Which of these next-gen nuclear reactor makers has a brighter future?
Which of these next-gen nuclear reactor makers has a brighter future?
The nuclear energy market cooled off for roughly a decade after the 2011 Fukushima disaster prompted many countries to throttle or pause their nuclear projects. But the market heated up again in recent years, driven by new decarbonization initiatives, safer nuclear technologies, and the insatiable energy demands of the cloud, AI, and industrial automation markets.
Oklo (OKLO +1.95%) and X-Energy (XE +2.24%) are two new companies seeking to capitalize on the nuclear market's resurgence. Both companies develop next-gen nuclear reactors with significant advantages over conventional reactors.
Oklo went public by merging with a special purpose acquisition company (SPAC) on May 10, 2024, and started trading at $15.50. It closed at an all-time high of $174.14 on Oct. 14, 2025, but now trades at about $28. X-Energy went public via a traditional IPO at $23 on April 24, 2026, set a record high of $35.98 just three days later, but now trades at $11.
Both companies are hard to value because they haven't deployed any commercial reactors, they're racking up steep losses, and they look expensive relative to their near-term sales. Should you buy either of these volatile stocks as a long-term play on the nuclear market?
The differences between Oklo and X-Energy
Conventional nuclear reactors typically generate more than 1,000 MWe. X-Energy produces small modular reactors (SMRs), which generate 80 MWe. It typically sells its Xe-100 SMRs in groups of four, generating 320 MWe per deployment. Oklo's Aurora microreactors -- an even smaller subcategory of SMRs -- generate 15 MWe to 75 MWe per unit.
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Oklo houses its Aurora microreactors in individual "Powerhouses" that look like small A-frame chalets, and it builds additional Powerhouses to generate more power at a single site. X-Energy deploys its SMRs in a modular manner to create a single plant. Oklo plans to directly sell energy to its customers, while X-Energy plans to sell its reactors to utilities and industrial companies.
Averytin News Financial update.