So, remember 2011? Fukushima happened, and suddenly everyone decided nuclear power was, shall we say, a bit… last season. It was like Crocs making a comeback—unexpected, and most people hoped it wouldn’t last. For a decade, nuclear stocks basically gathered dust. But then, something shifted. Turns out, all those data centers and AI servers need a lot of juice. And suddenly, “clean energy” doesn’t just mean slapping a solar panel on your roof. It’s a whole thing.
The International Atomic Energy Agency – which, let’s be honest, sounds like a Bond villain organization – is now saying nuclear capacity could double and a half by 2050. That’s a lot of atoms splitting. So, maybe it’s time to look at a couple of stocks that aren’t just relics of the Cold War. We’re talking Cameco (CCJ 3.65%) and NuScale (SMR 5.68%). Consider this your official permission to stop doomscrolling and start… stock-scrolling?
Cameco
Cameco is basically the uranium equivalent of Costco. They move a lot of the stuff. Mines in Canada, the US, Kazakhstan—they’re everywhere. For years, they were stuck in a uranium price slump. It was like trying to sell Blockbuster shares in 2015. But uranium’s had a bit of a glow-up. It’s back to $94 a pound, and Citi thinks it’s heading for triple digits. Which, in the world of commodities, is basically like winning the lottery.
They’re restarting mines, which is good news for them, and presumably, for anyone who needs uranium. They also partnered with Brookfield Asset Management (BAM 1.89%) to buy Westinghouse Electric. That’s like teaming up with the people who build the sets for your sitcom. It diversifies things. It’s a smart move. Analysts are predicting revenue and earnings growth of 9% and 91% respectively through 2027. It’s not cheap – 69 times earnings is a lot – but they’ve got scale, a decent moat, and are evolving. Which, in corporate terms, means they’re trying not to be Blockbuster.
NuScale
NuScale is doing something different. They’re building Small Modular Reactors – SMRs. Think Lego reactors. Smaller, prefabricated, easier to deploy. It’s like going from building a cathedral to assembling IKEA furniture. They’re good for places that don’t have space for a traditional plant. Or the patience.
Right now, most of their revenue comes from being a subcontractor to Fluor (FLR 1.36%) on a plant in Romania. It’s in the early stages, but the investment decision is coming this year. In the US, they’ve got a deal with the Tennessee Valley Authority to potentially build six gigawatts of capacity. That’s a lot of watts. But it won’t be online until 2032. So, don’t expect to power your Christmas lights with NuScale just yet.
NuScale is speculative. It’s trading at 37 times sales. That’s… ambitious. But analysts think revenue could increase more than sevenfold from 2025 to 2027. That’s the kind of growth that makes venture capitalists weep with joy. If they can actually deploy these reactors, it could justify the valuation. It’s a solid play on next-gen nuclear. Or, you know, a really expensive gamble. But what isn’t these days?
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2026-02-05 22:15