Just five years ago, investing in nuclear stocks would have been similar to taking money and burning it. The nuclear trade was dead, which seemed strange since nuclear is a source of 24/7 truly clean energy.
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That all changed with artificial intelligence (AI). Specifically, the insatiable amount of energy that is required to ensure the infrastructure that makes AI models operate can keep running 24/7.
Data from Grand View Research projects the AI data center industry will grow at a compound annual growth rate (CAGR) of 28.3% through the end of this decade. That means that investing in nuclear stocks is a trade that’s in the early stages.
Already, consumers in the areas where these AI data centers have been built are noticing a spike in their electric bill. That only adds to the urgency for an ample supply of nuclear energy.
Here are three nuclear stocks that give patient, risk-tolerant investors the opportunity for sizable gains.
Nuclear Stocks #1: A Bellwether That Faces Commodity Risks
Cameco Corp. (NYSE: CCJ) is one of the world’s largest uranium miners. That explains why it’s a logical choice among nuclear stocks, and why the stock is up 66% in 2025. If there’s going to be a nuclear power revival, companies like Cameco will be leading that charge.
The story behind Cameco’s bullish run is similar to that of gold, but different. It’s similar in that both are moving higher on a demand narrative. The difference is that in the case of uranium, the price of uranium hit a peak in 2024, and it’s been moving lower since.
The bull case for CCJ stock
Cameco and Brookfield Asset Management (NYSE: BAM) recently announced a partnership with the U.S. government to facilitate the buildout of new Westinghouse nuclear reactors. The deal has a value of at least $80 billion. The benefit to Cameco is that the partnership provides a revenue stream that’s not tied to its core mining business, which is intrinsically linked to the price of uranium.
Why the thesis could be wrong?
Nuclear energy isn’t the only “clean energy” solution for powering data centers. For example, natural gas is a realistic competitor with a plentiful supply right now. The nuclear infrastructure still has to be built. If hyperscalers and data center operators give any indication of moving away from nuclear power, the price of uranium and CCJ stock could suffer.
Nuclear Stocks #2: The Speculative Play with Potentially Explosive Upside
Oklo Inc. (NASDAQ: OKLO) has been one of the hottest nuclear stocks in 2025. OKLO stock is up over 360% year-to-date as of this writing. The California-based company is in the early stages of developing advanced nuclear microreactors. Oklo focuses on small modular reactor (SMR) technology that could offer a low-footprint alternative to traditional large nuclear plants.
This is an example of a stock getting ahead of a story. The SMR industry is real, but it’s only projected to grow at a CARG of around 3%. That’s significant because Oklo is not profitable and generates no revenue as of November 2025.
The bull case for OKLO stock
The company is getting closer to commercialization due to favorable changes in the U.S. Department of Energy that has accelerated the licensing process. Oklo was selected for three such projects. If all goes well, Oklo could generate revenue sometime in 2026.
Why the thesis could be wrong?
In this case, the risk is similar ot the bull case. Even under a favorable administration, regulatory approval for nuclear power plants, particularly first-of-their-kind nuclear plants, is likely to move more slowly than expected.
Any delay could push the company’s timeline for revenue generation. While the company has approximately $1.2 billion in cash after a recent $540 million ATM offering, any delay in revenue may result in the need to raise more cash at shareholders’ expense.
Nuclear Stocks #3: The Goldilocks Pick for Many Investors
The opportunity in nuclear stocks is real, but even the largest stocks in the sector carry outsized risk. That makes a case for owning an exchange-traded fund (ETF) like the Global X Uranium ETF (NYSEARCA: URA).
The fund gives investors exposure to both of the nuclear stocks listed above. In fact, Cameco and Oklo are the fund’s two largest holdings by weight. The URA fund is up 67% year-to-date as of this writing.
The bull case for URA
Investors get diversification across the uranium industry’s entire value chain. The industry has supply and demand tailwinds, and you’re getting exposure to all of it.
Why the thesis could be wrong?
There’s a saying that every fund comes with trash along with treasure. The nuclear sector carries significant risks that may impact different companies in different ways. Investors looking for aggressive growth may find better alternatives in one or more individual nuclear stocks.
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