European Interest in Small Modular Reactors Puts NuScale and Oklo in the Spotlight

Momentum is building behind small modular reactors in Europe, and two U.S.-listed companies working on the technology — NuScale Power and Oklo — are among those watching developments closely.

SMRs are compact nuclear plants designed to be assembled more quickly than large conventional reactors. Although their cost per megawatt tends to run higher, the upfront capital commitment is often far smaller, and their modular construction allows for faster deployment. The concept has existed for decades, but only two SMR systems have been commercialized to date, one in Russia and one in China, both with relatively modest generating capacity.

What has changed is demand. The rapid expansion of AI data center infrastructure is driving a search for large volumes of reliable baseload electricity, and nuclear power — with long refueling cycles and steady output — fits that profile. For utilities and governments weighing timelines as much as price, the faster build cycles of smaller reactors have added appeal.

NuScale Power offers the NuScale Power Module, a light water reactor designed to generate 77 megawatts of electricity, along with design and regulatory licensing support. The company’s shares were trading at $9.70, down 0.72% from a prior close of $9.77, giving it a market capitalization of roughly $2.98 billion. NuScale is classified in the industrials sector under specialty industrial machinery.

Oklo is developing the Aurora Powerhouse, a fast fission plant designed to produce between 15 and 75 megawatts, and is also commercializing nuclear fuel recycling and related fuel services. Its stock traded at $41.27, up 3.33% from a previous close of $39.94, with a market capitalization near $6.76 billion. Oklo falls in the utilities sector as an independent power producer.

The two companies take different approaches: NuScale pursues a light water design with licensing groundwork already established, while Oklo is building a customer-facing power generation model around smaller fast reactors. Both could find opportunity if European governments move from policy support toward procurement, since international interest broadens the addressable market beyond U.S. utilities.

Challenges remain significant. Regulatory approval timelines, supply chain build-out, and financing for first-of-a-kind projects all continue to shape how quickly SMR deployments can move from design to construction.

What to watch

• European policy announcements and funding commitments related to SMR deployment.
• NuScale’s regulatory progress and any customer orders for its 77 MWe module.
• Oklo’s progress on licensing and commercial agreements for the Aurora Powerhouse.
• Upcoming earnings reports from both companies for updates on timelines and contracts.

Source: original release