Nuclear energy stocks are generating significant buzz, with dozens of companies worldwide pursuing small modular reactor technology across public and private markets.
Only three publicly traded stocks currently offer meaningful SMR exposure, making them the primary options for investors seeking pure-play nuclear positions.
Oklo (OKLO) has attracted considerable attention by betting that AI providers will want direct control over their own energy production infrastructure.
The company plans to finance and construct plants near data center facilities, selling power to AI companies through long-term purchase agreements.
At the close of last year, Oklo’s project backlog totalled 18.1 gigawatts, but 12 gigawatts of that figure stem from a single customer arrangement that is largely nonbinding.
Oklo secured a 12-gigawatt non-binding master agreement with Switch, which remains one of the largest headline deals in the SMR space.
Many of the company’s remaining deals are also nonbinding, though a handful have included milestone prepayments that signal at least partial commitment from counterparties.
NuScale (SMR) has made meaningful progress on regulatory and engineering fronts, highlighting its Romania project and ongoing TVA discussions conducted through partner ENTRA1 Energy.
NuScale’s backlog totals between 6 gigawatts and 7 gigawatts, with nearly all of that volume tied to a single utility customer in the eastern United States.
If fully constructed, that SMR system would become the largest in the world, though the TVA program remains a non-binding agreement and ENTRA1 retains full discretion over whether to select NuScale at all.
NuScale’s reactors are not expected to be deployable until the early 2030s at the earliest, placing them well behind the immediate power demands of today’s AI data centers.
As with Oklo, NuScale’s backlog carries significant cancellation risk, but for investors seeking SMR exposure without disrupting traditional energy delivery models, NuScale holds a clear edge over Oklo.
NuScale also supports a supply chain of more than 60 specialized partners and frames its reactor technology as future on-site power for hyperscalers navigating surging electricity demand.
GE Vernova (GEV) operates on an entirely different scale, reporting $176.3 billion in remaining performance obligations in the second quarter of 2026.
SMR technology currently accounts for less than 3% of GE Vernova’s sales, but growing adoption could rapidly elevate that contribution given the company’s existing contractual foundation.
Its Gas Power business alone carried an equipment backlog of 116 gigawatts alongside slot reservation agreements, while its Nuclear Power business continues generating fuel, service, and equipment contracts.
GE Vernova’s nuclear exposure includes the GE Vernova Hitachi BWRX-300 SMR program, as well as the established business of servicing existing reactors and supplying nuclear fuel.
GNF recently extended its fuel contracts with Entergy through 2035, adding another layer of long-term revenue visibility to an already substantial backlog position.
GE Vernova holds the highest quality backlog on this list by a considerable margin, though its SMR-specific exposure remains the weakest of the three companies examined.
Investors evaluating these three stocks must carefully distinguish between genuine contracted backlog and headline announcements, since nonbinding agreements carry real cancellation risk regardless of their gigawatt figures.
