Two decades ago, nuclear energy seemed, according to conventional wisdom, to be the product of the bygone Atomic Age. Today, nuclear energy has reemerged as potentially one of the most important power sources of the artificial intelligence (AI) era.
It can be hard, however, to separate fact from fiction, especially when many of the stocks trading today seem driven by speculation and narrative rather than fundamentals. Some of the nuclear stocks I'm about to name -- including Oklo (OKLO +3.25%) and Nano Nuclear Energy (NNE +3.88%) -- have tailwinds strong enough to make a bull case seem obvious and self-evident.
The following three nuclear energy stocks will appeal to different investors -- some to those with more risk tolerance, and some to others who are more aggressive.
Image source: Getty Images.
1. Cameco
Cameco (CCJ +0.50%) is one of the largest uranium providers in the world, and the largest publicly traded uranium miner. Together with Kazakhstan's Kazatomprom (the world's largest uranium producer), the two companies produced roughly 50 million pounds of uranium in 2025 -- roughly 86% of the total output among the world's top seven uranium miners.
NYSE: CCJ
Key Data Points
Why does Cameco's size matter? Because every nuclear dream runs through it. We can spend all day debating whether Oklo, NuScale, Nano, or some other nuclear start-up will dominate the future. But if more reactors get built, somebody has to supply the uranium. For North America, that somebody is most likely Cameco.
But Cameco's business doesn't stop at mining. It also has a 49% stake in Westinghouse Electric. Fun fact: Westinghouse supplied the reactor technology to the world's first-ever full-scale commercial nuclear power plant. But that's not the fun fact I was referring to.
Westinghouse -- with Cameco and Brookfield Renewable Partners, which owns the other 51% of Westinghouse -- entered into an $80 billion partnership with the U.S. Department of Commerce to build Westinghouse reactors across the U.S.
With uranium demand expected to climb, this is a good uranium stock to hold for the long term.
2. Nano Nuclear Energy
Nano Nuclear Energy is developing small nuclear reactors that can fit on the back of a semi truck.
It's also developing its own supply of high-assay, low-enriched uranium (HALEU), a special kind of fuel that many advanced reactors need. Plus, the company's recent acquisition of Secured Transportation Services has given it a foothold in one of the least glamorous, but no less important, parts of the nuclear fuel cycle: moving the stuff from A to B.
NASDAQ: NNE
Key Data Points
Previously pre-revenue, this acquisition has finally put some dollars (about $7 million in annual revenue) into Nano's very large story. It has also helped Nano move that much closer to the vertically integrated business model that it aspires to create.
Nano is also developing a portable microreactor for space. Given NASA and the Department of Energy's recent interest in developing nuclear power on the moon (and possibly Mars), Nano's expertise in this field could be a future tailwind just waiting to be turned on.
3. Oklo
Like Nano, Oklo is developing a small nuclear reactor (Aurora powerhouses). These powerhouses can supply 15 to 75 megawatts (MWs) of electricity apiece, and can be assembled together to support larger power needs, such as those of data centers, industrial facilities, and other remote operations.
NYSE: OKLO
Key Data Points
The company had early backing from OpenAI CEO Sam Altman, and the connection with companies developing artificial intelligence has deepened through partnerships with some of its biggest players. Meta, Equinix, and Switch are some of the names comprising its potential customer backlog of 14 gigawatts (GW).
Oklo is currently working its way through the Nuclear Regulatory Commission's licensing process for its commercial powerhouse. Oklo has said its first commercial reactor could begin operations in late 2027 or early 2028, but no hard date has been set yet. Meanwhile, a nearer-term test looms: demonstrating criticality of its pilot reactor before America's 250th birthday on July 4, 2026.
Early connections with tech companies, combined with the White House's support for more nuclear power, made Oklo a market favorite in 2025. The stock is currently trailing the stock market in 2026, though the company still carries a roughly $12 billion market cap. The nuclear start-up could have more growth ahead, but given the uncertainties around its business, only aggressive investors should proceed at this point.
