The surging electricity demand from artificial intelligence is reshaping the investment landscape for nuclear energy. As hyperscale data centers seek reliable, carbon-free baseload power, several companies across the nuclear value chain are positioned to benefit from long-term agreements and regulatory tailwinds.
While nuclear projects historically face lengthy development timelines due to regulatory and construction hurdles, analysts argue this structural friction creates durable competitive advantages for established operators and developers. The following stocks are gaining attention as AI power demand accelerates.
Constellation Energy (CEG)
Constellation Energy, the largest nuclear fleet operator in the U.S., has expanded its role through landmark long-term agreements with tech giants. In 2024, it signed a 20-year power purchase agreement (PPA) with Microsoft to restart the Three Mile Island facility, now rebranded as the Crane Clean Energy Center, delivering over 800 megawatts of carbon-free power to Microsoft's data centers in the PJM region. This deal is seen as a template for nuclear supply agreements with hyperscalers.
Since then, Constellation has also inked a 20-year PPA with Meta Platforms, extended operating licenses for its Illinois fleet through 2047, and completed its $26.6 billion acquisition of Calpine, making it the largest U.S. power producer. Three Mile Island is expected to return to service in 2027, with federal waivers supporting earlier-than-expected approvals. TipRanks data shows 16 of 18 analysts rate CEG a buy, with an average price target of $369.56, implying 34% upside.
Cameco (CCJ)
Cameco is a key uranium supplier with over 433 million pounds of proven and probable reserves and a 49% stake in Westinghouse Electric, which manufactures the AP1000 reactor design deployed in Poland and Bulgaria. Westinghouse is also advancing its AP300 small modular reactor (SMR) for industrial and defense applications.
In 2025, Cameco and Brookfield signed a binding term sheet with the U.S. Department of Commerce to accelerate global reactor deployment through Westinghouse, with an aggregate investment value of at least $80 billion. The U.S. government is now an active partner in scaling production. Nine of 11 analysts rate CCJ a buy, with a $127.04 average price target, indicating 19% upside.
Vistra (VST)
Vistra operates a diversified energy portfolio and is building long-term nuclear PPAs, particularly in the PJM region. In January 2026, Vistra and Meta announced 20-year PPAs supporting three nuclear plants while expanding new nuclear capacity. The company's strategy focuses on scaling existing nuclear assets rather than large acquisitions, capitalizing on the growing value of firm, dispatchable, carbon-free power. All 13 analysts covering VST rate it a buy, with a target price of $225.25, implying 37% upside.
Oklo (OKLO)
Oklo is a higher-risk, early-stage nuclear developer focused on SMRs and recycled fuel technology. Its Aurora powerhouse, designed to run on recycled nuclear fuel, broke ground at Idaho National Laboratory in September 2025. In March 2026, it received Preliminary Documented Safety Analysis approval from the U.S. Department of Energy, a key regulatory milestone.
In January 2026, Meta signed an agreement with Oklo to develop a 1.2 gigawatt nuclear campus in Ohio, with upfront funding for early development. Oklo also has a 12 gigawatt master power agreement with Switch and pre-agreements with Equinix and Prometheus Hyperscale, totaling an order book exceeding 14 gigawatts. Nine of 15 analysts rate OKLO a buy, with a $93.92 price target, indicating 53% upside.
Nano Nuclear Energy (NNE)
Nano Nuclear Energy is drawing attention as interest in micro-modular reactors grows amid AI-driven electricity demand. Roth Capital Partners initiated coverage with a buy rating and a $45 price target, implying about 60% upside. Analyst Craig Irwin highlighted progress on the company's KRONOS micro-modular reactor, noting that "the opportunity for SMR reactors will likely be very large … and demand is accelerating." Potential advance orders from hyperscalers are seen as a catalyst.
For broader context on AI-driven demand, see our coverage of Seagate's surge on AI storage demand and Micron's gains on AI memory demand.
This article is for informational purposes only and does not constitute financial advice.
