If 2025 was the year of nuclear power's resurgence, then 2026 is shaping up to be the year when the market stops and asks which of the most exciting nuclear stocks actually have a real business behind the hype.
Indeed, two of nuclear energy's most promising companies, Oklo (OKLO +5.52%) and NuScale Power (SMR +1.58%), are both falling in 2026, with Oklo trading about 11% lower on the year and NuScale down nearly 27%.
Image source: Getty Images.
Both companies could deliver serious long-term upside, since both are tied to one of artificial intelligence's (AI's) biggest bottlenecks: access to reliable, 24/7 power.
However, between the two, NuScale looks like the better value -- that is, right now.
Not only does NuScale carry a market cap that is about two-thirds lower than Oklo's ($3.6 billion versus $11.3 billion) but it's also more mature in respect to its regulatory position, with an NRC-certified design for a small modular reactor (SMR) in hand.
NYSE: SMR
Key Data Points
Oklo, for its part, likely won't have an NRC-certified, deployable reactor until 2027 or 2028. As such, NuScale's revenue over the next two years will likely dwarf Oklo's, as the chart below suggests.
Data by YCharts
The case for investing in NuScale, however, isn't unquestionably strong. Even though it is currently the only nuclear company in the U.S. with a small reactor design approved by the NRC, it has not made a firm sale. Its near-term business path is also more tied to large power providers and utilities companies, while Oklo is chasing a broader mix that includes data centers, industrial sites, remote communities, and governments.
If everything works in Oklo's favor, the company could deliver huge gains for investors. However, with zero revenue, no regulatory blessing, and a large-cap valuation, investors are being asked to pay for a lot of success that simply hasn't happened yet.
For most investors, I would still keep positions in either nuclear stock small. But if I had to choose one right now for 2026, NuScale jumps out as the safer speculative play.
