Comparative analysis of Oklo, NuScale, and Bloom Energy SMR and fuel-cell stocks for data center power sourcing.

To address the growing power demands of artificial intelligence data centers, major tech companies are exploring alternatives to traditional power grids. Three companies stand out as potential solutions: Bloom Energy (NYSE: BE), which offers on-site power generation through solid oxide technology; and Oklo (NYSE: OKLO) and NuScale Power (NYSE: SMR), both developing small modular reactors that provide greater flexibility and scalability than traditional nuclear reactors.

Of the three, Bloom Energy emerges as the stronger investment today, primarily because it already has commercial operations generating revenue, while both Oklo and NuScale remain dependent on regulatory approval.

Bloom's recent financial performance underscores this advantage. The company reported Q2 2026 revenue of just over $1 billion—the first time it exceeded $1 billion in a single quarter—representing a 165.5% increase year-over-year. More significantly, Bloom has begun reporting profits. After posting a net loss of $42.6 million under GAAP in Q2 2025, the company swung to a net profit of over $196 million in Q2 2026. The company's operational efficiency is improving as well, with GAAP gross margin expanding from 26.7% to 33.4% year-over-year.

CEO KR Sridhar highlighted Bloom's dominant market position in the earnings release: "The demand for Bloom Energy's solutions keeps accelerating every quarter as customers who traditionally defaulted to combustion technologies are now proactively choosing Bloom as a superior power solution. Today, all the major U.S. hyperscalers and over a dozen U.S. neoclouds, AI labs, and colocation data center operators have validated and approved our power solutions for their AI factories. Bloom is now a standard for AI onsite power."

Bloom's stock has surged approximately 370% over the past year. However, the market's reaction to its July 28 earnings—closing slightly down on July 29 despite overwhelmingly positive results—suggests the company may face increasing difficulty impressing investors going forward.

In contrast, Oklo and NuScale have seen their stock prices decline sharply. Oklo has dropped nearly 50% over the past year, while NuScale shares are down almost 85%. These steep losses could position them as potential turnaround stories, particularly given the possibility of regulatory catalysts that could drive significant gains. Both remain highly speculative, however, and warrant correspondingly smaller positions.

Between the two nuclear companies, Oklo presents a more compelling opportunity. The company is developing a vertically integrated business model unique in the nuclear sector, controlling the entire process from fuel fabrication through selling heat and power directly to customers. Notably, Oklo plans to recycle fuel for reuse in its reactors, creating a continuous power loop.

Despite lacking commercial operations, Oklo has secured a significant deal with Meta Platforms. Under the agreement, Meta will prepay for power from a reactor project in Ohio upon its completion and will provide funding for the project. The facility is expected to become operational by 2030 and reach its full power target of up to 1.2 gigawatts by 2034.