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nuclear energy stocks

AlphaOS investment intelligence · Research and education only — not investment advice · Updated Sep 22, 2026

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Nuclear energy stocks represent a diverse investment universe spanning uranium miners, reactor operators, and technology developers that has seen significant renewed interest driven by AI data center power demand and global decarbonization goals. Key publicly traded companies include Cameco (CCJ), the world's largest publicly traded uranium producer, Constellation Energy (CEG), the largest U.S. nuclear operator, and NuScale Power (SMR), a small modular reactor developer. The sector surged in 2023-2024 as hyperscalers like Microsoft, Google, and Amazon signed nuclear power purchase agreements. Uranium spot prices rose from ~$48/lb in early 2023 to over $100/lb by early 2024, reflecting tightening supply and surging demand expectations.

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Key Takeaways

  • Cameco (CCJ) controls roughly 18% of global uranium production and is the benchmark equity for uranium price exposure
  • Constellation Energy (CEG) operates 21 nuclear reactors across the U.S. and signed a landmark 20-year PPA with Microsoft in September 2024 to restart Three Mile Island Unit 1
  • Uranium spot prices surpassed $100/lb in February 2024 for the first time since 2007, a 100%+ gain from 2023 lows
  • Small modular reactor (SMR) developers including NuScale Power (SMR) and Oklo (OKLO) represent high-risk, pre-revenue exposure to next-generation nuclear technology
  • Global nuclear capacity additions are accelerating — the IEA projects nuclear generation to reach a record high by 2025 as countries extend plant lifetimes and build new capacity
  • Sprott Physical Uranium Trust (U.UN on TSX) and uranium ETFs like URA and URNM offer broad sector exposure without single-company risk
  • Centrus Energy (LEU) holds the only U.S. license to produce High-Assay Low-Enriched Uranium (HALEU), a critical fuel for advanced reactors
  • Paladin Energy, Uranium Energy Corp (UEC), and Energy Fuels (UUUU) are mid-tier uranium producers with significant leverage to uranium price movements

Evidence & Analysis

  • Uranium spot price exceeded $106/lb in February 2024, the highest level since 2007, driven by supply constraints and speculative fund buying
  • Microsoft signed a 20-year PPA with Constellation Energy in September 2024 to restart Three Mile Island's Crane Clean Energy Center, targeting 835 MW of capacity
  • The Global X Uranium ETF (URA) gained over 60% in the 12-month period through early 2024, outperforming broader energy indices
  • Kazakhstan's Kazatomprom, the world's largest uranium miner, warned of below-guidance production in 2024 due to sulfuric acid and construction material shortages, tightening global supply
  • The U.S. Prohibiting Russian Uranium Imports Act, signed into law in May 2024, accelerated Western uranium procurement and boosted domestic producers
  • Amazon Web Services, Google, and Microsoft collectively announced nuclear energy deals in 2024 totaling several gigawatts of planned capacity

Key Companies

CCJ

Cameco Corporation

World's largest publicly traded uranium producer — primary pure-play exposure to uranium price upside

CEG

Constellation Energy

Largest U.S. nuclear fleet operator with 21 reactors; direct beneficiary of AI-driven power demand via long-term PPAs

SMR

NuScale Power

Leading small modular reactor developer; pre-revenue, high-risk exposure to next-generation nuclear deployment

LEU

Centrus Energy

Only U.S.-licensed HALEU producer; critical supplier for advanced and SMR reactor designs

UUUU

Energy Fuels Inc.

U.S.-based uranium and rare earth producer with high leverage to domestic uranium price recovery

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