NuScale Power and other nuclear power companies gain valuation momentum as AI infrastructure's massive baseload-power demand drives interest in small modular reactors.

The 10-year Treasury yield has recently touched a 19-year high as bond investors demand higher compensation for long-term risk. Rising borrowing costs have made reliable electricity sources with low fuel requirements increasingly attractive to investors seeking resilient cash generation. Nuclear-focused businesses sit at the center of this conversation. This analysis examines three nuclear energy stocks that capture this theme in distinct ways.

These three stocks represent only a small sample from a broader screening exercise that identified 304 additional companies across uranium supply, fuel cycle services, and reactor technology—each with their own detailed narratives and risk profiles.

**NuScale Power (SMR)**

NuScale Power develops small modular reactors that directly address the nuclear power buildout theme, combining its 77 MWe NuScale Power Module technology with design, licensing, and plant services. The company currently earns approximately US$11 million from electric utility work in the U.S. and carries a market value near US$3.6 billion.

For investors focused on tangible nuclear expansion rather than uranium pricing exposure alone, NuScale Power provides a pure play on modular reactors and their supporting service ecosystem. Early projects offer initial insights into how its business model could translate into long-term contracts.

NuScale's involvement in the RoPower 6-module small modular reactor power plant in Romania indicates potential for meaningful revenue and cash flow through its partnership in the Fluor-led Front-End Engineering and Design Phase 2. One unresolved element of this rollout could significantly affect how quickly future demand and margins materialize.

**Oklo (OKLO)**

Oklo focuses exclusively on nuclear power, designing Aurora Powerhouse small modular reactors for grid-scale electricity generation, alongside fuel recycling and fabrication to supply them. The company currently reports no operating revenue and carries a market value of approximately US$7.1 billion.

Oklo fits this nuclear screen through a straightforward yet challenging execution model: bringing compact reactors to market and locking in long-term electricity contracts with power-hungry customers. The company has already signed major agreements, including a 12 GW supply contract with Switch extending through 2044.

**GE Vernova (GEV)**

GE Vernova is a global energy equipment and services group that connects to the nuclear theme through its Power segment, which supplies nuclear steam turbines and related hardware. Its Power segment generates approximately US$20.98 billion in sales, complemented by approximately US$8.47 billion in Wind and US$12.24 billion in Electrification revenues, supporting a broader business with roughly US$255.05 billion in total sales.

For investors viewing nuclear as part of a wider buildout of reliable electricity supply, GE Vernova offers a different angle on the theme through the heavy equipment and grid systems essential to large power projects. Every hyperscale AI data center requires massive amounts of reliable electricity, and GE Vernova supplies the gas turbines, transformers, switchgear, and grid systems that generate and deliver that power.