Nuclear Energy Stocks Up Big YTD, SMRs Lead The Way (OKLO, SMR)

The nuclear energy sector is experiencing a renaissance in 2025, with small modular reactor (SMR) technology at the heart of this transformation. Two companies, Oklo Inc. (OKLO) and NuScale Power Corporation (SMR), have emerged as clear frontrunners, capturing investor attention with their remarkable stock performance and ambitious growth strategies.

As the global demand for clean, reliable, and scalable energy solutions escalates, driven in part by the exponential growth of AI-powered data centers and renewed bipartisan support for nuclear power, these SMR innovators are poised to play a pivotal role in the energy transition.

Oklo Inc. (OKLO) Leading The Way

Oklo’s meteoric rise has been nothing short of spectacular. By the close on May 20, shares traded at $37.57, reflecting a staggering 404% year-over-year gain and an 71.92%% YTD surge.

The company’s technical picture remains robust: OKLO trades well above its 50-day ($25.59) and 200-day ($22.20) moving averages, while its Relative Strength Index (RSI) of 74.15 signals near-term overbought conditions. This momentum is underpinned by strong trading volumes and a growing investor base.

Recent acquisitions including Atomic Alchemy for radioisotope production, and a collaboration with Lightbridge aim to diversify Oklo’s future revenue streams.

Fundamentally, Oklo remains in a pre-revenue phase, posting a net loss of $73.62 million in FY2024 and projecting a cash burn of $65–$80 million for FY2025 as it scales its flagship Aurora reactor. Yet, analysts remain bullish, projecting an average price target of $46.91 (~25% upside), buoyed by Oklo’s 14GW customer pipeline, strategic partnerships with hyperscale data centers, and innovation in fuel recycling.

Various upside adjustments came after the release of the firms Q1 2025 earnings, although there are some with a different viewpoint. B.Riley and H.C. Wainwright have both issued a “Buy” rating on Oklo’s stock, with price targets of $58 and $55 respectively. Wedbush has kept an “Outperform” rating on the shares, with a price target of $45, nearing the mean price target. Citi keeps a “Neutral” rating on the shares, with a lower price target of $30.

NuScale Power Corporation (SMR): Regulatory Milestones and International Expansion

NuScale Power’s stock (NYSE: SMR) has charted its own impressive trajectory, with shares up 217% year-over-year and currently trading at $23.48. Since the start of this year, SMR has added 32.58%, propelling the company upwards in the ranks of the nuclear energy sector

SMR’s technical indicators are similarly bullish, with the stock trading well above its 50-day ($16.66) and 200-day ($17.39) moving averages. Financially, NuScale reported Q1 2025 revenue of $13.38 million, an 869.91% year-over-year increase, while posting an EPS of -$0.11. Both top and bottom lines comfortably beating estimates on the street, helping shore up sentiment.

After the reporting of Q1 earnings, analysts have made some adjustments as far as price targets, and ratings. Whilst Goldman Sachs has kept a “Neutral” rating on the share and updated the firms price target to $24, BTIG has kept a “Buy” rating on the shares, increasing the firms price target from $20 to $22. Despite revising to the upside, the current acceleration of growth in the stock has nearly put both targets in the rearview. The consensus of $25.41 reflects perceived upside of under 10%, which whilst favourable, lags Oklo.

Strategically, NuScale’s VOYGR SMR technology (77MW per module) has secured conditional agreements in Poland and Romania, with the company’s Energy Exploration Centers targeting industrial clients in a $300 billion global energy transition market. U.S. Department of Energy grants and international licensing agreements have further solidified NuScale’s growth prospects, despite the first VOYGR deployment now delayed to 2029.

Sector Outlook

The SMR sector is riding a wave of optimism fueled by technological progress and policy support. The surging demand for clean baseload power, especially from AI and data center operators, is accelerating project pipelines and investor interest. However, significant risks remain.

Both Oklo and NuScale are either pre-revenue, or in the very early phases. The future for both hinging on regulatory approvals and successful project execution. Oklo awaits final NRC approval for its Aurora reactor after earlier setbacks, while NuScale continues to navigate complex international regulatory frameworks.

Valuations are lofty, with the sector’s average forward price-to-sales ratio for 2025 at 71.13, reflecting high growth expectations but also raising concerns about potential corrections if timelines slip or capital requirements rise.

🟩 The Bull Case

• Market opportunity in SMRs, projected at $14 billion by 2032 and $300 billion globally for energy transition.
• Strategic partnerships (AI data centers, international utilities) and technology edge (fuel recycling, modular design).
• Growing customer pipelines and diversified future revenue streams.

🟥 The Bear Case

• High volatility and pre-revenue status increase risk.
• Regulatory hurdles and project delays could derail timelines and investor confidence.
• Cash burn and potential need for further capital raises.
• Elevated valuations may not be sustainable if execution falters or the macro environment turns.

Oklo and NuScale Power stand at the front of the nuclear energy revival, offering investors exposure to the transformative promise of SMR technology. While technical indicators favor continued short-term gains, long-term success will depend on regulatory clarity, project execution, and eventual revenue stabilization.