According to Reuters, utilities across the U.S. are now projecting electricity sales growth far beyond what analysts expected just months ago. 

Data centers are a key driver of nuclear energy demand. In fact, nine of the top ten U.S. electric utilities have identified data centers as a primary source of customer growth, forcing them to revise both capital expenditure plans and long-term demand forecasts upward. 

Big Tech is Going Nuclear

Meta Platforms (NASDAQ: META) made a decisive move to meet nuclear energy demand. The company recently announced agreements to secure approximately 6.6 gigawatts of nuclear power capacity by 2035 to support its growing network of AI-driven data centers. One of those agreements involves Vistra Energy, which will supply electricity from three existing nuclear power plants.

Meta’s strategy reflects a broader reality: renewable sources like solar and wind, while essential, can’t always provide the consistent, around-the-clock power that AI infrastructure requires. Nuclear energy, on the other hand, offers reliability, scalability, and zero-carbon output—making it uniquely suited for this new era of demand.

Meta isn’t stopping there. It’s also partnering with Oklo to help develop a 1.2-gigawatt power campus in Ohio. The agreement includes a mechanism for Meta to prepay for energy, helping fund development and accelerate the deployment of Oklo’s next-generation nuclear technology.

Why Nuclear Energy is Back in Focus

For years, nuclear energy was largely sidelined due to high costs, regulatory hurdles, and public perception concerns. But the AI boom is changing that narrative.

Today, nuclear checks several critical boxes:

• Reliability: Unlike intermittent renewables, nuclear provides consistent baseload power
• Scalability: New reactor designs promise faster and more flexible deployment
• Clean Energy Goals: Nuclear produces virtually no carbon emissions
• Energy Security: Domestic nuclear power reduces reliance on foreign energy sources

As governments and companies race to secure stable power for AI, nuclear power is quickly becoming a priority.

How Investors Can Gain Exposure

For investors looking to capitalize on this trend, exchange-traded funds (ETFs) offer a diversified and accessible entry point into the nuclear energy space.

Global X Uranium ETF (URA)

The Global X Uranium ETF, with an expense ratio of 0.69%, provides broad exposure to companies involved in uranium mining and nuclear component production. Its portfolio includes around 50 holdings across the nuclear supply chain—from extraction and refining to equipment manufacturing. Top holdings include major industry players like Cameco (NYSE: CCJ), NexGen Energy (NYSE: NXE), Uranium Energy Corp. (NYSEAMERICAN: UEC), Paladin Energy (OTCMKTS: PALAF), Denison Mine (NYSEAMERICAN: DNN), and NuScale Power (NYSE: SMR).

VanEck Uranium and Nuclear ETF (URNM)

Another strong option is the VanEck Uranium and Nuclear ETF, which carries a slightly lower expense ratio of 0.56%. This ETF tracks an index focused on companies involved in uranium mining, nuclear facility construction, reactor engineering, and nuclear-based electricity generation. Its holdings include Cameco, Constellation Energy (NASDAQ: CEG), Oklo (NYSE: OKLO), Denison Mines, Uranium Energy Corp, and PG&E (NYSE: PCG).

The Bottom Line

In short, what we’re witnessing these days is the early stage of a major shift in how power is generated, distributed, and consumed. As hyperscalers like Meta lock in nuclear supply and utilities scramble to meet growing demand, we’re seeing a multi-year growth opportunity.

As the world leans further into AI and electrification, invest in nuclear energy with well-diversified, lower-cost exchange-traded funds.

For investors, this isn’t just a political headline trade. It’s a structural supply-and-demand setup that could support higher uranium prices and stronger equity performance across the mining and nuclear fuel value chain.

Three Major Catalysts Are Aligning for Uranium Stocks

Uranium stocks could benefit from three key catalysts, all of which are gaining momentum in early 2026.

First, the Trump Administration has expanded its critical minerals list to include uranium. This move is designed to strengthen domestic supply chains and reduce reliance on foreign, and often geopolitically unstable, sources of nuclear fuel. The United States currently imports the majority of the uranium it consumes, with meaningful exposure to countries such as Russia, Kazakhstan, and Uzbekistan.

By designating uranium as a critical mineral, the administration is signaling that domestic mining, processing, and enrichment capacity is now a national priority. That opens the door to faster permitting, government incentives, long-term purchasing agreements, and increased investment across the sector. Historically, when Washington designates a resource as “critical,” capital tends to follow.

Second, President Trump has publicly embraced nuclear power as a cornerstone of U.S. energy policy. During his recent speech at the World Economic Forum in Davos, Trump delivered some of his strongest remarks yet in favor of nuclear energy.

“I’ve signed an order directing and approval of many new nuclear reactors. We’re going heavy into nuclear,” Trump said. ” I was not a big fan, because I didn’t like the risk, the danger, but…the progress they’ve made with nuclear is unbelievable, and the safety progress they’ve made is incredible. We’re very much into the world of nuclear energy…”

That shift matters. Nuclear power had long been politically controversial, but sentiment has changed dramatically as energy security, grid reliability, and decarbonization have moved to the forefront. A pro-nuclear White House increases the odds of reactor approvals, life-extension programs for existing plants, and investment in next-generation reactor designs such as small modular reactors (SMRs).

Third, artificial intelligence is driving a surge in energy demand that renewables alone cannot meet. AI-driven data centers require massive, always-on power. Solar and wind are intermittent by nature, while natural gas faces emissions pressure and infrastructure constraints. Nuclear, by contrast, offers reliable baseload power with zero carbon emissions.

Major tech companies are increasingly turning to nuclear energy to fuel their AI ambitions. Meta Platforms (NASDAQ: META) recently announced plans to use nuclear power to run its AI data centers, partnering with Vistra (NYSE: VST), TerraPower, and Oklo Inc. (NYSE: OKLO). Those projects are expected to add roughly 6.6 gigawatts of power by 2035. Meta also signed a 20-year agreement last year with Constellation Energy (NASDAQ: CEG) to purchase nuclear power, underscoring the long-term commitment.

This trend isn’t limited to Meta. Across the tech sector, nuclear power is emerging as one of the few scalable solutions capable of supporting the next wave of AI infrastructure.

A Tight Uranium Market Adds Fuel to the Fire

These demand-side catalysts are arriving at a time when the uranium market is already structurally tight. Years of underinvestment following the Fukushima disaster left global supply constrained just as reactor restarts, new builds, and life extensions picked up pace. Bringing new uranium mines online is capital-intensive, heavily regulated, and time-consuming, which limits how quickly supply can respond to rising demand.

As a result, uranium prices tend to move in sharp cycles when demand accelerates. That dynamic can create outsized gains for well-positioned miners and uranium-focused investment vehicles.

ETFs Offer Diversified Exposure to the Theme

While investors can buy individual uranium stocks such as Cameco Corp. (NYSE: CCJ), one of the most efficient ways to gain exposure is through exchange-traded funds (ETFs). ETFs help diversify single-asset and geopolitical risk while still capturing upside from higher uranium prices.

Global X Uranium ETF (URA)

With an expense ratio of 0.69%, the Global X Uranium ETF (NYSEARCA: URA) provides broad exposure to companies involved in uranium mining, exploration, refining, and nuclear component manufacturing. The fund holds roughly 50 uranium-related stocks, offering diversification across geographies and business models.

Top holdings include Cameco Corp., NexGen Energy (NYSE: NXE), Uranium Energy Corp. (NYSEAMERICAN: UEC), Paladin Energy (OTCMKTS: PALAF), Denison Mine (NYSEAMERICAN: DNN), and NuScale Power (NYSE: SMR). After a period of consolidation, URA appears oversold relative to the improving fundamentals, which could make it attractive to investors looking to position ahead of renewed momentum.

Sprott Uranium Miners (URNM)

With an expense ratio of 0.75%, the Sprott Uranium Miners ETF (NYSEARCA: URNM) offers a more concentrated and leveraged play on uranium prices. The fund invests primarily in uranium miners but also holds physical uranium, giving investors direct exposure to the commodity itself.

Top holdings include Cameco Corp., Paladin Energy, Denison Mines, Uranium Energy Corp., Deep Yellow Ltd., Yellow Cake PLC, and Ur-Energy. For investors who are bullish on uranium prices and comfortable with higher volatility, URNM provides a more aggressive way to express that view.

Bottom Line for Investors

Between policy support, rising AI-driven energy demand, and a structurally tight supply market, uranium is re-emerging as one of the most compelling long-term energy investment themes. President Trump’s renewed push for nuclear power could act as an accelerant, drawing fresh capital into the space and reshaping how the market values uranium stocks.

For investors willing to tolerate volatility, uranium ETFs like URA and URNM offer diversified exposure to a sector that may be entering the early stages of its next major upcycle.

Just last week, Meta Platforms Inc. (NASDAQ: META) unveiled AI power deals to secure roughly 6.6 gigawatts (GW) of nuclear power by 2035 for its data center expansion. One of those deals was with Vistra (NYSE: VST), which will provide electricity from three existing nuclear plants.

Meta is also partnering with Oklo Inc. (NYSE: OKLO) to develop small modular reactors (SMRs) in Ohio capable of delivering up to 1.2 GW starting in 2030. In addition, the company is funding TerraPower’s advanced reactor projects, expected to generate up to 690 megawatts by 2032.

According to Meta’s Head of Global Energy Urvi Parekh, nuclear power offers “clean, reliable power that is essential for advancing our AI ambitions.” The message is clear: hyperscalers need always-on, carbon-free baseload energy, and nuclear fits the bill better than intermittent renewables.

But while Vistra, Oklo, and TerraPower have grabbed headlines, another nuclear stock could be positioned to land a major AI power deal of its own—NuScale Power (NYSE: SMR).

AI’s Power Problem Is Becoming Nuclear’s Opportunity

AI models, especially large language models (LLMs)and next-generation inference systems, require enormous and continuous computing power. A single hyperscale data center can consume hundreds of megawatts, and AI clusters often demand even more. Unlike traditional cloud workloads, AI cannot tolerate downtime or power volatility, making energy reliability as important as cost.

This is where nuclear energy stands apart. Unlike wind and solar, nuclear provides 24/7 baseload power with near-zero carbon emissions. For technology companies under pressure to meet sustainability goals while scaling AI, nuclear energy offers a rare combination of environmental compliance and operational certainty.

The result is a new wave of long-term power purchase agreements (PPAs) between tech companies and nuclear providers. Meta’s deals are only the most visible examples. Other hyperscalers and enterprise AI developers are reportedly exploring similar arrangements, recognizing that future growth depends on securing dedicated power infrastructure today.

Small modular reactors, in particular, are gaining attention. SMRs are designed to be factory-built, scalable, and faster to deploy than traditional nuclear plants. For data centers that need incremental power capacity over time, SMRs provide flexibility that large reactors cannot. This trend directly benefits companies that already have certified SMR designs ready to deploy.

Why NuScale Is Uniquely Positioned

NuScale Power is the only company in the world with U.S. Nuclear Regulatory Commission (NRC) standard design approval for multiple SMR configurations. In 2023, the company received NRC approval for its 50-megawatt-electric module, and in May 2025, it secured approval for its uprated 77-megawatt-electric version. These regulatory milestones are critical because they dramatically shorten project timelines and reduce licensing risk for customers.

For large technology companies looking to build out AI infrastructure quickly, regulatory certainty is just as important as engineering capability. NuScale’s approvals give it a meaningful first-mover advantage. Instead of waiting years for reactor designs to clear the regulatory process, potential partners can move directly into site planning, financing, and construction.

From a business model perspective, NuScale’s modular approach also aligns well with data center growth. Rather than committing to massive, multi-gigawatt facilities upfront, companies can add capacity in phases by deploying additional modules as computing demand increases. That flexibility makes NuScale an attractive candidate for long-term AI power partnerships.

Wall Street is starting to take notice. Bank of America recently upgraded the stock from Underperform to Neutral and set a $28 price target. According to the firm, the stock’s sharp pullback from previous highs has reset expectations, while the long-term demand outlook for SMRs remains intact. With shares recently trading near $20.75, BofA’s target implies over 40% upside.

What an AI Power Deal Could Mean for SMR Stock

An AI power deal, similar to Meta’s deals with Vistra, Oklo, or TerraPower, would be a potential inflection point for NuScale. Such a deal would provide three key benefits: validation, visibility, and financing leverage.

First, it would validate NuScale’s technology at a commercial scale. While the company has long touted its regulatory achievements, investors want to see large, creditworthy customers commit capital to real-world projects. A partnership with a major tech company would do exactly that.

Second, it would improve revenue visibility. Long-term PPAs or development agreements typically span decades, offering predictable cash flow once reactors are operational. That kind of contract structure could shift investor perception of NuScale from a speculative technology play to a long-duration infrastructure investment.

Third, a marquee customer could help unlock project financing. Nuclear projects are capital-intensive, and lenders prefer deals backed by strong counterparties. A hyperscaler with an investment-grade balance sheet would make it far easier for NuScale and its partners to secure funding on favorable terms.

From a trading perspective, SMR stock has already shown it can move quickly on news. Shares have experienced significant volatility over the past two years as investor sentiment toward nuclear energy has swung between optimism and skepticism. A confirmed AI power agreement could reignite momentum and push the stock back toward prior highs. From current levels near $20, a move toward $35 over time would not be unrealistic if the company demonstrates tangible progress in landing large-scale customers.

Conclusion: A High-Risk, High-Reward AI Power Deal Play

NuScale Power is not a conservative utility stock. It is a growth-stage nuclear technology company operating in a capital-intensive, heavily regulated industry. That makes SMR a higher-risk investment than established power producers. However, the upside potential is equally significant.

The surge in AI-driven electricity demand is reshaping how tech companies think about energy procurement. Nuclear power—particularly small modular reactors—has moved from a niche concept to a strategic necessity. With unmatched regulatory approvals and a modular design tailored to scalable infrastructure, NuScale is well-positioned to benefit from this shift.

If NuScale secures a major AI power deal similar to those recently announced by Meta, it could mark a turning point for the company and its stock. For investors seeking exposure to the intersection of AI growth and next-generation energy, SMR represents a speculative but potentially powerful opportunity.