While Nvidia grabs most of the AI headlines, the physical build-out behind artificial intelligence still depends on power and infrastructure companies that rarely get the same attention. Oklo (OKLO +5.74%), NuScale Power (SMR +6.29%), and GE Vernova (GEV +0.63%) all benefit from rising nuclear demand, but their backlogs tell very different stories. Looking past the hype, how do these companies compare based on how much business they've actually locked in?
Image source: Getty Images.
1. Oklo's pipeline is huge, but contracts lag behind
Oklo has probably made the most eye-catching nuclear demand announcements among pure-play small modular reactor (SMR) companies.
It has a 12-gigawatt non-binding master agreement with Switch, while its Meta agreement supports a 1.2-gigawatt Ohio campus and lets Meta prepay for power and fund project development.
NYSE: OKLO
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But there's an important distinction between announced demand and contracted revenue. The Switch agreement is non-binding, with individual PPAs expected to be finalized as projects progress, and Oklo says it's still working to convert preliminary agreements into binding contracts.
Meanwhile, Equinix signed a Letter of Intent (LOI) to purchase up to 500 megawatts of nuclear power from Oklo over a 20-year timeline.
In total, Oklo has a customer pipeline of about 14 gigawatts, but most of it consists of non-binding agreements and LOIs that have yet to convert into binding contracts.
Oklo has the headline numbers, but another company is seeing huge progress on its technology.
2. NuScale's progress outpaces its actual backlog
NuScale has made significant progress on the regulatory and engineering fronts, highlighting the Romania project, ongoing TVA talks through its partner ENTRA1 Energy, and a supply chain of more than 60 specialized partners. NuScale frames both efforts as part of the push to meet surging AI data center power demand, positioning its reactors as future on-site power for hyperscalers.
NYSE: SMR
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But development progress isn't the same as backlog. The TVA program is still a non-binding agreement between TVA and ENTRA1 for up to 6 gigawatts, and ENTRA1 retains discretion over whether to select or purchase from NuScale at all, so the deal doesn't guarantee future revenue.
The Romania project is further along, with six NuScale modules planned at Doicești, but it's still working through the conditions required to advance rather than generating commercial revenue today.
Investors still need to distinguish between project development and real backlog, especially since NuScale's reactors aren't expected to be deployable until the early 2030s at the earliest, well behind the immediate power needs of AI data centers today.
3. GE Vernova's backlog is already real and massive
GE Vernova, however, is in a different league entirely for contracted business, reporting $176.3 billion in remaining performance obligations in the second quarter of 2026.
NYSE: GEV
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Its Gas Power business alone had an equipment backlog of 116 gigawatts and slot reservation agreements, while its Nuclear Power business continues to generate fuel, service, and equipment contracts.
But GE Vernova doesn't need nuclear to succeed commercially. Nuclear is just one piece of a much larger power infrastructure business already generating real revenue and cash flow.
Its nuclear exposure includes GE Vernova Hitachi's BWRX-300 SMR, as well as the more established business of servicing existing reactors and supplying fuel. GNF recently extended its fuel contracts with Entergy through 2035.
Which nuclear stock has the strongest backlog?
Oklo has the biggest headline pipeline among pure-play SMR companies, but NuScale's progress is mostly technical and regulatory, leaving its backlog the thinnest of the three. GE Vernova is the safest bet, since its $176.3 billion backlog is real and doesn't depend on nuclear working out. So while Nvidia's chips grab the headlines, these three infrastructure plays offer very different ways to bet on the same AI power boom.
