5 Nuclear Stocks to Watch as SMRs and Microreactors Advance

As governments and businesses race to embrace nuclear power in an effort to secure clean, reliable energy, Small Modular Reactors (SMRs) and microreactors are emerging as a crucial piece of the puzzle. These compact, factory-built nuclear reactors offer significant advantages over traditional large-scale nuclear energy plants - including shorter construction timelines, lower upfront capital costs, and greater flexibility in siting - and can be used to power everything from AI data centers to remote industrial sites.

While SMR and microreactor technology is still unproven at scale - and therefore not guaranteed to take off - there could be opportunities for investors as the technology moves from drawing boards to commercial reality. With that in mind, here are five stocks that offer exposure to the SMR and microreactor industries and look well placed to benefit from the nuclear energy renaissance.

NuScale Power

Across the US today, there are a range of companies that are developing SMR solutions. One company that possibly has an edge on the pack, however, is NuScale Power. It recently achieved a major milestone by becoming the first company¹ to have an SMR design approved by the US Nuclear Regulatory Commission (NRC). So, right now, it appears to have a significant regulatory advantage over other players in the industry.

NuScale’s flagship nuclear product is the VOYGR power plant. This houses NuScale Power Modules (NPMs) - SMRs designed to supply energy for electricity generation, heating, desalination, and commercial-scale hydrogen production. A key advantage of this power plant is that it can be scaled to suit customer needs by deploying configurations of four, six, or 12 NPMs (offering an electrical output of up to 924 MWe for a 12-module plant). Another major benefit is the use of passive safety systems, which rely on natural forces like convection and gravity to cool the reactor and shut it down without the need for operator action, AC/DC power, or additional water.

Today, NuScale's technology is well advanced. As a result, the company is now actively working on winning commercial projects. In the US, it is targeting the domestic utility and technology sectors - operating in partnership with ENTRA1 Energy - and recently signed a deal² with the Tennessee Valley Authority (TVA) to deploy up to six gigawatts of SMR capacity. Internationally, it is working on various agreements and projects, including a significant effort to deploy a VOYGR plant in Romania³.

NANO Nuclear Energy

While SMR technology has piqued investor interest in recent years, microreactor technology shouldn’t be ignored. Essentially a subset of the SMR market, microreactors are designed to be both highly portable and autonomously operated meaning that they are ideal for powering remote communities, military bases, and industrial operations that need to eliminate their reliance on expensive, high-carbon diesel generation.

One company that is active in this space is NANO Nuclear Energy. It currently has several microreactor solutions in development including:

• KRONOS MMR™ Energy System: Designed as a stationary installation, this is capable of producing power of up to 45 MWth in a single-unit configuration and giga-watt level power in multi-unit configuration. Currently, the company is trying to obtain a license for this reactor from the NRC.

• ZEUS™ Microreactor: This is a portable, solid-core battery reactor. Designed to fit within a standard shipping container, it can be transported to remote sites.

• LOKI MMR™: This is a portable microreactor configurable for both earth and space. Designed to provide between 1.5 MWth and 5 MWth of power, it’s suitable for many different applications.

Looking beyond these products, NANO Nuclear Energy is also developing solutions in relation to High-Assay Low-Enriched Uranium (HALEU) nuclear fuel, nuclear fuel transportation, and electromagnetic pumps. So, it could potentially play a major role in the nuclear ecosystem in the years ahead. It should be noted, however, that while this company has a promising future, it is yet to produce any revenue. Therefore, it may need to raise capital to continue progressing.

Oklo

Another company that operates in the microreactor space is Oklo. It is developing advanced, compact fission power plants designed to provide clean, reliable energy.

Oklo's flagship nuclear product, Aurora, is a liquid-metal-cooled, metal-fueled “fast reactor.” This type of reactor has several advantages over the more common light-water SMRs that many other companies are developing. One key benefit of fast reactors is that they are capable of recycling used nuclear fuel from other reactors, turning waste into a resource. Another is that they can operate at higher temperatures and convert more of the reactor’s heat into electricity.

In terms of applications, Oklo is strategically focused on markets that require reliable, carbon-free power. Examples here include data centers and defense. Unlike most of its competitors, who plan to sell reactor designs to utility companies, Oklo plans to adopt a vertical, all-inclusive "power-as-a-service" model where it designs, builds, owns, and operates the plants, selling the electricity directly to customers through long-term Power Purchase Agreements (PPAs). This business model could potentially lead to higher profit margins in the long run.

It’s worth pointing out that like NANO Nuclear Energy, Oklo has no revenues yet. However, revenues are expected to emerge in the years ahead. Currently, the company is targeting its first deployment in 2027⁴. It has already obtained a site use permit from the US Department of Energy for its first site while the Idaho National Laboratory has awarded it its first fuel.

Constellation Energy

While many of the companies that operate in the SMR space are quite small, big companies - with more financial firepower - are getting involved too. One such company is Constellation Energy, one of the largest operators of nuclear plants in the US today.

Constellation Energy is primarily involved in SMRs through strategic investment and partnerships. For example, it is a minority shareholder⁵ in Rolls-Royce SMR Limited and it is partnering with the company to support the development and deployment of its SMRs both in the UK and internationally.

Constellation has also been looking at deploying SMR technology on top of its existing nuclear infrastructure. After recently signing a 20-year deal⁶ with Meta Platforms to provide the tech giant with power from its Clinton Clean Energy Center site in Illinois, it is evaluating the potential of an SMR at this facility.

So, while Constellation is mainly associated with traditional large-scale nuclear reactors today, it could be a major player in the SMR space in the future. With significant expertise in the nuclear energy industry and the financial firepower to make investments in businesses with promising technology, it is likely to be actively involved in the industry.

BWX Technologies

If the SMR and microreactor markets do take off in the years ahead, one company that could potentially prosper is BWX Technologies. It manufactures components for nuclear energy systems and is therefore akin to a “picks-and-shovels” play on the industry.

BWXT’s operations are divided into two main segments: government operations and commercial operations. On the government side, it is a critical supplier to the US government, particularly the US Naval Nuclear Propulsion Program. Here, it is the sole manufacturer of naval nuclear reactors and components for the US Navy. It is also involved in nuclear fuel (HALEU) production and enrichment for the government.

On the commercial side, the company serves as a key manufacturing partner for SMR designs. For example, it was recently selected by GE Hitachi Nuclear Energy (GEH) to manufacture components for its BWRX-300 SMR⁷. It has also been working closely⁸ with NuScale Power in the development of its VOYGR plant, optimizing the engineering design for manufacturability, assembly, and transportability. Note that currently, the company is investing in expanding its manufacturing capacity for large nuclear components, partly in anticipation of a surge in SMR orders.

Looking ahead, BWXT could become a key industrial partner for SMR deployment, leveraging its experience to help businesses move from reactor design to factory-based, commercial-scale production. With its broad suite of nuclear solutions, it appears well placed to benefit from the anticipated global expansion of SMR and microreactor technology, no matter who emerges as a leader in these technologies.

Footnotes:

¹Nuscale, Nuscale Power’s Small Modular Reactor (SMR) Achieves Standard Design Approval from U.S. Nuclear Regulatory Commission for 77 MWE, as of May 29, 2025

²Tennessee Valley Authority, TVA and ENTRA1 Energy Announce Collaborative Agreement in Landmark 6-Gigawatt NuScale SMR Deployment Program – Largest in U.S. History, as of September 2, 2025

³World Nuclear News, Romania sets out roadmap for licensing of NuScale VOYGR, as of October 2, 2025

⁴Utility Dive, Oklo reveals 75-MW reactor design, eyes late 2027 commercial deployment as of March 26, 2025

⁵Rolls Royce Official website, as of October 14, 2025

⁶Constellation, Meta Sign 20-Year Deal for Clean, Reliable Nuclear Energy in Illinois, as of June 3, 2025

⁷Ge Vernova, GE Hitachi awards contract for BWRX-300 reactor pressure vessel to BWXT, as of January 27, 2025

⁸The Chemical Engineer, Pioneering SMR technology enters manufacturing phase, as of October 3, 2025