Nuclear stocks rally on Google's 3.6-GW reactor deal: NANO Nuclear Energy and Oklo jump 8%, NuScale Power gains 7%, validating long-duration SMR and microreactor demand.

Alphabet's Google is paying to unlock additional output from nuclear reactors that are already operating, yet the stocks rallying hardest on the news belong to companies whose reactors do not yet exist. Google's agreement with Constellation Energy has restored investor appetite for small modular reactor developers following a challenging year for the sector, despite both NANO Nuclear Energy and Oklo remaining pre-revenue companies still down over 40% year-to-date.

NANO Nuclear Energy stock surged 8% to $16.79, while Oklo shares climbed 8% to $38.81. NuScale Power advanced 7% to $8.20, posting the smallest gain of the three. The sector-wide enthusiasm lifted the Global X Uranium ETF by 5%, significantly outpacing the 0.8% gain in the S&P 500 ETF Trust, demonstrating that buying has concentrated in nuclear and uranium equities.

Google and Constellation Energy announced a long-term agreement to fund efficiency upgrades at operating nuclear reactors, adding capacity to the PJM Interconnection grid from existing facilities. Obtaining additional output from existing units proves cheaper and faster than new construction at a time when data centers require immediate supply. Market participants have interpreted the deal as validation that hyperscale buyers will pay for firm nuclear power. The agreement leaves existing small modular reactor licensing timelines unchanged.

Among the three developers, NuScale Power holds a regulatory edge as the only SMR developer with an NRC-certified design, positioning its licensing developments as a key benchmark for rivals. Separately, NANO Nuclear Energy appointed a nuclear materials specialist to support its microreactor development work.