NuScale Power Rises 4% Despite Dilution Concerns; Uranium Energy Advances 4%, Oklo Gains 2%

NuScale Power (NYSE:SMR) stock rose 4% to $8.07 on Wednesday even as investors continued to focus on dilution concerns. Oklo (NYSE:OKLO | OKLO Price Prediction) shares advanced 2% to $37.94, while Uranium Energy (NYSE MKT:UEC) stock gained 4% to $9.65. The nuclear and uranium group found support amid broader market strength.

The Global X Uranium ETF (NYSE ARCA:URA) climbed 0.68% to $40.31. The SPDR S&P 500 ETF Trust (NYSE ARCA:SPY) rose 0.51% to $768.09. NuScale Power remains a pre-commercial developer with a large cash balance and several potential customer pathways, yet share-count growth and a new at-the-market program remain central topics.

NuScale Power Faces Ongoing Dilution Scrutiny

NuScale Power’s diluted weighted average share count rose about 173% year over year, climbing from roughly 133 million in the second quarter of 2025 to about 365 million in the second quarter of 2026. The company sold nearly 90 million Class A shares earlier this year through an at-the-market program that generated nearly $985 million in net proceeds. A new at-the-market authorization of up to $750 million has added to investor concerns about further share issuance.

NuScale Power finished the second quarter with approximately $1.9 billion in cash and investments. Operating cash use improved from the prior quarter, which included a large milestone payment. Management has described the liquidity cushion as providing optionality while the company advances commercial efforts.

Oklo and Uranium Energy Also Advance

Oklo stock posted a more modest gain on the day. Oklo is developing advanced small modular reactors aimed at providing clean, reliable power for data centers and other high-demand users. The company has also relied on equity raises to fund its pre-commercial development path.

Uranium Energy stock moved higher alongside the broader uranium group. Uranium Energy focuses on uranium exploration, development, and production assets in North America. Both Oklo and Uranium Energy operate in markets tied to long-term nuclear fuel and power demand, though their business models differ from NuScale Power’s reactor-design focus.

Nuclear Theme Sees Broader Participation

The Global X Uranium ETF’s advance indicated measured interest across the uranium supply chain. Nuclear developers and uranium producers continue to attract attention as electricity demand from data centers and industrial users grows. NuScale Power’s 77-megawatt module has received U.S. Nuclear Regulatory Commission approval, and the company is pursuing opportunities with partners such as the Tennessee Valley Authority and the RoPower project in Romania.

Similarities across NuScale Power, Oklo, and Uranium Energy include exposure to the nuclear energy theme and reliance on capital markets to fund growth. Differences appear in technology readiness, revenue generation, and the degree of near-term commercial visibility. NuScale Power’s large cash position offers runway, yet conversion of potential contracts remains a key variable.

Outlook and Investor Considerations

NuScale Power’s liquidity provides time to pursue commercial contracts, but additional equity sales under the new at-the-market program could further increase the share count. Progress with the Tennessee Valley Authority or RoPower could serve as meaningful catalysts if definitive agreements materialize. Oklo and Uranium Energy face their own execution and funding dynamics within the broader nuclear complex.

Investors should consider keeping position sizes modest given the high volatility typical of pre-commercial nuclear and uranium stocks. Dilution risk, project timing, and the pace of commercial adoption will likely remain central to how these shares perform in the months ahead.

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