Nuclear Power Is Back, But Only a Few Stocks Have Customers Signed

Nuclear power is once again in the spotlight, and big tech is turning to nuclear companies to meet its power needs. Here are some of the major deals so far, with signed contracts separated from letters of intent and other non-binding agreements.

Signed contracts:

• September 2024: Microsoft signed a 20-year agreement with Constellation Energy (NASDAQ: CEG).
• June 2025: Constellation signed a 20-year power purchase agreement with Meta Platforms for the Clinton Clean Energy Center.
• January 2026: Oklo (NYSE: OKLO) entered into a prepayment agreement with Meta.
• January 2026: Vistra (NYSE: VST) announced 20-year power purchase agreements with Meta.
• September 2026: Constellation and Amazon announced a 20-year power purchase agreement for the Calvert Cliffs Clean Energy Center.

Image source: Getty Images.

Letters of intent and other non-binding agreements:

• April 2024: Oklo signed letters of intent with Equinix and Diamondback Energy.
• December 2024: Oklo signed a master power agreement with Switch for up to 12 gigawatts, which trade press reported as non-binding.
• September
• 2025: NuScale Power's (NYSE: SMR) partner ENTRA1 and the Tennessee Valley Authority agreed to a non-binding framework, with talks continuing toward a definitive agreement.

Beyond those headlines, Cameco (NYSE: CCJ), Centrus Energy (NYSE: LEU), BWX Technologies (NYSE: BWXT), NuScale Power, and Nano Nuclear Energy (NASDAQ: NNE) also have important roles in the nuclear supply chain. The key question is which companies have signed customers, and which are still counting on future demand.

Oklo is the first test of that question.

Big-name backing helps, but Oklo's reactor has to deliver

Oklo signed a 12-gigawatt master power agreement with data center operator Switch and entered into a prepayment agreement with Meta. The company also disclosed letters of intent with Equinix, Diamondback Energy, and others.

That said, Oklo's shares have fallen about 80% over the past 12 months.

The U.S. Department of Energy approved a Nuclear Safety Design Agreement for Oklo's first Aurora powerhouse, but it still lacks a commercial nuclear reactor license. On top of that, the company faces fuel supply and execution risks.

Another company is also tapping the nuclear fuel market.

Cameco is selling into the nuclear fuel market

As of the end of 2025, Cameco had executed uranium sales contracts covering around 230 million pounds. It also announced a long-term uranium supply agreement with India's Department of Atomic Energy.

The company holds licenses from the Canadian Nuclear Safety Commission. It faces risks like mining disruptions and project delays.

A different company is targeting a potential bottleneck in nuclear deployments.

Fuel enrichment is a strategic asset for Centrus Energy

Centrus signed a contract finalizing terms for a $900 million Department of Energy award supporting high-assay low-enriched uranium (HALEU) production. The company also announced a definitive supply agreement with X-energy.

Although Centrus holds a Nuclear Regulatory Commission (NRC) license, the risk is that expanding enrichment capacity is capital-heavy while the company is exposed to government funding and execution challenges.

The next company has decades of experience delivering specialized nuclear hardware.

BWX Technologies is an established nuclear supplier

BWX announced more than $1.4 billion in contracts for the U.S. Naval Nuclear Propulsion Program.

Although the company runs licensed facilities in the U.S. and Canada, it faces risks around cost overruns and manufacturing delays.

Vistra operates nuclear plants with long-term customers

Vistra owns plants that already generate electricity. Indeed, it has announced 20-year power purchase agreements with Meta covering electricity from three nuclear plants in the PJM region.

Its six nuclear reactors are all licensed by the NRC to operate. Still, Vistra must manage risks around plant reliability and outages.

Existing reactors are attracting major buyers at Constellation Energy

Constellation has also signed a 20-year power purchase agreement with Meta.

Its existing nuclear fleet is licensed and operational. But the company must deal with risks around maintaining nuclear plants and outage planning.

Meanwhile, another company is pursuing a more advanced type of nuclear reactor.

Building advanced nuclear reactors at NuScale Power

NuScale said its strategic partner ENTRA1 was continuing discussions with the Tennessee Valley Authority toward a definitive power purchase agreement. But shares of NuScale have fallen nearly 86% over the past year.

It secured NRC approval for its small modular reactor design, but it doesn't have approval to build and operate a reactor.It also faces risks around translating its technology into customer agreements.

Early-stage Nano Nuclear Energy is still working toward licensing

Nano Nuclear reported that the NRC's review of the construction permit application for its KRONOS microreactor was ongoing. It also announced a definitive agreement to acquire nuclear fuel processing assets, including an NRC license. Nano Nuclear's stock has dropped about 68% over the past year.

The caveat is that the company doesn't have approval to build or operate a reactor. It also faces high risks of development and dilution.

The question now is which companies can turn customer commitments into real revenue.

Which nuclear stocks have signed contracts?

For now, signed customers set the leaders apart from the concept-stage names.

Cameco, Centrus Energy, BWX Technologies, Vistra, and Constellation Energy have established businesses backed by contracts or operating assets. NuScale Power is making progress on its contracts. Oklo has secured major customer commitments, but it and Nano Nuclear Energy are both still working toward licensing.

Rick Orford has positions in Amazon, Meta Platforms, and Microsoft. The Motley Fool has positions in and recommends Amazon, BWX Technologies, Cameco, Constellation Energy, Equinix, Meta Platforms, Microsoft, and Vistra. The Motley Fool has a disclosure policy.