Oklo and NuScale Shares Rebound, But Remain Far Below 52-Week Highs

Shares of nuclear micro-reactor developers Oklo Inc. (OKLO) and NuScale Power Corp. (SMR) posted significant gains on Monday, though both stocks remain deeply depressed after prolonged downturns. The rally provides a brief respite for investors in the speculative sector, which is still awaiting its first commercially operational reactors.

Despite a more than 7% jump for both companies, Oklo is trading approximately 78% below its 52-week high of $193.84, while NuScale has fallen 84% from its peak of $57.42, according to market data. The substantial declines underscore the risks associated with pre-revenue technology firms in a capital-intensive industry.

Contrasting Fundamentals and Outlook

While both companies operate in the advanced nuclear space, their market positions and analyst coverage differ significantly. Oklo, with a market capitalization of $7.23 billion, has garnered more favorable attention from Wall Street, though the most recent price targets are dated.

• Oklo (OKLO): Data from late 2025 shows price targets from firms like Canaccord Genuity ($175) and Wedbush Securities ($150). However, investors should note these targets are roughly 10 months old and may not reflect current sentiment. The company is often associated with the rising energy demand from AI data centers.
• NuScale Power (SMR): With a smaller market cap of $3.29 billion, NuScale faces more pronounced headwinds. The company's 2023 cancellation of its flagship Carbon Free Power Project damaged market confidence. Current concerns cited in market analysis include a high rate of cash burn and a valuation that appears expensive for a pre-revenue entity.

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Sector-Wide Risks and Opportunities

The performance of both stocks highlights the speculative nature of the small modular reactor (SMR) industry. Success is heavily dependent on navigating complex regulatory approvals, securing long-term contracts, and managing significant capital expenditures before generating revenue. Oklo's pursuit of a Combined License Application (COLA) with the U.S. Nuclear Regulatory Commission (NRC) is a key milestone for the company.

For investors, these stocks represent high-risk, high-reward wagers on the future of nuclear energy. NuScale's smaller size could lead to a more volatile rebound on positive news, but it also carries greater execution and dilution risk. Oklo appears to have a stronger balance sheet and a clearer narrative tied to the AI boom, but like its peers, it remains a pre-profitability venture.