Nuclear Fever: Oklo and NuScale Soar — Is the SMR Rally Just Heating Up?

A Nuclear Surge Ignites Investor Frenzy

On Friday, shares of Oklo (NYSE:OKLO) and NuScale Power (NYSE:SMR) blasted over 20% higher, electrified by the U.S.-U.K. Atlantic Partnership for Advanced Nuclear Energy, signed ahead of President Trump’s recent London visit. 

This game-changing deal aligns the U.S. Nuclear Regulatory Commission with the U.K.’s regulator, reducing SMR licensing timelines from about three to four years to roughly two years. U.S. Energy Secretary Chris Wright — a former fossil fuels executive — called it a “nuclear renaissance” and plans similar pacts with Poland, Romania, and others to power AI data centers and end Russian nuclear material reliance by 2028. 

The agreement unlocks billions of dollars for SMR projects, like U.K. data centers in Nottinghamshire. With Oklo skyrocketing 537% year-to-date and NuScale up 160% in 2025, investors are wondering if these nuclear stocks are still a buy, or has the uranium train left the station?

Oklo (OKLO)

Oklo is a Santa Clara startup founded in 2013 by MIT alumni Jacob and Caroline DeWitte that is redefining nuclear power with its Aurora microreactors. These 15 to 50 megawatt electrical (MWe) fast-fission units — that are scalable to 100 MWe — run on recycled nuclear waste, offering meltdown-proof safety, passive cooling, and a 10-year fuel cycle. 

Targeting off-grid clients such as data centers, military bases, and remote communities, Oklo sells power via long-term contracts, not reactors, and produces radioisotopes as a bonus. Backed by Sam Altman, Oklo has secured strategic partnerships with companies like Equinix (NASDAQ:EQIX) for data center power and is prepping a 2027 debut in Idaho. 

The U.S.-U.K. deal easing licensing requirements sparked Friday’s 28.8% surge to $135.23 per share by promising faster Nuclear Regulatory Commission approval — Oklo was denied a combined license for its Aurora microreactor in 2022 — and European pilots. Oklo’s 537% YTD gain reflects AI energy demand, its February Atomic Alchemy acquisition for isotope tech, and Trump’s May executive orders to quadruple U.S. nuclear capacity to 400 gigawatts by 2050. 

Yet, because Oklo is pre-revenue with a $30.7 million cash burn against guidance for $65 million to $80 million in annual cash use, Oklo’s $20 billion market valuation is a bet on execution. Because it is trading on its potential rather than operational performance, it is best-suited for risk-tolerant investors. Dips below $100 per share could yield 50% to 100% upside if global SMR deals materialize, but expect a volatile ride getting there.

NuScale Power (SMR)

NuScale Power leads the SMR race with its VOYGR plants that are 77 MWe modules scalable up to 924 MWe per plant. As the only NRC-certified SMR design since 2022, NuScale’s factory-built approach cuts costs for utilities, industrials, and hyperscalers like Amazon (NASDAQ:AMZN) and Google. 

NuScale’s compact reactors are just 65 feet tall and use simplified pressurized water systems, reducing construction timelines and risks compared to traditional plants. Its 2025 wins include Romania’s Doicesti plant, where it will help deliver 462 MW of installed capacity, a 6 gigawatt (GW) Tennessee Valley Authority deal, partnering with ENTRA1 to commercialize its SMR technology inside ENTRA1’s power plants, and talks for a Polish project by 2029.  

The U.S.-U.K. pact drove Friday’s 22% jump to $46.77 per share, bringing it within 12% of its all-time high of $53.50 per share hit in July. Its 160% YTD surge ties to revenue in Q2 that surged to $8.1 million from $1 million a year ago, DOE’s $400 million SMR funding, and AI hype. 

Because NuScale is the only NRC-certified SMR operator and has a global pipeline, it provides the nuclear stock with a wide competitive moat, making SMR a strong buy. At almost $47 per share, it’s undervalued with 30% to 50% upside on international deployments, meaning you haven’t missed out on the opportunity to have your portfolio radiate stellar gains.

Key Takeaway

Oklo and NuScale are riding a nuclear revival, fueled by regulatory breakthroughs and AI’s energy hunger. Supply chain risks and fuel costs linger, but Secretary Wright’s global push signals a trillion-dollar SMR market. These stocks still have room to glow for bold investors.