If Data Centers Need Nuclear Energy Next These Stocks Matter

Energy markets are being reshaped by Middle East tensions, shifting inflation trends and changing expectations for interest rates. That is pushing many investors to look harder at sources of reliable, low carbon power. Nuclear energy sits squarely in that conversation, offering steady output that is less directly tied to oil price swings or weather patterns. The Nuclear Energy Stocks screener focuses on companies involved in uranium production, enrichment and reactor technology. This provides a focused way to research this theme. Below, you will see 3 stocks from the screener that stand out for closer review.

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Constellation Energy (CEG)

Overview: Constellation Energy is a US power producer that sells electricity, natural gas and clean energy solutions, with a large fleet of nuclear, wind, solar, gas and hydro plants totaling about 31,676 megawatts of capacity, serving everyone from large data centers and industrial customers to households and municipalities.

Operations: Constellation generates essentially all of its US$29.9b in revenue from power generation activities, with earnings linked to a mix of nuclear and other generation assets across regions including the Midwest, Mid Atlantic, New York, ERCOT and other US power markets.

Market Cap: US$90.6b

Constellation Energy is attracting attention because its large nuclear fleet sits directly in the path of growing demand for round-the-clock carbon-free power from data centers and corporates, supported by long-term contracts that can improve cash flow visibility while federal tax credits and zero-emissions incentives support margins. At the same time, investors need to weigh meaningful risks such as high debt, exposure to evolving regulation and the long asset lives of nuclear plants. Recent approvals to restart Three Mile Island and expand clean generation like Limerick and Calpine's geothermal projects show how management is working to grow capacity and diversify earnings, but the balance between opportunity and these structural risks is where the real story lies for this stock.

Constellation’s nuclear scale, long contracts and policy support can look like a ready made engine for steady cash flows, but the real edge may sit in the 4 key rewards and 2 important warning signs that many investors have not fully unpacked yet

Oklo (OKLO)

Overview: Oklo is an advanced nuclear company developing compact fission power plants called Aurora Powerhouses, designed to supply between 15 and 75 megawatts of electricity, while also working on recycling used nuclear fuel into fresh fuel for its own reactors in the United States.

Market Cap: US$10.0b

Oklo sits at the high risk, high potential end of the nuclear theme, with no revenue yet but a 14 gigawatt customer pipeline that includes data center heavyweights like Meta, a reported 1.2 gigawatt binding power agreement and prepayments from Equinix, plus a second line of business in medical and industrial isotopes via Atomic Alchemy. Federal support programs and recent regulatory milestones such as DOE and NRC progress on the Aurora reactor and fuel cycle are helping to clear a path to commercialization. However, investors still need to weigh sizeable operating losses, heavy upfront capital needs and reliance on emerging fuel markets. The opportunity lies in how all of these moving parts fit together for the company’s long term earnings potential once the first Aurora units and fuel facilities are in service.

Oklo’s 14 gigawatt pipeline and data center partnerships hint at a much bigger story, but the real swing factor sits inside the analyst forecasts for Oklo, including how those early contracts could reshape the risk profile.

GE Vernova (GEV)

Overview: GE Vernova is a global energy company that supplies equipment and services to generate, move, convert and manage electricity, spanning gas and nuclear power plants, wind turbines, grid hardware, software and storage solutions across major regions including the US, Europe, Asia, the Middle East and Africa.

Operations: GE Vernova generates most of its revenue from Power at about US$20.3b, alongside US$10.8b from Electrification and US$8.7b from Wind, with smaller eliminations and other items.

Market Cap: US$252.8b

GE Vernova sits at the intersection of AI data centers, electrification and grid upgrades, with a large installed base of gas turbines and a service backlog of around US$163.3b that supports recurring, higher margin revenue, plus strong Q1 2026 cash flow and order momentum in electrification and services. The company is also investing in grid software like GridOS and expanding in markets such as India, which ties it closely to long term electricity demand trends. However, investors still have to think carefully about issues such as the loss making Wind segment, insider selling, reliance on external funding and a relatively new board. The key consideration is how these strengths and fault lines balance over time for this stock.

GE Vernova’s service backlog and exposure to data center power make the story feel like it is just getting started, but the real tension sits inside the analyst forecasts for GE Vernova that could quietly change the script.

The three stocks here are only a starting point, with the full Nuclear Energy Stocks screener surfacing 299 more companies in nuclear fuel, enrichment and reactor operations, each with its own potential narrative. Use Simply Wall St to identify and analyze the specific catalysts that matter to you, from long term contracts and regulatory milestones to balance sheet strength, so you can focus on the highest conviction ideas in this theme.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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