directly offsets the emissions burden of AI expansion, while their modular and flexible design allows deployment near data centers, ensuring reliable power supply where renewables fall short.

Market Momentum: Nuclear Stocks Surge in 2025

The stock market has been quick to recognize this trend. Shares of $Oklo Inc (OKLO.US)$ have soared over 350% year-to-date, while uranium supplier$Centrus Energy (LEU.US)$ is up 265%. $Korea Electric Power (KEP.US)$ has doubled, and $Energy Fuels (UUUU.US)$ has gained 170%. $NuScale Power (SMR.US)$ has climbed nearly 120%, with$GE Vernova (GEV.US)$ rising more than 90% as investors embrace its transformation into a clean-energy infrastructure leader. $Talen Energy (TLN.US)$ and $Uranium Energy (UEC.US)$ have also advanced strongly.

Morgan Stanley recently highlighted the trajectory, describing the U.S. nuclear revival as "increasingly clear." The bank projects that total nuclear capacity in the United States could reach 150 gigawatts by 2050, a dramatic increase that would reshape both domestic energy markets and the global nuclear supply chain.

Spotlight on Key Players

$Oklo Inc (OKLO.US)$. — A Rising SMR Star

Oklo has become one of the most closely watched innovators in the SMR sector, with its stock price rising more than eightfold in the past year. Its momentum rests on three pillars: backing from elite investors, leading-edge technology, and rapid progress toward commercialization.

OpenAI chief executive Sam Altman invested in Oklo in 2015 and now serves as chairman, convinced that the company is best positioned to bring advanced fission to market. His involvement, along with support from Jeff Bezos, Bill Gates, and Peter Thiel, has provided both financial resources and powerful validation of the company's vision.

At the core of Oklo's approach is its compact fast reactor cooled by liquid metal, which achieves greater fuel efficiency and reduces long-lived nuclear waste. It runs on high-assay low-enriched uranium, a fuel with higher enrichment than standard reactors, boosting performance. Safety is embedded in the design: the Aurora power station will be deployed underground and relies on passive cooling through gravity and natural convection, ensuring automatic shutdown in extreme conditions.

Oklo expects to submit the first stage of its Aurora license application later this year and begin early construction soon, aiming for commercial operation by late 2027 or early 2028. In parallel, it has secured Department of Energy pilot projects, entered a partnership with Lightbridge on advanced fuel manufacturing, and struck agreements with data center operators such as Switch. Although still pre-revenue and reporting quarterly losses, Oklo raised its cash reserves to $683 million in the second quarter, enough to fund development and construction over the next several years.

$Centrus Energy (LEU.US)$ — America's Key Uranium Supplier

Centrus Energy is the only U.S. company licensed to produce both low-enriched uranium(LEU) and the high-assay low-enriched uranium(HALEU) needed for next-generation reactors. More than 80 percent of its revenue comes from supplying enriched uranium to nuclear utilities, while its technology solutions division is developing HALEU production under a $150 million Department of Energy contract.

The company is investing in the first new U.S. uranium enrichment facility in nearly 70 years, slated to start operations in 2029. Although the announcement of a $650 million convertible preferred issuance has recently weighed on the share price, Centrus remains one of the market's top performers, rising more than 350 percent over the past year.

$GE Vernova (GEV.US)$— The "Nvidia of Energy"

GE Vernova, spun out of General Electric in 2024, has rapidly emerged as a market favorite. Its three divisions—Power, Wind, and Electrification—place it at the center of both conventional and clean energy.

The company delivered standout second-quarter results in 2025: revenue of $12.4 billion, earnings of $1.86 per share, and a 12 percent year-over-year increase in new orders. Its order backlog has grown to $128.7 billion, nearly triple its annual revenue, securing visibility for years ahead.

GE Vernova is also advancing nuclear deployment, with its BWRX-300 small modular reactor recently approved for construction in Ontario. The company has reported strong interest from hyperscale cloud operators looking for zero-carbon baseload power. At the same time, the AI boom has accelerated demand in its electrification division, where revenue jumped to $2.2 billion and EBITDA margins nearly doubled. UBS now forecasts a compound profit growth rate of 70 percent over the next five years, among the fastest of any global company it covers. Still, GEV's lofty valuation carries some risk.

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