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). 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.
