Important

Core Holdings in Nuclear Energy

Nuclear Stocks

Cameco: The world’s second-largest uranium producer offers the most direct exposure to gains from nuclear fuel supplies. In May 2025, Goldman Sachs Group Inc. (GS) rated Cameco as a “buy” with a price target of $65, suggesting an 11% upside. Beyond uranium mining, the company owns a 49% stake in Westinghouse, giving investors exposure to reactor construction as well.

Constellation Energy: The largest owner of nuclear plants in the U.S. that are not rate-regulated. Unlike rate-regulated utilities, where state regulators control profits, Constellation can benefit more responsively from rising electricity prices and growing demand.

GE Vernova (GEV): As a spinoff from General Electric’s energy business, Vernova offers exposure to multiple energy technologies.

Nuclear ETFs for Diversified Exposure

Nuclear ETFs provide more diversification than single stocks:

Global X Uranium ETF (URA): With 51 holdings and $3.6 billion in assets under management, it provides ample exposure to uranium producers, nuclear component manufacturers, and service providers. Cameco is the fund’s largest position, accounting for about a quarter of its holdings.

Sprott Uranium Miners ETF (URNM): Focuses specifically on uranium mining companies, with 38 holdings and $1.7 billion in net assets. This fund targets companies dedicating at least 50% of their assets to uranium mining.

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The Small Modular Reactor Revolution

Perhaps the biggest gains are to be found in small modular reactors (SMRs). Over 80 SMR designs are in development, with key competitors including NuScale, Rolls-Royce Holdings PLC (RYCEY), and Rosatom, the Russian state nuclear energy company that controls over 40% of the global uranium market and 17% of international reactor fuel. These smaller, factory-built reactors promise faster deployment and lower costs than traditional large nuclear plants.

• NuScale Power: The only company with SMRs certified by the U.S. Nuclear Regulatory Commission (NRC), giving it a significant first-mover advantage. The company says it expects NRC certification for its higher-output 77-megawatt reactors soon, which would make them cost-competitive with coal-fired plants.
• Oklo: Backed by OpenAI’s Sam Altman, the company said it plans to bring its first reactor online by 2027.

The Half-Life of Nuclear Investments

Nuclear investing isn’t without significant risks:

• Construction and development risk: Nuclear power plants have the highest construction risk among all energy infrastructure, with average cost overruns of 102.5%. This risk extends to SMR developers, most of whom still need to show they can build and operate their technologies economically.
• Highly concentrated supply chain: Uranium production is highly concentrated in four countries, with Kazakhstan accounting for 43%, and enrichment capacities are concentrated in only four suppliers.
• Political support: Nuclear projects are subject to extensive regulatory oversight and can be vulnerable to shifting political winds.

The Bottom Line

Nuclear energy investing provides exposure to a sector seeing vast changes resulting from the increasing energy demands for AI, evolving climate policies, and technological shifts. While traditional utilities like Constellation Energy provide stable exposure to existing nuclear assets, uranium miners like Cameco offer commodity-linked returns, and SMR developers like NuScale and Oklo are the go-to options for those seeking a higher risk-reward ratio.