Nuclear power shares have drawn renewed interest from investors as data-center demand for steady electricity rises alongside the broader power needs associated with artificial intelligence and cloud computing. Within the small modular reactor and microreactor segment, three companies—Oklo, Nano Nuclear Energy, and NuScale Power—stand out for the different pathways they are taking to commercialize advanced nuclear technology, ranging from reactor deployment partnerships to regulator-approved designs.
Key takeaways
- Oklo is pursuing fast-fission small reactors and has signed early agreements aimed at supplying power to data centers, though it still requires regulatory approval to deploy commercially.
- Nano Nuclear Energy is developing multiple microreactor designs, including a portable system and a space-focused microreactor concept, while working through the U.S. Nuclear Regulatory Commission process.
- NuScale Power is the only U.S. company in this group with an NRC-approved small modular reactor design, but commercialization remains the central challenge.
- Investor implication: The group’s momentum is tied to progress on licensing and, for most, proving schedule and cost discipline as they move from prototypes to scaled projects.
What drove the renewed focus on advanced nuclear
Nuclear energy has gained traction in investor portfolios as companies and policymakers look for firm, 24/7 power sources that can support expanding digital infrastructure. Unlike intermittent generation, nuclear’s value proposition centers on delivering reliable electricity for load growth that cannot be easily matched with renewables alone.
For investors, the differentiator in this space is not just reactor design, but readiness for real-world deployment. That includes regulatory pathways, the ability to secure counterparties, and the capacity to deliver projects on time and within budget—issues that can determine whether early enthusiasm translates into durable revenue.
Oklo: early data-center partnerships, but regulatory gating remains
Oklo is designing small fast-fission reactors with complementary fuel recycling. The company’s approach is aimed at supplying continuous power using smaller, more scalable reactor units rather than large, centralized facilities.
Oklo has also built early momentum through agreements with data-center and infrastructure-related customers, including Equinix, Switch, and Meta Platforms. These relationships are significant because they signal potential demand for firm power in the near term, particularly from electricity-intensive tech facilities.
However, the commercial timeline still depends on regulatory approval. The report said Oklo has not yet received the go-ahead to deploy reactors to commercial customers, and it has not demonstrated large-scale operational performance. As a result, the stock is characterized as early-stage with execution risk.
Nano Nuclear Energy: multiple microreactor concepts, including space deployment
Nano Nuclear Energy is another company working through the NRC regulatory process. Like Oklo, it is pursuing microreactor technology, but the company’s strategy is described as more vertically integrated—seeking involvement across parts of the nuclear supply chain, from reactor and fuel development to transporting nuclear materials.
The company is also developing multiple microreactor designs rather than a single system. Alongside a portable reactor concept, Nano is working on a space microreactor, referred to as Loki, which is intended for deep-space missions or extraterrestrial environments.
The report also noted that the Trump administration has expressed interest in nuclear power for the moon, which could create additional attention and longer-term opportunities if space nuclear deployment progresses. While Nano was not named as a specific partner in that context, the link underscores how diversified applications for microreactors could broaden market interest over time.
NuScale Power: NRC-approved design, with commercialization the next hurdle
NuScale Power is developing a small modular reactor, and unlike the other companies highlighted, its design has already received NRC approval. That regulatory milestone is a meaningful distinction for investors because it reduces one major source of timeline uncertainty.
Still, the report said NuScale’s primary challenge is commercial execution. So far, the first mover in SMR technology has not secured a firm sale of its reactor technology, and the market focus is shifting to whether projects can convert into contracted deployments.
According to the report, NuScale’s commercial partner, ENTRA1, has helped open the door to a potential first U.S. customer in the Tennessee Valley Authority, which is interested in deploying 6 gigawatts of NuScale technology. The report also said the SMRs are expected to be deployed for a power plant project in Romania.
Even with these prospective projects, the report emphasized that NuScale still must demonstrate delivery performance—specifically deploying reactors on schedule and within budget. It also suggested that the first reactor may not come online until after 2030, with limited revenue growth until then.
Bigger picture for investors in small and microreactors
Across Oklo, Nano Nuclear Energy, and NuScale Power, the common thread is that investor outcomes will likely hinge on progress from engineering and licensing toward repeatable, financed deployment. Early customer agreements can help validate demand, but regulatory milestones and the ability to manage construction and operational timelines remain decisive.
For portfolios, this means the segment may continue to trade on headlines related to licensing updates, partnership developments, and project contracting—alongside broader macro conditions that affect long-duration project financing, including expectations for interest rates and infrastructure investment cycles.
What to watch next: Investors will likely focus on regulatory developments for Oklo and Nano, the conversion of NuScale’s prospective customer pathways into binding commercial arrangements, and signs that projects can advance on schedule. Upcoming catalysts also include additional guidance on deployment timelines and any updates from counterparties tied to data-center power demand and grid-scale nuclear buildout.
