Nuclear energy stocks have suffered heavy losses over the past year, even as technology companies commit billions of dollars to securing nuclear electricity for AI data centers. The Global X Uranium ETF (URA) has lost more than 20% over the past 12 months, compared with gains exceeding 40% for the Energy Select Sector SPDR Fund (XLE). Investors have grown increasingly concerned about valuations, financing requirements and the long development timelines for companies that don’t yet generate any meaningful commercial revenues.
The market has been brutal with nuclear companies that are still years away from making real money. NuScale Power Corp. (NYSE: SMR) has lost about 82% of its value over the past year, Oklo Inc. (NYSE: OKLO) is down roughly 75%, and Nano Nuclear Energy (NASDAQ: NNE) has fallen nearly 68%. All three are developing technologies that could eventually feed enormous new demand for nuclear power, but investors are no longer paying nearly as much for what could happen years from now.
NuScale received standard design approval from the Nuclear Regulatory Commission (NRC) for its 77-megawatt SMR technology in May 2025, but continues to burn cash as it works toward commercial deployment. In January, Sam Altman-backed Oklo and Meta Platforms (NASDAQ: META) announced an agreement supporting development of a 1.2-gigawatt nuclear energy campus in Pike County, Ohio, to supply electricity for Meta’s regional data centers and AI infrastructure. Initial generation is targeted for as early as 2030, with the full 1.2 GW potentially coming online by 2034. Nano Nuclear, which is developing portable microreactors, also faces a long road to commercialization.
Uranium fuel suppliers and miners have suffered substantial losses of their own. Centrus Energy Corp. (NYSE: LEU) has dropped some 62% over the past year, Uranium Energy Corp. (NYSE American: UEC) has fallen roughly 32%, and BWX Technologies (NYSE: BWXT) has lost around 27%.
For investors who still want exposure to the nuclear boom without betting on companies years away from commercialization, established utilities offer a much different proposition. They are already selling nuclear power, and the AI buildout is giving them some of the biggest and longest-term customers in the market.
Here are three stocks worth considering.
#1. NextEra Energy Inc.
Market Cap: $161.4B
YTD Returns: -3.5%
NextEra Energy Inc. (NYSE:NEXT) is the world’s largest electric utility holding company by market capitalization, as well as the world’s largest producer of wind and solar energy. NextEra Energy–through its subsidiary NextEra Energy Resources and utility affiliate Florida Power & Light–operates 7 nuclear units across 4 locations, generating over 6,000 megawatts of carbon-free electricity.
NextEra is currently working to restart its 615-megawatt Duane Arnold Energy Center in Iowa, which closed in 2020, backed by a 25-year power purchase agreement with Google (NASDAQ:GOOG). The project is backed by a $1.9 billion Department of Energy loan and is targeted to resume operations in early 2029. The giant utility is also evaluating adding up to 6 gigawatts of new SMR generating capacity at existing nuclear sites or new greenfield locations to power artificial intelligence data centers.
#2. Constellation Energy Corp.
Market Cap: $101.0B
YTD Returns: -15.2%
Constellation Energy Corporation (NYSE:CEG) is the largest producer of carbon-free energy in the United States and a major supplier of electricity and natural gas to homes, businesses and public-sector customers. The company operates a massive power generation fleet of around 55 gigawatts of capacity that includes nuclear, hydroelectric, wind, solar, geothermal, and natural gas facilities, producing roughly 10% of America’s clean energy.
Constellation Energy currently operates the largest U.S. nuclear fleet, supporting major long-term clean power purchase agreements (PPAs) tech giants and hyperscalers to power high-demand artificial intelligence data centers and the growing digital economy. Earlier this year, Constellation inked a 20-year PPA with Google for 890 megawatts (MW) of new nuclear capacity, plus a 15-year energy supply deal covering 2,700 MW of operating generation in the PJM Interconnection grid.
Constellation has signed comparable, 20-year PPAs with Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN).
#3. Vistra Corp.
Market Cap: $52.4B
YTD Returns: -0.3%
Vistra Corp. (NYSE:VST) is one of the largest Electricity generators in the United States, managing approximately 44,000 megawatts (MW) of capacity to power over 22 million homes. Its generation fleet includes natural gas, nuclear (the second-largest competitive fleet in the U.S.), coal, solar, and battery energy storage facilities.
Vistra Corp. operates six nuclear reactors across four United States plants, producing over 6.5 gigawatts (GW) of zero-carbon electricity. In January, the company entered into a 20-year PPA with Meta to provide over 2,600 MW of zero-carbon energy, including 2,176 MW of operating generation and 433 MW of new combined nuclear uprates.
More recently, the U.S. Department of Energy announced a $4.2 billion loan package to Vistra to finance upgrades, modernization, and life extensions (adding 20 years) across its nuclear fleet in Pennsylvania and Ohio.
By Alex Kimani for Oilprice.com
