The small modular reactor (SMR) sector is attracting increased investor attention as artificial intelligence data centers drive unprecedented demand for reliable baseload power. Two companies at the forefront of this market—NuScale Power and Oklo Inc.—represent different technological approaches and commercialization timelines, each with distinct risk-return profiles for investors.
NuScale has achieved near-term commercial momentum with a major contract from the Tennessee Valley Authority to develop up to 6 gigawatts of SMR capacity. The company reported $8.2 million in revenue during the third quarter of 2025, demonstrating early revenue generation from engineering and development services. This contract represents one of the largest public commitments to SMR deployment in the United States and provides NuScale with a defined revenue pipeline.
Oklo is pursuing an alternative technology path using advanced liquid-metal reactor designs, which the company positions as offering superior efficiency and operational characteristics. However, Oklo's commercial timeline extends to 2027-2028 before the company expects to generate meaningful revenue from power generation operations. For investors prioritizing near-term visibility and reduced execution risk, NuScale's current commercial traction and secured contracts provide a more established market entry point, despite the company's smaller market capitalization relative to certain competitors in the nuclear energy sector.