If you're looking into the future of energy and the up-and-coming companies that could break through in the near future, you've probably heard the names NuScale Power (SMR 2.75%) and Oklo (OKLO 4.00%). These two highly speculative stocks saw massive upward swings in mid-2025, followed by precipitous falls.
So you may be wondering what's next for NuScale and Oklo, and which stock you should invest in. This all depends on which company is in the best position to capture data center energy demand.
Image source: Getty Images.
Altman backs Oklo
Oklo is backed by renowned artificial intelligence (AI) leader Sam Altman, whose endorsement has helped the company garner tremendous interest in Oklo. However, Oklo is still pre-revenue and not expected to generate any revenue until at least 2027.
NYSE: OKLO
Key Data Points
Oklo's next-generation fission powerhouses are promising and potentially revolutionary, but it doesn't yet have the Nuclear Regulatory Commission's (NRC) blessing on any small modular reactor design. A long regulatory road lies ahead, and this is where NuScale may pull away with the lead.
Oklo is up more than 262% year to date as of Dec. 26. The stock has a market capitalization of more than $12 billion despite having no revenue.
Does NuScale have the lead?
NuScale is already generating revenue and is the only U.S. company with a small reactor design approved by the NRC. Does this automatically make NuScale the winner?
Not quite. The company is burning cash rapidly, compared to just $8.2 million in revenue in the third quarter of 2025. NuScale stock is also down over 17% year to date as of Dec. 26 and a few dollars off its 52-week low. You might think this is the time to get in on NuScale, but don't count Oklo out just yet.
NYSE: SMR
Key Data Points
Oklo is the higher-risk, higher-reward investment. Comparatively, NuScale is the slow-and-steady company battling high cash burn. Depending on your risk profile and time horizon, Oklo's technology might be better aligned with the AI industry due to Altman's involvement. However, NuScale is a compelling buy now, as it boasts NRC approval and active revenue.
