Unlock the Future of Energy and Wealth with Nuclear Power Investments
The world stands at the dawn of an energy revolution, with nuclear power at its core. After decades of stagnation, groundbreaking advancements—led by SMRs—are making nuclear energy safer, more scalable, and cost-effective.
As AI, electric vehicles, and carbon-free initiatives drive global electricity demand to new heights, the need for sustainable, reliable power has never been more urgent. Visionaries like Bill Gates, Sam Altman are already betting big on nuclear, recognizing its unmatched potential to fuel the next wave of technological breakthroughs.
Nuclear power isn’t a relic of the past—it’s the wealth-building opportunity of today. By the time it’s mainstream, the biggest gains will already be made. The atomic age is back—are you ready to seize it?
One or two years back, the general assumption was that U.S. electricity demand would remain flat or even decline. However, projections have shifted dramatically due to the rapid expansion of data centers and their soaring energy consumption. Now, electricity demand is expected to grow by approximately 6% in the coming years. While this may seem modest, it represents a significant shift from previous expectations and highlights the need for additional power generation. The challenge is that the U.S. has little excess capacity, making it crucial to rethink energy solutions. That said, these projections could change—an economic downturn might slow building data centers or advancements in specialized AI chips could improve efficiency and curb demand growth.
Amid this shifting energy landscape, investor growing focus on nuclear energy has surged. This renewed enthusiasm has fueled a wave of stock recommendations across various segments of the nuclear industry, including uranium mining, fuel production, reactor development, and SMR startups. Additionally, listed utility companies operating aging nuclear plants have also gained attention.
Given the influx of promotional pitches, summarizing the key nuclear-related stocks that have been highlighted in the last couple of years could provide valuable insights. This includes reviewing initial recommendations, analyzing their performance, and comparing their stock movements to the broader market, particularly since the introduction of ChatGPT in late 2022—a moment that marked the beginning regarding artificial intelligence-driven energy shift.
BWX Technologies is main nuclear supplier for the U.S. Navy, handling reactor construction, refueling, and maintenance for naval vessels and submarines. The company also plays a role in broader nuclear projects, including portable reactors for defense installations and Small Modular Reactor (SMR) components. BWXT has been promoted as a stable, profitable nuclear investment, first pitched by Porter Stansberry in May 2023 under various narratives (“Confidential Power Network,” “AI Keystone”). Whitney Tilson also featured it in his “Project E92” (October 2023) and “Nuclear Renaissance” (June 2024) campaigns, emphasizing its strong backlog and financial stability compared to riskier SMR startups.
Cameco (CCJ) is North America’s largest uranium miner and the world’s second-largest uranium producer, trailing only Kazakhstan’s Kazatomprom. Due to its scale and stability, Cameco is a go-to uranium investment for institutional investors. The company has weathered prolonged periods of depressed uranium prices and operational setbacks, including severe flooding at its Cigar Lake project in 2006, which took until 2011 to fully resolve. Alongside its mining operations, Cameco also manages uranium milling.
Whitney Tilson spotlighted Cameco in October 2023 under his “Project E92” proposal for the former Energy Supercycle holder wsletter . A key challenge for smaller uranium firms is competing with giants like Cameco, Kazatomprom, both of which boast vast reserves, strong profitability, and significant financial flexibility. If market conditions remain favorable, they have the capacity to scale up production—Kazatomprom, for instance, aims to increase output by up to 50% by 2025, a move that could put downward pressure regarding uranium prices.
Centrus Energy (LEU), previously called USEC, specializes in uranium fuel refinement and enrichment. It converts raw uranium into reactor fuel assemblies for nuclear reactors, serving power plant operators as its primary customers. Centrus plays a crucial role in expanding uranium fuel production, particularly in high-assay low-enriched uranium (HALEU), which is essential for some SMR designs. While certain SMRs operate on conventional low-enriched uranium (LEU), others require HALEU, making Centrus a strategic supplier. However, the company faces geopolitical risks due to its historical reliance on Russian uranium imports, which may necessitate sourcing alternatives in the future.
Centrus Energy (LEU) first gained attention as an investment opportunity in May 2024 when Adam O’Dell positioned it as way to capitalize on AI-driven trends. The following month, Alex Koyfman described it as a dominant fuel supplier with the potential for 8000% growth, and in September 2024, Ian Wyatt also highlighted it as a key nuclear investment.
Constellation Energy stands as the largest nuclear plant owner in the U.S., operating as a government-regulated power provider while also selling electricity in the bulk market. Investor interest spiked when the company announced plans to restart the TMI nuclear facility reactor, potentially supplying electricity to Microsoft. Whitney Tilson teased CEG in October 2023 under his “Project E92” pitch and again in June 2024 with his “Atomic Revival” campaign for Stansberry Resource Cycles newsletter.
Denison Mines is a company involved in uranium mining focused on restarting production at high-potential Canadian sites after past mine closures. Ian Wyatt highlighted it in September 2024 as a component of his “Oppenheimer Initiative” uranium play.
enCore Energy has recently started generating revenue from its U.S.-based ISR uranium projects but has yet to achieve profitability. Del Real first promoted it as the “next major uranium player” in January 2023 and revisited it in October 2023 in “three small uranium stocks” pitch.
Energy Fuels operates the sole traditional uranium processing facility in the U.S. and is advancing multiple ISR uranium projects, with one currently in production. Alongside Uranium Energy Co., it has benefited from the U.S. government’s push for domestic uranium production, reinforcing its strategic importance. Whitney Tilson featured Energy Fuels in his October 2023 “Project E92” pitch.
Lightbridge has evolved over the years from developing Thorium-based reactor technology to designing advanced uranium fuel rods. The company aims to secure adoption by government agencies and nuclear plant operators, with Keith Kohl positioning it as a potential monopoly on fuel for SMRs. Despite years of testing and development, it remains unclear whether any SMR developers have officially selected Lightbridge’s fuel. Kohl began tying Lightbridge’s potential to AI in June 2024, though he has been promoting the company since at least 2021, with similar discussions dating.
NuScale Power was the pioneer small modular reactora (SMR) company to list on the stock market via a merger with a special purpose acquisition company SPAC in March 2022. It remains the sole SMR firm with a design authorized by the U.S. nuclear oversight body, although other competitors are navigating a different, potentially faster approval process. The company suffered a major setback in November 2023 when its flagship Idaho project was canceled due to cost concerns from utility partners. NuScale has been teased by multiple analysts, including Whitney Tilson (“Project E92” in October 2023), Adam O’Dell (May 2024 AI pitch), and Ian Wyatt (“Oppenheimer Project” in late Summer 2024). Nomi Prins also promoted NuScale warrants (SMR/WS) March 2023, describing it as “next Exxon” chance.
Oklo became the second major SMR firm to list on the stock market via a merger with a special purpose acquisition company SPAC in early 2024, with backing from high-profile investors, including Sam Altman. The company has set an aggressive timeline, claiming it will have its first operational SMR as early as 2027—years ahead of other developers. However, Oklo has yet to resubmit its application for approval to the atomic regulatory body Safety Authority. after an initial rejection in 2022. Despite this regulatory hurdle, investor interest remains strong, fueled by preliminary agreements with potential electricity buyers and plans to construct its first reactor at Idaho Nuclear Facility, followed by two additional projects in Ohio. The stock has proven highly reactive to positive nuclear energy developments, even those unrelated to its own projects. Ian Wyatt promoted Oklo in his “Project Oppenheimer” pitch in summer 2024, while Alex Reid of Wealthpin Pro positioned it like the “Patriot Energy Network” opportunity in September last year
Rolls Royce Group is best known for manufacturing, servicing engines for commercial airplanes aircraft, a business that accounts for the majority of its revenue. Since March 2022, Karim Rahemtulla has frequently promoted Rolls-Royce stock based on its aerospace dominance. However, the company also has deep roots in nuclear reactor development and is actively pursuing SMR projects in UK. In the middle of 2023, Rahemtulla shifted the focus of his investment pitch, highlighting Rolls-Royce’s nuclear ambitions as a component of his “nuclear miracle” narrative, moving away from the annuity-like revenue model of its jet engine servicing business. Rolls-Royce has been shortlisted from UK government as a finalist for the country’s SMR initiative, though questions remain regarding funding and the timeline for construction.
Sprott Uranium Physical Trust offers one of the simplest ways to invest in uranium as a physical commodity. This closed-end investment fund purchases and accumulates uranium ore, with its valuation typically tracking the market price of its holdings. Over the years, it has featured in numerous investment newsletters, often as a top choice in teaser campaigns. Notably, Ian Wyatt suggested in September in 2024 as a component of his “Oppenheimer Initiative” series, while Adam O’Dell presented it in May 2024 as a component of his “Artificial Intelligence Energy Surge” strategy.
Uranium Energy Co. follows a unique approach in the uranium sector, prioritizing asset accumulation over production. The company has spent years acquiring past-producing and established ISR uranium developments within the U.S. but has yet to transition into full-scale production. Instead, UEC operates similarly to a “uranium bank,” positioning itself for potential future demand spikes. It has frequently highlighted in investment pitches, particularly due to the U.S. government’s push for domestic uranium production. Whitney Tilson likely featured UEC in October in 2023 as a component of “Project E92” series. In the same month, Del Real identified it as part of his selections top three uranium juniors, while Ian Wyatt included it in “Oppenheimer Project” advertising in the summer of 2024. Additionally, Marin Katusa referenced UEC in his July 2024 “Artificial Intelligence Kill Switch” proposal.
Vistra (VST) is among the most nuclear-focused power generation companies in the U.S., owning four commercial reactors alongside its regulated Texas utility and renewable energy projects. The stock first gained attention in Whitney Tilson’s October 2023 “Project E92” pitch and was later revisited in June 2024 under his “atomic revival” campaign about the Stansberry Resource Cycles newsletter.
Beyond these names, numerous other companies play a role in the nuclear sector but have received less attention from investment newsletters. Some uranium miners—such as BHP—are significant players but generate most of their revenue from other commodities. Major utility companies, including Duke Energy, Southern Company (which operates the Plant Vogtle nuclear project), NextEra Energy, and Entergy, own nuclear plants but maintain diversified energy portfolios. Meanwhile, established nuclear industry players like Hitachi, Mitsubishi Heavy, Westinghouse (Brookfield-owned), Siemens, and GE Vernova focus on reactor construction, servicing, and operations. Several smaller contractors, such as Curtiss-Wright, are positioning themselves for future nuclear growth, though nuclear-related revenue still represents a minority of their business.
For those looking for diversified exposure, multiple ETFs cater to nuclear energy investment. The VanEck Nuclear Energy ETF (NLR) covers uranium producers, broader atomic energy firms. The URA focuses more directly on uranium mining. Additionally, newer options Similar to NUKZ, along with two other ETFs centered on uranium mining: URNM and URNJ.
Now, the question is: where do you see the biggest opportunity? Will you invest in uranium prospectors and producers, bet on nuclear plant operators generating electricity, or focus on vendors, subcontractors, or emerging SMR technologies? Share your thoughts in the comments below! If you have a preferred approach to investing in nuclear energy or the broader electricity demand market, we’d love to hear it.
