As political support grows and technological advances continue, it appears we're on the verge of a renaissance in nuclear energy, leading many to consider growth opportunities, such as those in Radiant stock.
Former employees at SpaceX, Doug Bernauer and Bob Urberger, founded Radiant in 2020 with the goal of developing the nuclear-powered Kaleidos, which they characterize as "the world’s first portable, zero-emissions power source that works anywhere." In addition to using helium gas instead of water for cooling, which improves the safety profile, the allure of Kaleidos is that it's small enough to fit in a shipping container and can be installed in a matter of hours.
Small modular reactors (SMRs) -- a nuclear energy solution that provides a safer alternative to traditional nuclear power plants -- typically have generating capacities between 50 megawatts (MW) and 300 MW. The Kaleidos microreactor, however, has a 1 MW generating capacity, helping to reduce the time required to deploy it.
Radiant plans on testing Kaleidos at the Idaho National Laboratory DOME facility by the end of 2026 and making its first commercial delivery in 2028.
Is Radiant publicly traded?
Those looking for Radiant on public markets will be disappointed to find that as of July 2025, Radiant was not a publicly traded company. While most investors may not have access to Radiant stock, the company has held several funding rounds. In May 2025, for example, the company announced that it had completed a $165 million Series C round that included investments from the Cathie Wood-led Ark Invest among a variety of other venture capital firms.
When will Radiant IPO?
For investors eyeing investment opportunities that provide the potential for significant returns, IPO stocks represent a common consideration. As of July 2025, Radiant has made no indication that it intends on holding an IPO in the near future. Frustrated as growth investors may be to learn that Radian has no plan to hold to holdan IPO, there are still options, as numerous companies plan on holding IPOs in the coming months.
IPO
Is it profitable?
As a privately held company, Radiant isn't subject to the same financial reporting requirements as publicly held companies. Consequently, investors don't have much insight into the company's financial position. If the company proceeds with an IPO, it will have to file Form S-1 with the U.S. Securities and Exchange Commission (SEC), at which point investors will have a better sense of where the company stands financially.
Since the company doesn't expect to deliver its first commercial product until 2028, it's reasonable to speculate that the company isn't generating a profit.
Alternatives to Radiant
Since it's not listed on public markets, many investors are unable to purchase Radiant stock. But accredited investors may be able to gain positions even though the stock hasn't debuted on public markets with an IPO. Platforms like Forge Global (FRGE 0.42%) provide accredited investors an opportunity to invest in privately held companies like Radiant.
Those who don't qualify as accredited investors are not completely out of luck, though. There are other nuclear energy stocks to consider that operate in similar ways to Radiant.
1. NuScale Power
Unlike Radiant with its Kaleidos microreactor, NuScale Power (SMR -3.01%) has its sights on disrupting the nuclear energy industry with the NuScale Power Module. An SMR that has a 77-MW generating capacity, the NuScale Power Module can be scaled with up to 11 other modules to meet the specific power needs of its customers.
NuScale Power has the potential to gain a first-mover advantage over would-be competitors. It's the first and only SMR to have its designs certified by the U.S. Nuclear Regulatory Commission. In addition to powering data centers, NuScale Power recognizes water desalination, enhancing grid resiliency, and green hydrogen production as possible applications of its technology.
With a strong balance sheet that features no debt and $521.4 million in cash, cash equivalents, and short-term investments, NuScale Power is well-positioned as it strives to reinvigorate the nuclear energy industry.
2. Oklo
Another name growing in popularity on the nuclear energy landscape is SMR developer Oklo (OKLO -1.87%). Founded in 2013, Oklo is developing a nuclear power solution called Aurora, which will have a 15- to 75-MW generating capacity. NuScale Power uses new fuel for its SMRs, but Oklo is designing Aurora to have the flexibility to use either new fuel or recycled fuel. Distinguishing itself from peers, Oklo characterizes itself as the "only advanced nuclear company pursuing a fully integrated recycled fuel business, providing the company with a structural long-term supply chain and cost advantage relative to competitors."
Already, Oklo has generated strong demand from customers. In 2024, it signed a nonbinding agreement with Switch -- a provider of artificial intelligence (AI), cloud, and enterprise data centers -- to deploy 12 gigawatts in Aurora powerhouse projects through 2044. Additionally, it executed two letters of intent to provide an additional 750 MW of energy for data center customers.
3. Centrus Energy
Unlike SMR developers NuScale Power and Oklo, Centrus Energy (NYSEMKT:LEU) supplies nuclear fuel -- both low-enriched uranium (LEU) and high-assay low-enriched uranium (HALEU) -- and services to companies in the nuclear energy industry. Providing a variety of enriched uranium, Centrus Energy brandishes itself as the "world’s most diversified supplier of enriched uranium fuel." It also retains a competitive advantage over peers in that it's the only company that the Nuclear Regulatory Commission has licensed for HALEU production for both commercial and defense applications.
Tracing its history back to 1992, Centrus Energy is a well-established company that provides a better opportunity for those looking for nuclear energy exposure who are also uninterested in a higher-risk investment. From 2020 through 2024, Centrus Energy has steadily grown revenue from $247 million to $442 million. During that time, it has also generated consistent profits and free cash flow.
How to buy stocks similar to Radiant
People who don't meet the criteria for accredited investors and who are motivated to buy shares of one of these other nuclear energy choices only have to take a few simple steps to become shareholders:
- Open your brokerage app: Log in to your brokerage account where you handle your investments.
- Search for the stock: Enter the ticker or company name into the search bar to bring up the stock's trading page.
- Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this stock.
- Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
- Submit your order: Confirm the details and submit your buy order.
- Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.
Should you invest in Radiant Industries?
Because Radiant hasn't held an IPO, most investors cannot directly purchase shares. Accredited investors, on the other hand, may be able to gain exposure through platforms that provide opportunities to invest in companies prior to them going public.
If Radiant makes an IPO, it will submit regulatory filings, providing insights into its financials. At that point, investors can better decide if an investment in the company is right for them.
The bottom line
Considered a viable solution to meeting the massive power demands of data centers where AI computing occurs, nuclear energy interest has been accelerating rapidly over the past year. It's understandable why growth investors have a keen eye on the industry, but it may take a while before Radiant emerges as an investment opportunity. In the meantime, there are other options that they can explore today.
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