Oklo and NuScale Power Have Shed a Combined 85.3% This Year. Why Are Nuclear Stocks Falling?

NuScale Power (SMR +5.07%) has a market cap near $4B, driven by a potential deal with TVA for 72 of its 77-MW reactors. However, NuScale is not a party to the agreement, which was signed between TVA and ENTRA1 Energy, its commercialization partner. NuScale would supply the reactor technology but not own or operate the plants. The deal is non-binding, and NuScale has paid $507.4M in milestone payments to ENTRA1, with larger payments pending. NuScale's Q2 2026 revenue was $75K, and it has no net i

Oklo (OKLO) and Meta (META) agreed to build a 1.2-gigawatt nuclear facility in Ohio, with construction starting in 2027 and first phase online around 2030. Oklo's Aurora reactors, though faster and cheaper to build, are untested. Oklo's stock is down 45% this year. Microsoft also signed a nuclear power deal for its AI data centers.

Oklo (OKLO) stock rose 12% to $44 on supply concerns amid U.S.-Canada trade tensions, adding $850M to its market cap. The company's Aurora reactors rely on advanced fuels, and recent political developments highlight risks tied to material access. Oklo has strong cash reserves ($3.01B) and operational milestones, like its Groves reactor reaching criticality. Analysts' price targets range from $14 to $130, with an average of $80.

NuScale Power (SMR), a small modular reactor company, has seen its stock fall 83% from its peak, with short sellers profiting from its decline. The company has little revenue but $1.9B in cash, and analysts have mixed views on its prospects. U.S. data-center power demand is projected to grow, but fuel shortages and delayed reactor timelines pose challenges.

NuScale Power has overcome significant regulatory challenges, positioning itself to benefit from the growing demand for nuclear power driven by AI data centers. The company's opportunities with TVA and ENTRA1 could serve as a commercial validation for investors, with UAMPS providing insights into project economics. A successful deployment may bolster NuScale's long-term growth prospects.

NuScale Power (NYSE: SMR), the only U.S. company approved to build small modular reactors (SMRs), is awaiting a power purchase agreement (PPA) with the Tennessee Valley Authority (TVA). Bank of America analysts see nuclear energy as a $10 trillion opportunity, with SMRs potentially reshaping the industry. NuScale's stock price reflects market skepticism due to past project cancellations, but a PPA could significantly boost its value.