November 13, 2025
Nuclear Stocks: 5 Exciting Developments Driving Growth
As both governments and corporations rush to integrate nuclear power into their long-term energy strategies, nuclear energy stocks are rising. This year, nuclear stocks have been one of the best-performing areas of the market, with many individual names such as Oklo, Cameco, and Constellation Energy outperforming1 major indexes by a wide margin.
Recently, there have been a number of exciting developments in the nuclear space that have enhanced the outlook for the industry and created opportunities across the supply chain. Here are five major developments investors should be aware of.
The US Government’s $80 Billion Nuclear Deployment Deal
It’s no secret that the US is aiming to become a nuclear powerhouse; in May President Donald Trump signed several executive orders (EOs) designed to strengthen US nuclear energy leadership. We are now seeing tangible progress towards this goal, however.
In late October, for example, Westinghouse Electric Company, Cameco Corp, and Brookfield Asset Management announced that the US government had entered into a strategic partnership2 to accelerate the deployment of nuclear power in accordance with Trump’s nuclear EOs. This will see at least $80 billion of new reactors constructed across the US using Westinghouse’s nuclear reactor technology.
Under the partnership, Westinghouse will deploy its AP1000 reactor, which is the most advanced reactor commercially available and boasts the smallest footprint per MWe in the market. Once constructed, the reactors will generate reliable and secure power for a range of applications, including for data centers that will drive America’s growth in artificial intelligence (AI).
The US Army to Build Nuclear Microreactors
In October, we also saw an announcement from the US Army stating that it has commenced a program3 to build micro nuclear reactors in partnership with the Defense Innovation Unit. Known as the “Janus Program,” its aim is to deliver resilient, secure, and assured energy to support national defense installations and critical missions.
This program is a direct response to President Trump's Executive Order 142994 - Deploying Advanced Nuclear Reactor Technologies for National Security. This EO ordered the Defense Department to have a nuclear reactor operating at a domestic military installation no later than September 30, 2028.
In a statement, the Army said that this initiative represents a substantial investment in national energy dominance and that it will help chart the course for widespread deployment of nuclear microreactors in the future. It added that the program demonstrates a commitment to next-generation power sources capable of providing reliable, resilient energy.
Now, the Army didn’t name companies that it will be partnering with for this program. However, businesses that could potentially receive contracts here include the likes of BWX Technologies, X-energy, and Radiant Industries - all have worked with the US government in the past.
Google and NextEra Partner for Nuclear Energy
Moving from the public sector to the private sector, there have been some notable nuclear deals in the Big Tech space recently. Tech companies are turning to nuclear energy to power their energy-intensive data centers as the massive, always-on demands of AI and cloud computing have completely outstripped the reliable capacity of the existing power grid and intermittent renewable sources.
One development here worth highlighting is a deal5 between Google and utility giant NextEra Energy announced in October. This will involve reviving Iowa’s only nuclear power plant, the Duane Arnold Energy Center, to meet growing low-carbon energy demand from data centers and AI.
This nuclear plant was closed back in 2020, when the nuclear sector was struggling to compete with natural gas and other renewable energy sources due to high operating costs and public perception challenges around safety. However, since then, the energy landscape has evolved significantly due to the rise of AI.
If the plant gets regulatory approval, it could be operating by 2029. Note that the Central Iowa Power Cooperative, the state’s largest energy provider, has agreed to buy surplus electricity not required by Google.
Amazon is Planning a New SMR Facility
Another Big Tech company that recently announced a nuclear deal6 is Amazon. In mid-October, it announced plans for an advanced nuclear energy facility in Washington state.
Under this deal, Amazon will work with Washington state utility Energy Northwest and SMR developer X-energy to build up to 12 SMRs, using X-energy’s advanced nuclear reactor design. Together, they will build a state-of-the-art SMR facility, known as the Cascade Advanced Energy Facility.
The facility - which will help to power AI and other technologies offered by Amazon - will be built next to Energy Northwest’s existing 1,207 MW Columbia Generating Station near the Columbia River, leveraging existing nuclear-centric infrastructure and institutional expertise. Amazon believes that the plant will help to reduce its carbon emissions, support its sustainability goals, and bring a new source of energy to the grid.
Oklo Sees DoE Approval for its NSDA
Finally, it’s worth noting that on November 11, Oklo announced7 that the US Department of Energy (DOE) had approved the Nuclear Safety Design Agreement (NSDA) for its Aurora Fuel Fabrication Facility. The NSDA - which was selected to participate in the DOE’s Advanced Nuclear Fuel Line Pilot Projects - was approved in just under two weeks, demonstrating the new nuclear authorization pathway in the US.
Located at the Idaho National Laboratory (INL), the Aurora Fuel Fabrication Facility will fabricate fuel for Oklo’s first commercial-scale powerhouse, the Aurora-INL. This is projected to start operating in late 2027 or early 2028.
Investment Opportunities in Nuclear Stocks
Put all this together and the takeaway is that there is a lot happening in the nuclear space today. Not only is the US government rapidly deploying advanced reactor programs, but Big Tech companies are actively getting involved in nuclear energy too.
For investors in nuclear stocks, it’s certainly an exciting time. With so much policy support and technological acceleration in this area of the energy industry, there are likely to be many opportunities in the years ahead.
Footnotes:
1Google Finance, as of November 12, 2025
2Brookfield, United States Government, Brookfield and Cameco Announce Transformational Partnership to Deliver Long-term Value Using Westinghouse Nuclear Reactor Technology, as of October 28, 2025
3U.S Army, Army announces Janus Program for next-generation nuclear energy, as of October 14, 2025
4The American Presidency Project, Executive Order 14299 - Deploying Advanced Nuclear Reactor Technologies for National Security, as of May 23, 2025
5NextEra Energy, NextEra Energy and Google Announce New Collaboration to Accelerate Nuclear Energy Deployment in the U.S., as of October 27, 2025
6Amazon, How Amazon is helping to build one of the first modular nuclear reactor facilities in the United States, as of October 16, 2025
7Business Wire, Oklo Announces U.S. Department of Energy Approval for Nuclear Safety Design Agreement of Aurora Fuel Fabrication Facility, as of November 11, 2025
