In the decade after the 2011 Fukushima disaster, many countries throttled or paused their nuclear projects. As a result, many nuclear stocks fizzled out as investors focused on other types of clean energy -- such as solar, wind, and hydro power.
But over the past three years, some of those nuclear stocks recovered and hit new highs. One of the major catalysts was the rapid growth of the power-hungry cloud, data center, and artificial intelligence (AI) markets, which drove more companies to restart their nuclear projects. Another major tailwind has been the development of smaller, safer, and more power-efficient reactors.
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From 2024 to 2050, the International Atomic Energy Agency expects the world’s nuclear capacity to expand by up to 2.6 times. To capitalize on that growth, investors should consider buying these two nuclear stocks today: Cameco (CCJ 0.98%) and Oklo (OKLO +5.52%).
The uranium play: Cameco
Cameco, based in Canada, mined 15% of the world’s uranium in 2025, making it the second-largest uranium miner after Kazakhstan’s Kazatomprom. It operates mines and mills in Canada, the U.S., and Kazakhstan.
NYSE: CCJ
Key Data Points
When uranium’s spot price plummeted from $62.25 per pound in 2011 to $35.00 in 2020, Cameco shut down its largest mines to stabilize its business. But the soaring demand for nuclear energy propelled uranium’s spot price to $84.25 at the end of this March, and Citi analysts believe its price could reach $100-$125 per pound this year.
In 2021, Cameco doubled its stake in Global Laser Enrichment (GLE), its uranium enrichment joint venture with Silex, from 24% to 49%. In 2023, it partnered with Brookfield Asset Management to acquire Westinghouse Electric, one of the world’s largest nuclear technology companies. Those investments could diversify Cameco’s business away from its mines and make it a more diversified nuclear energy company.
From 2025 to 2028, analysts expect Cameco’s revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to grow at CAGRs of 8% and 12%, respectively. It isn’t cheap at 20 times this year’s sales, but it could deserve that premium valuation if uranium prices continue to rise and it expands its non-mining nuclear businesses.
The next-gen reactor play: Oklo
Conventional nuclear reactors are large, expensive, and difficult to deploy in remote areas. They also need to be refueled in stages every two years.
Oklo addresses those issues with its Aurora microreactor, which generates only 1.5 MW on its own but can be connected to additional reactors to produce up to 75 MW per deployment. That modular design makes them ideal for remote and off-grid nuclear power plants. The Aurora also uses metallic uranium fuel pellets, which are denser, have better thermal resistance, and are cheaper to fabricate than the uranium dioxide fuel pellets used in conventional reactors. It also recycles its fuel in a closed loop, allowing it to last roughly a decade without refueling.
NYSE: OKLO
Key Data Points
Oklo hasn’t deployed any of its reactors or generated any meaningful revenue yet. However, it expects to deploy its first 75 MW Aurora Powerhouse reactor in Idaho in 2027. It also secured a U.S. Department of Defense contract to build a small reactor for Eielson Air Force Base in Alaska. From 2026 to 2028, analysts expect its revenue to rise from less than $1 million to $36 milion as it deploys those reactors and secures more contracts.
Oklo might seem absurdly overvalued at 233 times its 2028 revenue. But if more countries adopt its microreactors to build smaller nuclear power plants, its sales could surge over the next few decades. Therefore, Oklo’s stock might still have significant upside for patient investors.
