Nuclear Power Companies Show Divergent Backlogs Amid Rising Demand
Oklo, NuScale Power, and GE Vernova are navigating the growing nuclear demand landscape with differing success. Oklo (NYSE: OKLO) boasts a customer pipeline of 14 gigawatts, primarily from non-binding agreements, including a significant 12-gigawatt deal with Switch. The company is actively converting preliminary agreements into binding contracts, but as of now, the lack of signed deals limits immediate revenue potential.
NuScale (NYSE: SMR) has made notable advancements in regulatory and engineering aspects, such as its Romania project and discussions with TVA, but its agreements remain largely non-binding. The company’s backlog is minimal, with its reactors not expected to be deployable until the early 2030s, falling short of the urgent power needs presented by AI data centers.
In contrast, GE Vernova (NYSE: GEV) leads with a substantial backlog of $176.3 billion in contracted business, largely from its Gas Power division, which holds an equipment backlog of 116 gigawatts. This positions GE Vernova as the dominant player in the sector, offering stable revenues not solely dependent on nuclear development.
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