Overview
As of July 2025, major Small Modular Reactor (SMR) related companies trading on NASDAQ are experiencing dramatic stock price increases, driven by surging power demand from AI data centers and the Trump administration’s pro-nuclear policies. NuScale Power (SMR), Oklo (OKLO), and Nano Nuclear Energy (NNE) are leading the next-generation nuclear market with different technological approaches and business strategies.
Stock Price Trend Analysis
Explosive Growth
The 2024-2025 performance of SMR-related stocks can be described as nothing short of explosive. NuScale Power (SMR) recorded an astounding 1,347% increase from $3.14 at the beginning of 2024 to the current $45.44. Oklo (OKLO) rose 322% from $14.83 to $62.51 since its IPO in May 2024, while Nano Nuclear Energy (NNE) showed a 441% increase since listing.
Market Volatility
All three companies exhibit extremely high volatility. SMR’s beta coefficient is 3.28, and NNE’s is 3.80, indicating risk levels more than three times higher than the market average. This reflects the speculative nature and uncertainty of the SMR market.
Market Capitalization Status
Currently, NuScale has the largest market cap at $13.5B, followed by Oklo at $9.1B and Nano Nuclear at $1.4B. This somewhat reflects each company’s technological readiness and commercialization potential.
Technology Competitiveness Comparison
NuScale Power (SMR) – Technology Leader
NuScale holds an overwhelming technological advantage as the only SMR company to receive U.S. Nuclear Regulatory Commission (NRC) design approval. The 77MWe VOYGR SMR module targets commercial operation by 2030, with 12 modules already in production.
The company recorded 870% revenue growth in Q1 2025, achieving $13.4M. This is due to the FEED Phase 2 progress of the Romania RoPower project and technology licensing revenue. Cash holdings of $521.4M ensure sufficient financial stability.
Oklo – Innovative Approach
Oklo occupies a unique position as a company invested in by OpenAI CEO Sam Altman with support from Bill Gates. The Aurora micro-reactor has 15-75MW output, smaller than conventional SMRs, and is developing innovative technology to recycle nuclear waste as fuel.
Recently, the company won a project from the U.S. Department of Defense for Eielson Air Force Base in Alaska, targeting commercial operation by 2027. However, it remains in the pre-revenue stage with no current revenue and faces uncertainty from remaining regulatory approval processes.
Nano Nuclear Energy – Portable Micro-Reactors
NNE is developing the smallest scale portable micro-reactors. ZEUS is truck-sized with 1-2MW output and features transportable container design. ODIN uses low-pressure cooling design for higher temperature operation.
Recently, the company recruited former Energy Secretary Rick Perry as chairman, expanding its political network. However, as a startup founded in 2022, it has no revenue yet and is in early development stages.
Financial Performance and Outlook
Profitability Status
Only NuScale is generating revenue, with Q1 2025 revenue of $13.4M and net loss improved by 36.8% year-over-year to $30.4M. Oklo and NNE remain in pre-revenue stages with net losses of $9.8M and $21.3M respectively.
Cash Holdings
In terms of financial stability, NuScale holds the strongest cash position at $521.4M. Oklo has $201M, while NNE hasn’t disclosed specific figures but is estimated to have a relatively smaller amount.
Analyst Evaluations and Investment Outlook
Target Prices and Ratings
Analyst evaluations are mixed. SMR has an average target price of $32 from 9 analysts, representing a 30% decline from current prices with a ‘Hold’ rating. Conversely, OKLO maintains a ‘Strong Buy’ rating with an average target price of $60 from 10 analysts.
NNE is covered by few analysts, but receives a ‘Strong Buy’ rating with an average target price of $58, suggesting 78% upside potential from current levels.
Market Concerns
Recently, BTIG downgraded NuScale from Buy to Neutral, citing “lack of visibility on order growth and excessive stock price appreciation relative to near-term fundamentals.” This reflects commercialization uncertainty in the SMR market.
Investment Risks and Opportunities
Key Investment Opportunities
- Surging AI Data Center Power Demand: Big tech companies like Google, Amazon, and Microsoft are accelerating SMR investments
- Trump Administration Policy Support: Executive orders for nuclear expansion in 2025 are expected to bring regulatory relaxation and streamlined approval processes
- Carbon Neutrality Policies: Increasing clean energy demand for global carbon neutrality goals
Major Risk Factors
- Unverified Economics: No commercial SMRs are operational yet, so actual economic viability remains unproven
- Regulatory Uncertainty: Except for NuScale, companies haven’t received NRC approval, and the approval process is lengthy and uncertain
- High Volatility: Extremely high volatility with beta coefficients of 3-4x poses rapid decline risks
- Waste Disposal Concerns: Recent studies suggest SMRs may generate 2-30 times more radioactive waste than conventional nuclear plants
Investment Strategy Recommendations
Risk-Based Portfolio Allocation
Conservative investors should focus on the technically most stable NuScale with allocation of 70% NuScale, 20% Oklo, 10% NNE. Growth investors can increase Oklo weighting with 40% NuScale, 50% Oklo, 10% NNE, while speculative investors can pursue high-risk high-return with 20% NuScale, 40% Oklo, 40% NNE.
Investment Timing
With SMR stocks currently in a correction phase after sharp rises, a dollar-cost averaging strategy is appropriate. Particularly important is timing investments around fundamental events like earnings announcements or regulatory approvals.