Nuclear stocks rise as AI drives long-term power demand

AI-driven growth in electricity use has led technology firms and nuclear companies to sign long-term power contracts and accelerate reactor projects. Investors and analysts point to multidecade power purchase agreements and rising uranium and reactor activity across the value chain.

Constellation Energy signed a 20-year power purchase agreement with Microsoft in 2024 to restart the Three Mile Island facility, renamed Crane Clean Energy Center, to supply more than 800 megawatts of carbon-free power into the PJM grid. The company later secured a separate 20-year PPA with Meta, extended operating licenses for its Illinois reactors through 2047 and beyond, and completed a $26.6 billion acquisition of Calpine. Federal waivers have shortened regulatory timelines for the Three Mile Island restart, which is targeted to return to service in 2027. TipRanks data show 16 of 18 analysts rate Constellation as a buy, with an average price target implying about 34% upside.

Cameco holds more than 433 million pounds of proven and probable uranium reserves and controls a near-49% stake in Westinghouse Electric, giving it exposure to reactor services and sales of the AP1000 design, which has projects in Poland and Bulgaria. Westinghouse is also developing the AP300 small modular reactor. 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 planned investment of at least $80 billion. Nine of 11 analysts tracked by TipRanks recommend buying Cameco, with an average price target implying roughly 19% upside.

Vistra, which operates nuclear, natural gas and energy storage assets, announced 20-year PPAs with Meta in January 2026 that support three nuclear plants and enable additional nuclear capacity in the PJM region. The company is concentrating on expanding existing zero-carbon generation rather than pursuing large acquisitions. TipRanks shows all 13 analysts covering Vistra rate the stock a buy, with a consensus target implying about 37% upside.

Smaller developers are advancing modular and recycled-fuel designs aimed at data center and industrial customers. Oklo began construction on its Aurora plant at the Idaho National Laboratory in September 2025 and received a Preliminary Documented Safety Analysis approval from the U.S. Department of Energy in March 2026. In January 2026 Meta provided upfront funding tied to a planned 1.2-gigawatt nuclear campus in Pike County, Ohio, where early-stage work is under way. Oklo reports an order book exceeding 14 gigawatts and has agreements with operators including Switch, Equinix and Prometheus Hyperscale. Nine of 15 analysts tracked by TipRanks rate Oklo a buy, with average targets implying about 53% upside.

Nano Nuclear Energy is developing the KRONOS 15 MWe micro-modular reactor and drew initial coverage from Roth Capital Partners with a buy rating and a $45 price target. Analyst Craig Irwin wrote that company progress on the KRONOS design and potential pre-orders from hyperscale operators are near-term catalysts. Global electricity demand rose by 849 terawatt-hours in 2025, according to IEA data cited by market participants.

Projects remain subject to regulatory approvals, construction and financing risks. Timelines for commercial operation vary by project, with some restarts and builds aiming for the late 2020s and others extending into the next decade.