SMR vs. OKLO: Which Small Modular Reactor Stock Has an Edge Now?

NuScale Power SMR and OKLO OKLO are major players in the small modular reactor sector of the nuclear energy industry to provide cleaner, more efficient, and scalable nuclear energy solutions.

While NuScale Power focuses on developing small modular reactors (SMRs) for large-scale energy deployments, Oklo focuses on developing next-generation fission powerhouses and compact fast reactors that can recycle used nuclear fuel.

Per Fortune Business Insight report, the global SMR market was valued at $5.81 billion in 2024 and is projected to reach $8.37 billion by 2032, expanding at a CAGR of 4.98% from 2025 to 2032. Both Nuscale Power and OKLO are likely to gain from the massive growth opportunity, as their technologies are poised to play a key role in meeting the rising global demand for safe, reliable, and carbon-free nuclear energy.

So, SMR or OKLO — Which of these Small Modular Reactor stocks has the greater upside potential? Let’s find out.

The Case for SMR Stock

NuScale Power is benefiting from the advancements in Small Modular Reactor technology. The company’s expanding partner base, which includes tech giants and financial institutions, positions the company as a key player in the future of sustainable, carbon-free energy.

Its expanding SMR portfolio has been a key catalyst. In the second quarter of 2025, the company received its second U.S. Nuclear Regulatory Commission approval for its 77-megawatt design, which strengthened its competitive position and increased customer interest in the SMR space.

The company also made significant strides in the manufacturing and commercialization of its SMR technology, including progress with key partners like Doosan Interability and ENTRA1 Energy, which further solidified its position in the market.

The Case for OKLO

Oklo is expanding its footprint in the SMR space through its robust portfolio and forming strategic partnerships with entities like Korea Hydro and Nuclear Power and Vertiv.

Building on this momentum, in May 2025, OKLO signed a memorandum of understanding with Korea Hydro & Nuclear Power to collaborate on the development and global deployment of its advanced nuclear technology. This partnership aims to jointly advance the design and verification of Oklo’s Aurora powerhouse and cooperate on early project development efforts. This collaboration is expected to strengthen OKLO’s position in the global nuclear energy market.

Further expanding its footprint, Oklo recently announced a memorandum of understanding (MOU) with ABB and the commissioning of a digital monitoring room at its Santa Clara headquarters. The ABB-equipped room will serve as a hub for operator training, simulation, and licensing preparation, supporting Oklo’s strategy for fleetwide deployment of its automated Aurora powerhouses.

Price Performance and Valuation of SMR and OKLO

In the year-to-date period, NuScale Power’s shares have appreciated 100.9% and Oklo’s shares have soared 250.1%. The outperformance of Oklo can be attributed to strong federal policy support, streamlined licensing, resilient fuel strategies, and growing demand from defense, data centers, and industrial customers.

NuScale Power benefits from advancements in SMR technology and its growing partnerships with tech giants and financial institutions. However, it suffers from a highly competitive energy market, which includes the growing presence of renewable energy sources and regulatory hurdles.

SMR and OKLO Stock Performance

Valuation-wise, SMR and OKLO shares are currently overvalued as suggested by a Value Score of F and C, respectively.

In terms of trailing 12-month Price/Book, SMR shares are trading at 20.56X, higher than OKLO’s 14.89X.

SMR and OKLO Valuation

How Do Earnings Estimates Compare for SMR & OKLO?

For 2025, the Zacks Consensus Estimate for loss is pegged at 46 cents per share, which has increased by a penny over the past 30 days. NuScale Power reported earnings of 42 cents per share in the year-ago quarter.

NuScale Power Corporation Price and Consensus

NuScale Power Corporation price-consensus-chart | NuScale Power Corporation Quote

For 2025, the Zacks Consensus Estimate for loss is pegged at 50 cents per share, which has remained unchanged over the past 30 days. OKLO reported a loss of 74 cents per share in the year-ago quarter.

Oklo Inc. Price and Consensus

Oklo Inc. price-consensus-chart | Oklo Inc. Quote

Conclusion

While both NuScale and Oklo stand to benefit from SMR market growth, NuScale Power stands out with its regulatory approvals, diversified applications, and strong industry partnerships, making it the stronger bet now.

Despite Oklo’s expanding portfolio and robust partnership, one key concern for investors is that Oklo has not yet started generating revenues, as its first Aurora powerhouse is expected to go live in 2027. This means limited income in the near future. At the same time, the company continues to face high operating costs as it works to develop its reactors, which might put pressure on its bottom-line performance in the near term.

Currently, NuScale Power carries a Zacks Rank #3 (Hold), making the stock a stronger pick than Oklo, which has a Zacks Rank #4 (Sell). 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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