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What are the best nuclear energy stocks?

AlphaOS investment intelligence · Research and education only — not investment advice · Updated Sep 27, 2026

About nuclear-energy

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The leading nuclear energy stocks include Constellation Energy (CEG), Vistra Corp (VST), Cameco Corporation (CCJ), NuScale Power (SMR), and Uranium Energy Corp (UEC), spanning utilities, uranium mining, and advanced reactor development. Constellation Energy is the largest nuclear operator in the U.S., operating 21 reactors across 12 plants. Cameco is the world's largest publicly traded uranium producer, supplying roughly 15% of global uranium output. Vistra operates nuclear assets alongside a broader power portfolio. NuScale Power is a frontrunner in small modular reactor (SMR) technology. Collectively, these companies represent the full nuclear value chain — from fuel supply to power generation — and have seen significant investor interest driven by AI data center power demand and decarbonization mandates.

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Key Takeaways

  • Constellation Energy (CEG) operates the largest U.S. nuclear fleet and restarted the Three Mile Island Unit 1 reactor in 2024 under a 20-year power purchase agreement with Microsoft.
  • Vistra Corp (VST) was one of the best-performing S&P 500 stocks in 2024, gaining over 200% as power demand from AI data centers surged.
  • Cameco (CCJ) controls roughly 15% of global uranium production and benefits directly from rising uranium spot prices, which surpassed $100/lb in early 2024 for the first time since 2007.
  • NuScale Power (SMR) is a first-mover in small modular reactor commercialization, though it faces execution and regulatory timeline risks as it develops sub-300 MW reactor designs.
  • Uranium Energy Corp (UEC) and Energy Fuels (UUUU) are U.S.-focused uranium producers benefiting from domestic sourcing mandates and the 2024 U.S. ban on Russian uranium imports.
  • The global nuclear renaissance is supported by over 60 reactors currently under construction worldwide, with China, India, and South Korea leading new builds.
  • Data center operators including Microsoft, Google, and Amazon have signed nuclear power agreements in 2024, validating long-term demand for around-the-clock clean baseload power.
  • The Global X Uranium ETF (URA) and Sprott Uranium Miners ETF (URNM) offer diversified exposure to the uranium and nuclear sector for investors seeking basket exposure.

Evidence & Analysis

  • Uranium spot prices exceeded $106/lb in February 2024, the highest level since 2007, driven by supply constraints and surging utility demand for long-term contracts.
  • The U.S. enacted the Prohibiting Russian Uranium Imports Act in 2024, blocking Russian enriched uranium and accelerating demand for Western suppliers like Cameco and Uranium Energy Corp.
  • Constellation Energy's Three Mile Island Unit 1 (rebranded Crane Clean Energy Center) restarted in September 2024 under a 20-year, 835 MW PPA with Microsoft.
  • Over 60 nuclear reactors are currently under construction globally as of 2024, with total nuclear capacity additions expected to double by 2050 under IEA net-zero scenarios.
  • The U.S. Department of Energy announced $900 million in funding for advanced nuclear reactor demonstrations, supporting SMR developers including NuScale and TerraPower.
  • Vistra's stock was among the top performers in the S&P 500 in 2024, reflecting Wall Street's repricing of nuclear and clean baseload power assets amid AI-driven electricity demand.

Key Companies

CEG

Constellation Energy Corporation

Largest U.S. nuclear operator — 21 reactors, ~10% of U.S. electricity generation; signed landmark Microsoft PPA for Three Mile Island restart

VST

Vistra Corp

Integrated power company with nuclear and natural gas assets; gained 200%+ in 2024 on data center power demand thesis

CCJ

Cameco Corporation

World's largest publicly traded uranium producer; ~15% of global output; key beneficiary of uranium price rally above $100/lb

SMR

NuScale Power Corporation

Leading small modular reactor developer; first SMR design to receive NRC approval in the U.S.; high-risk, high-upside growth profile

UEC

Uranium Energy Corp

U.S.-based uranium miner benefiting from domestic sourcing policy and Russian uranium import ban enacted in 2024

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