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Public Next-Gen Nuclear Stock Performance Tracker

When the Trump administration arrived in January 2025 it made expanding U.S. nuclear power a major item on its “energy dominance” agenda. It now has identified 8 Big Wins in its first year, including “Unleashing American-Made SMRs” and forging ahead with advanced reactors. There are a significant number of these types of next-generation reactors under development. Many are still in the design phase but a number of them have MOUs with the nation’s major technology companies to power data centers. Some of these new reactors may be tested on federal land and potentially operated on military bases. All require future licensing for commercial operation, and only NuScale’s Power Module has received design approval.
 
Many of the next-gen reactor companies are privately held, but a few are publicly traded. These graphs provide an overview of how three publicly traded SMR and advanced reactor companies, NANO Nuclear, Oklo, and NuScale, performed in the stock market in 2025. A significant climb in value occurred between the announcement of the Trump nuclear energy Executive Orders in late May 2025 and the announcement of the Department of Defense’s Janus program in mid-October. All three companies hit their lowest stock price for the year in April and their highest price on October 15 or 16. Since then, the values have significantly cooled. But ending this week, all remain above the January 2025 level.

Ken Luongo, President, Partnership for Global Security

Cate Donovan, Della Ratta Fellow, Partnership for Global Security

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