Oklo, Constellation Energy, Vistra, and Cameco are positioned as leaders in the AI-driven nuclear power boom through 2027 and beyond. Oklo, a pre-revenue small modular reactor developer, has agreements including a 1.2-gigawatt system for Meta Platforms in Ohio and recently acquired radioisotope producer Atomic Alchemy, though it still requires Nuclear Regulatory Commission approval and significant revenue is not expected until late 2027 or 2028. Constellation Energy, the largest U.S. nuclear operator, has long-term power purchase agreements with Meta and Microsoft and completed its $26.6 billion acquisition of Calpine, doubling its footprint to approximately 55 gigawatts. Vistra, which operates nuclear, natural gas, and retail electricity, posted 30% growth in Ongoing Operations Adjusted EBITDA in its second quarter and plans to acquire Cogentrix by year-end after receiving Federal Energy Regulatory Commission approval. Cameco, the second-largest uranium miner with long-term contracts to deliver about 230 million pounds through 2030 and a 49% stake in Westinghouse, missed expectations in its most recent quarter but remains fundamentally strong.
