10 Best Nuclear Energy Stocks to Buy as SMRs Go Mainstream

In this piece, we discuss the 10 Best Nuclear Energy Stocks to Buy as SMRs Go Mainstream.

With small modular reactors (SMRs) moving closer to commercial deployment, competition is rising among SMR developers to secure the materials, equipment, and manufacturing capacity needed to build these reactors. Those efforts, well supported by the U.S. government and by funding from major technology companies, aim to meet the increasing electricity demand associated with data centers.

On May 12, 2026, Reuters reported that the Department of Energy may provide billions of dollars in financial support to power utilities to help them secure critical nuclear reactor components early, before construction starts.

That potential financial assistance could do a great deal for the industry amid ongoing supply chain worries.

A Reuters report dated April 20, 2026, discussed that developers are particularly worried about future bottlenecks and deployment delays. Therefore, companies such as X-energy, TerraPower, Kairos Power, and Newcleo are increasingly banking on long-term supplier agreements. Such agreements would help them expand their in-house manufacturing capabilities and acquire strategic assets. That tension among developers is only likely to rise through the rest of the decade, as developers target the first commercial reactor deployment by the end of it.

Even so, a few developers are already reporting noteworthy progress.

BWX Technologies is supplying key reactor components for several SMR projects. TerraPower said it has already acquired all the critical parts that take a long time to manufacture for its first Natrium reactor project in Wyoming, and Kairos Power is developing manufacturing facilities in the U.S. to produce molten salt coolant, which will reduce its dependence on suppliers abroad.

Amid that backdrop, our list “best nuclear energy stocks to buy as SMRs go mainstream” becomes quite relevant; even more so given President Donald Trump’s goal to quadruple U.S. nuclear capacity to 400 gigawatts by 2050.

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Our Methodology

To curate our list for this article, we scanned financial media to identify companies operating in uranium mining, nuclear fuel and enrichment, advanced nuclear reactor and SMR technologies, and nuclear engineering and infrastructure markets. Next, we assessed hedge fund sentiment surrounding each stock using Insider Monkey’s hedge fund database, which tracks over 1,000 elite hedge fund managers as of Q4 2025. We ranked the final list based on analyst upside potential.

Note: All data extracted on May 13, 2026.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).

10. Cameco Corporation (NYSE:CCJ)

With an upside potential of 9.3%, Cameco Corporation (NYSE:CCJ) earns a spot on our list of the best nuclear energy stocks to buy as SMRs go mainstream.

Orest Wowkodaw, an analyst at Scotiabank, raised his price target on Cameco Corporation (NYSE:CCJ) to $175 from $150 on May 7, 2026. The firm’s Outperform rating was maintained following the quarterly update, which it viewed as a positive catalyst driving the firm’s valuation estimates higher. Additionally, Wowkodaw said the company’s fundamentals are improving, citing drivers such as the Western world’s decarbonization, energy independence, and power security agendas.

A more recent update came on May 12, 2026, from GLJ Research, which cut its price target on the stock from CAD $171.20 to CAD $152.60. While the firm is less excited about the near-term outlook, it remains bullish and frames Cameco Corporation (NYSE:CCJ) as a beneficiary of the long-term upside in Western nuclear fuel infrastructure.

That broader analyst optimism came following strong Q1 2026 earnings.

Net earnings came in at CAD $131 million, adjusted net earnings at CAD $203 million, and adjusted EBITDA at CAD $509 million, all higher than Q1 2025. The uranium segment led the surge, with earnings before taxes climbing to CAD $358 million from CAD $227 million in Q1 2025, driven by higher sales volumes and market-related contract pricing.

Westinghouse also contributed significantly during the quarter, with Cameco Corporation (NYSE:CCJ)’s share of adjusted EBITDA rising to CAD $122 million from CAD $92 million. The company kept its annual guidance unchanged, with uranium production targeted between 19.5 million and 21.5 million pounds.

Meanwhile, Cameco Corporation (NYSE:CCJ) is pushing to improve overall sentiment with key strategic wins. Those include the ~CAD $2.6 billion, 22-million-pound uranium supply deal signed with India on March 2, 2026, and the U.S. government partnership announced on October 28, 2025, targeting at least US$80 billion in Westinghouse reactor deployments.

Cameco Corporation (NYSE:CCJ) operates globally, producing uranium and nuclear fuel products for the generation of clean, safe, and reliable electricity.

9. BWX Technologies, Inc. (NYSE:BWXT)

BWX Technologies, Inc. (NYSE:BWXT) is one of the best nuclear energy stocks to buy as SMRs go mainstream, with a median upside potential of 11.2%.

BWX Technologies, Inc. (NYSE:BWXT) could be presenting a case for strong upside, according to Ananym Capital Management, an activist investor. The firm discussed the company’s inactive mPower small modular reactor design, which, if commercialized, could double the stock price over the coming years. The growing electricity demand from AI and data centers could create strong demand for such reactors.

Ananym’s co-founder, Alex Silver, was speaking at the Sohn Investment Conference in New York, where he discussed BWX Technologies, Inc. (NYSE:BWXT), as reported by Reuters on May 12, 2026. He added that the company can thrive even without building its own reactors because it supplies critical components and technology to other nuclear reactor developers. Silver’s bullishness on the stock remains high, as he projected roughly 45% stock appreciation even under that scenario.

However, he emphasized a much brighter outlook if BWX Technologies, Inc. (NYSE:BWXT) could leverage its pressurized-water reactor technology to tap into the SMR market. Silver believes the industry still offers room for new entrants, and the company can enter the SMR development market without hurting its current business of supplying reactor components to others.

That bullish thesis came after BWX Technologies, Inc. (NYSE:BWXT) won government contracts worth over $1.4 billion related to the U.S. Navy’s nuclear propulsion program. The deal, announced on May 7, includes a $1.285 billion long-lead materials award extending through 2030.

With expanded manufacturing capacity through the Precision Components Group acquisition and the company’s backlog jumping 77% to $8.7 billion as of Q1 2026, BWX Technologies, Inc. (NYSE:BWXT) guided for non-GAAP EPS of $4.60-$4.75 for 2026.

BWX Technologies, Inc. (NYSE:BWXT) is focused on providing nuclear solutions for global security, environmental protection, clean energy, and space exploration.

8. Uranium Energy Corp. (NYSEAMERICAN:UEC)

With an upside potential of 16.1%, Uranium Energy Corp. (NYSEAMERICAN:UEC) earns a spot on our list of the best nuclear energy stocks to buy as SMRs go mainstream.

Hobson Central Processing Plant is now finally receiving uranium-bearing material from Burke Hollow, after Uranium Energy Corp. (NYSEAMERICAN:UEC) announced on April 8, 2026, that production had finally commenced at the world’s newest ISR uranium mine and the first new U.S. ISR operation in over a decade. The Hobson Central Processing Plant has government approval to process up to 4 million pounds of uranium annually.

Following that update, Uranium Energy Corp. (NYSEAMERICAN:UEC) has now become the only uranium company in the U.S. currently running two active ISR production networks at the same time. With licenses that allow it to potentially produce around 12 million pounds of uranium annually across its projects, UEC also has the largest uranium resource base in the U.S. The company has plans to start operations at another ISR uranium project called Ludeman in 2027.

Meanwhile, as of the Q2 fiscal 2026 results, Christensen Ranch was flagged by TD Securities, which said progress there was slower than expected. Following a regulatory win, three new header houses were approved at the project, helping alleviate those concerns.

Following the Uranium Energy Corp. (NYSEAMERICAN:UEC)’s earnings release, analysts at TD Securities and Roth Capital reiterated bullish ratings on the stock.

Uranium Energy Corp. (NYSEAMERICAN:UEC) is engaged in uranium and titanium mining and related activities, including exploration, pre-extraction, extraction, and processing of uranium concentrates and titanium minerals. The company’s operations are divided into the following geographical segments: Wyoming, Texas, Saskatchewan, and Others.

7. Fluor Corporation (NYSE:FLR)

Fluor Corporation (NYSE:FLR) is one of the best nuclear energy stocks to buy as SMRs go mainstream, with a median upside potential of 17.4%.

Two contrasting themes emerged when Fluor Corporation (NYSE:FLR) announced its Q1 2026 results: short-term headwinds hurting quarterly performance, while long-term opportunities tied to nuclear energy projects are steadily developing in the background.

Both top-line and bottom-line numbers for the quarter were weighed down by a $96 million litigation impact in the Mission Solutions business and rising costs on a mining project in the company’s Urban Solutions segment. Accordingly, the company posted revenue of $3.7 billion (-8% year-over-year), with adjusted EBITDA of $61 million and adjusted EPS of $0.14.

Acting as a silver lining, operating cash flow was the strongest first-quarter operating cash flow in Fluor Corporation’s (NYSE:FLR) history, reaching $110 million. Furthermore, backlog reached $25.7 billion, with 82% of it cited as reimbursable by the management, which kept the full-year operating cash flow guidance of $300 million unchanged. Meanwhile, they lowered the top end of the adjusted EBITDA guidance from $585 million to $560 million, while maintaining the bottom end of $525 million.

Management cited strong momentum in nuclear-related business, with the company’s Mission Solutions unit winning a significant Front-End Engineering and Design (FEED) award for the expansion of LEU’s uranium enrichment plant. Last month, Fluor Corporation (NYSE:FLR) also announced a partnership with X-energy, which will require Fluor to provide engineering work for four small modular reactor units at Dow’s Seadrift facility in Texas.

On May 11, 2026, Citi expressed disappointment following the earnings release, lowering the firm’s price target on Fluor Corporation (NYSE:FLR) to $56 from $61, while reiterating a “Buy” rating. However, the investment bank flagged the company’s awards upcycle as a silver lining.

Fluor Corporation (NYSE:FLR) provides engineering, procurement, and construction; fabrication and modularization; and project management services worldwide. The company operates through three segments: Urban Solutions, Energy Solutions, and Mission Solutions.

6. Oklo Inc. (NYSE:OKLO)

With an upside potential of 24.9%, Oklo Inc. (NYSE:OKLO) earns a spot on our list of the best nuclear energy stocks to buy as SMRs go mainstream.

Oklo Inc. (NYSE:OKLO) received a meaningful regulatory de-risking boost on May 6, 2026, when the NRC approved its Principal Design Criteria (PDC) topical report for the Aurora powerhouse under construction in Idaho.

The PDC lays down the requirements that the reactors must follow regarding safety, reliability, and operational performance. These standards will guide future reactor licensing and design activities. The development also means that future approvals may take less time.

Importantly, the NRC completed the approval process unusually quickly, accepting the submission in just 15 days versus the typical 30-to-60-day window and finished the entire approval process in less than half the traditional timeframe. That aligns with broader U.S. government efforts to modernize and speed up nuclear regulation following executive orders issued in May 2025, as well as the ADVANCE Act, a law designed to support advanced nuclear energy development. That works in favor of Oklo Inc. (NYSE:OKLO) as it moves toward commercializing its reactors.

Meanwhile, analysts continue to express bullishness on the overall setup for SMRs, with JPMorgan saying on May 11 that SMR developers are likely to see strong demand amid the expansion of data centers. As far as the stock is concerned, the firm awaits the successful buildout and commercialization of its technology before it can become more positive about the stock. The firm keeps a “Neutral” rating on the stock with an $83 price target.

A day later, Oklo Inc. (NYSE:OKLO) submitted its Q1 2026 10-Q filing, reporting $2.5 billion in cash and marketable securities and a net loss of $33.1 million, compared with a net loss of $9.8 million in Q1 2025. With approximately $1.18 billion raised through its at-the-market equity offering program, the company heads toward its 2028 first-powerhouse deployment target with a well-funded balance sheet.

Backed by OpenAI’s Sam Altman, Oklo Inc. (NYSE:OKLO) develops advanced fission power plants to provide clean, reliable, and affordable energy at scale to customers in the United States.

5. Energy Fuels Inc. (NYSEAMERICAN:UUUU)

Energy Fuels Inc. (NYSEAMERICAN:UUUU) is one of the best nuclear energy stocks to buy as SMRs go mainstream, with a median upside potential of 28.9%.

According to analysts at Roth Capital, Energy Fuels Inc. (NYSEAMERICAN:UUUU)’s fundamentals appear to be strong even though the firm framed Q1 2026 results as mixed. Market conditions are working in favor of rare earth and uranium-focused companies, the analyst added. On May 11, 2026, the firm raised its price target to $17.0 from $15.5 and reiterated a “Neutral” rating.

Energy Fuels Inc. (NYSEAMERICAN:UUUU) announced the Q1 2026 results on May 6, 2026.

Having produced 790,000 pounds of finished uranium product, Energy Fuels Inc. (NYSEAMERICAN:UUUU) earned $35.7 million from uranium sales by selling 510,000 pounds of uranium. That helped the company narrow its net loss to $10.8 million ($0.04 per share) from $26.3 million ($0.13 per share) a year earlier. Following that strong operational momentum, management kept its full-year uranium sales guidance of 1.5 to 2.0 million pounds unchanged. With operational cash flow turning positive at $8.3 million during the quarter, the company’s financial health remains strong. Its balance sheet boasts $956.6 million in working capital with zero debt.

Meanwhile, Energy Fuels Inc. (NYSEAMERICAN:UUUU)’s rare earth elements business is advancing, as the quarter saw pilot-scale production of 99.9% pure terbium oxide. This marks the first time in many years that terbium has been produced domestically in the U.S. from a primary production source.

White Mesa Mill strengthened the case further, where Phase 1 heavy REE expansion advanced. The facility targets commercial-level recovery of dysprosium, terbium, and others.

Looking ahead, the company’s growth prospects look strong, as its planned acquisition of Australian Strategic Materials is expected to close as early as July 2026. Once the acquisition is completed, Energy Fuels Inc. (NYSEAMERICAN:UUUU) will gain the ability to process rare earth elements further into metals and alloys, which are needed for manufacturing advanced technologies.

Energy Fuels Inc (NYSE:UUUU) is a U.S.-based critical materials company focused on uranium, rare earth elements, heavy mineral sands, vanadium, and medical isotopes, and it owns the White Mesa Mill in Utah, the only fully licensed and operating conventional uranium mill in the U.S.

4. Centrus Energy Corp. (NYSE:LEU)

With an upside potential of 40.9%, Centrus Energy Corp. (NYSE:LEU) earns a spot on our list of the best nuclear energy stocks to buy as SMRs go mainstream.

Investors appear willing to value Centrus Energy Corp. (NYSE:LEU) based more on its long-term future growth potential than on its current earnings or short-term results, according to Roth Capital. Accordingly, the firm raised its price target on the stock from $137 to $230 and reiterated its “Neutral” rating.

Meanwhile, Centrus Energy Corp. (NYSE:LEU) released its earnings results on May 5, 2026, which Roth Capital said were above expectations.

The quarter showed revenue of $76.7 million, up 5% year-over-year, though GAAP net income fell to $10 million from $27.2 million, largely due to a $15.9 million rise in advanced technology costs tied to expansion spending. Adjusted net income came in at $23.5 million, or $1.05 per diluted share.

Even more importantly, Centrus Energy Corp. (NYSE:LEU) has $3.9 billion worth of backlog, with contracts extending as far as 2040.

During the quarter, Centrus Energy Corp. (NYSE:LEU) started a long-term investment program to expand its Oak Ridge uranium centrifuge manufacturing plant. Furthermore, it signed a strategic collaboration with Fluor for engineering and supply chain support. At the same time, it partnered with Palantir, with early AI-driven work already promising approximately $300 million in potential cost savings. The company is also exploring a joint venture with Oklo focused on HALEU deconversion services.

On the back of a strong backlog and operational momentum, management raised the full-year 2026 revenue guidance to $450 to $500 million from $425 to $475 million, with capital deployment guided at $350 to $500 million.

Centrus Energy Corp. (NYSE:LEU) is a U.S.-based supplier of enriched nuclear fuel and related services for the nuclear power industry. The company plays a critical role in the nuclear energy value chain by bridging the gap between uranium mining and power generation and supporting next-generation reactor development.

3. NexGen Energy Ltd. (NYSE:NXE)

With an upside potential of 55.9%, NexGen Energy Ltd. (NYSE:NXE) earns a spot on our list of the best nuclear energy stocks to buy as SMRs go mainstream.

On May 9, 2026, Scotiabank raised its price target on NexGen Energy Ltd. (NYSE:NXE) to CAD $22 from CAD $18, keeping an Outperform rating following Q1 2026 results, announced three days earlier.

For the quarter, NexGen Energy Ltd. (NYSE:NXE) posted a net loss of CAD $156 million (CAD $0.24 loss per share from continuing operations), compared to a CAD $50.9 million loss (CAD $0.09 per share) a year earlier. The net loss widened, reflecting the accelerating pace of investment in the Rook I Project, which is preparing to enter major construction this summer. Negative earnings are also attributable to the pre-production stage of the company.

With shares up 33% year-to-date, investor sentiment is largely driven by that construction catalyst and the ongoing exploration advancements.

On May 7, 2026, NexGen Energy Ltd. (NYSE:NXE) released the final batch of 2025 assay results from the Patterson Corridor East (PCE) discovery, located 3.5 km from the Arrow Deposit, and the intercepts were encouraging. One drill hole, named RK-25-239, found a 13-meter section containing an average uranium grade of 5.2% U₃O₈ (uranium oxide), while RK-25-240 hit 10.0 m at 3.95% U₃O₈, including 0.5 m at 33.3%. Taken together, these drilling results show uranium mineralization extending for 292 meters down the deposit’s slope underground.

Additionally, the program discovered a new area containing strong uranium mineralization at a depth of 850 meters through drill hole RK-25-257. The drill found a 4.5-meter interval with an average grade of 4.8% uranium oxide (U₃O₈), and within that, a very rich 0.5-meter section containing 33.3% U₃O₈. The smaller, distinct high-grade section was found open in most directions, meaning more uranium could still be found nearby.

The 2026 drilling program, which will involve drilling a total of 42,000 meters, is scheduled to restart during the week of May 25, 2026.

NexGen Energy Ltd. (NYSE:NXE) is a Canadian uranium developer focused on the Rook I Project in Saskatchewan, a 100%-owned development-stage asset that hosts the Arrow deposit. The company is also listed on the TSX under NXE and on the ASX under NXG.

2. NuScale Power Corporation (NYSE:SMR)

NuScale Power Corporation (NYSE:SMR) is one of the best nuclear energy stocks to buy as SMRs go mainstream, with a median upside potential of 58.3%.

NuScale Power Corporation (NYSE:SMR) reported Q1 2026 results on May 7, 2026, with the quarter proving “quieter from an announcement perspective.”

Revenue came in at just $0.6 million. That was a significant decline compared with $13.4 million in Q1 2025, as the prior-year period included revenue from the RoPower technology license agreement and Fluor’s FEED Phase 2 engineering services, both of which are now complete. Meanwhile, reported EPS came in at -$0.14, missing the -$0.11 consensus estimate.

Still, the company’s balance sheet and pipeline reflected the advancements the company is making in the SMR space.

NuScale Power Corporation (NYSE:SMR) ended Q1 with $1 billion in liquidity, which climbed above $1.2 billion by early May, providing a runway to advance the commercialization.

ENTRA1 is negotiating with the Tennessee Valley Authority (TVA) about potentially building nuclear power projects using NuScale’s small modular reactors (SMRs), with total capacity reaching up to 6 gigawatts. If completed, this would represent the biggest nuclear power expansion project ever in the United States in terms of total installed capacity. Management expects significant advancements in that area by the end of 2026.

To improve the supply and delivery of nuclear fuel for its reactors, NuScale Power Corporation (NYSE:SMR) also expanded its supply chain partnership with Framatome, a French nuclear reactor company.

Furthermore, NuScale Power Corporation (NYSE:SMR) met with 37 different suppliers to align production, logistics, and component manufacturing. And to expand its commercial presence in the heart of U.S. energy decision-making, it opened a new operations center in Houston’s Energy Corridor on April 29, 2026.

NuScale Power Corporation (NYSE:SMR) provides small modular reactor technology solutions. Its groundbreaking NuScale Power Module is a 12-module plant capable of producing up to 924 MWe of carbon-free energy.

1. NANO Nuclear Energy Inc. (NASDAQ:NNE)

NANO Nuclear Energy Inc. (NASDAQ:NNE) is one of the best nuclear energy stocks to buy as SMRs go mainstream, with a median upside potential of 66.1%.

On May 6, 2026, NANO Nuclear Energy Inc. (NASDAQ:NNE) signed a non-binding MOU with Supermicro, the global AI server and data center infrastructure leader. The agreement aims to explore the integration of NANO’s KRONOS MMR microreactors with Supermicro’s AI server racks, cooling systems, and lifecycle services. Together, the companies target self-powered, grid-independent AI data center infrastructure. Given that the work progresses well, both will deploy systems together and sell combined solutions.

The agreement is still in its early stage, with no committed revenue or deadlines. Yet the move bolsters the company’s strategic positioning, placing it at the intersection of two major long-term growth trends: advanced nuclear power development and rapid expansion of AI data center infrastructure. On the day of the announcement, NANO Nuclear Energy Inc. (NASDAQ:NNE) shares surged about 28% to roughly $29, reflecting the sharp market reaction.

That development follows the company’s recent technical and regulatory wins.

On April 28, 2026, NANO Nuclear Energy Inc. (NASDAQ:NNE) said its KRONOS microreactor design fits well within new, more flexible NRC licensing rules (Part 53 and proposed Part 57), though its first University of Illinois deployment will still be approved under the older Part 50 framework.

Meanwhile, on April 9, 2026, NANO Nuclear Energy Inc. (NASDAQ:NNE) announced that it received a DOE GAIN Voucher to work with Oak Ridge National Laboratory using NRC-recognized nuclear simulation tools (SCALE/TSUNAMI) to improve reactor safety modeling and advance pre-licensing and design development for its KRONOS microreactor system.

NANO Nuclear Energy Inc. (NASDAQ:NNE) is an advanced technology-driven nuclear energy company. Its business lines include cutting-edge portable and other microreactor technologies, nuclear fuel fabrication, nuclear fuel transportation, nuclear applications for space, and nuclear industry consulting services.

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