How Oklo and Dominion Stack Up in the Nuclear Power Race

Oklo Inc. (OKLO) and Dominion Energy (D) are two very different companies. Yet, they share a meaningful common thread: both are tied to the expanding role of nuclear power in a world racing toward higher electricity demand and net-zero ambitions. OKLO represents the frontier of next-generation microreactors, built around fast-fission systems designed for data centers and industrial customers. Dominion, meanwhile, operates four large nuclear stations and is exploring future SMR deployments under a regulated utility model. Their contrasting profiles — one speculative and pre-revenue, the other steady and rate-regulated — make the comparison especially relevant at a time when energy security, clean baseload power and electrification demand are accelerating.

Both names have captured market attention, albeit for different reasons. OKLO has surged on expectations tied to AI-driven power needs and excitement around microreactor commercialization. Dominion has gained momentum through a clearer turnaround plan, improving rate-base visibility and disciplined capital allocation. Yet the fundamentals behind each story differ sharply, which raises the question investors are asking now: which stock offers a better blend of opportunity and reliability?

With that backdrop set, it’s time to examine the details more closely and see how each company stacks up.

The Case for Oklo Stock

OKLO continues to build a long-term narrative anchored in its Aurora microreactor platform. The recent binding contract with Siemens Energy marked a major milestone, giving the company a proven turbine-generator system, firm manufacturing commitments, and reduced supply-chain risk for its first Idaho National Laboratory project. This is meaningful progress, moving a crucial part of OKLO’s reactor from planning to real construction. Off-the-shelf steam-turbine technology also shortens development timelines and avoids the cost penalties of designing specialized components.

However, OKLO’s near-term story remains volatile. The company has missed earnings in three of the last four quarters, deepening concerns about execution and timeline uncertainty. The stock is also down more than 50% from its 52-week high, highlighting how quickly sentiment can reverse when expectations are not met. The company continues to operate without commercial revenues, meaning execution missteps carry amplified market impact.

The regulatory backdrop, while progressing, remains demanding. OKLO is advancing its safety case, licensing documentation and site work with the NRC, but nuclear permitting is moving slowly. Any delay — even a small one — could compound into broader schedule slippage. Investors are increasingly sensitive to such risks, especially with the company’s valuation still trading ahead of measurable financial output.

Commercial traction remains aspirational. While management cites growing interest from AI data-center operators, OKLO has yet to secure binding commercial agreements. Without contracted revenues, capital-intensive plans — including fuel-refining development — heighten dilution risk. OKLO has already raised $460 million through an equity sale and recently filed a $3.5 billion shelf registration, reinforcing that future expansion will likely require additional stock issuance.

Still, the long-term thesis remains compelling. A proven reactor, real customer adoption and successful commissioning could dramatically revalue the company. But in the near term, OKLO remains an early-stage, high-risk nuclear platform navigating multiple uncertainties at once.

The Case for Dominion Energy Stock

Dominion Energy sits at the opposite end of the risk spectrum. It already operates a major nuclear fleet supplying nearly 40% of its electricity, giving the company a stable, carbon-free foundation for long-term demand growth. Dominion is also evaluating next-generation SMRs — an important strategic step as data-center load surges across the Mid-Atlantic region. The utility’s existing nuclear assets, long-duration regulated returns and expansion plans make it a central player in the clean-energy transition.

Dominion’s turnaround is gaining traction. Management has simplified the company, reduced debt, sharpened capital discipline, and strengthened earnings visibility through regulatory alignment. Its long-term capex program — $50 billion from 2025 to 2029 — targets grid upgrades, renewables, system modernization and massive transmission investment to support hyperscaler data-center expansion. With hundreds of data centers in Virginia and rising interconnection requests, Dominion is positioned for one of the strongest structural demand runways in the utility space.

Execution on major projects has also been improving. The Coastal Virginia Offshore Wind project is over 60% complete, on schedule, on budget, and fully permitted — creating a multi-year, rate-base growth engine. Rate-case developments ahead will influence cost recovery, but the regulatory environment remains generally constructive. Dominion also maintains investment-grade credit metrics and a disciplined financing approach designed to support long-term earnings resilience.

Challenges remain. Regulatory timelines can delay cost recovery, inflation continues to pressure spending plans, and mega-project execution still carries risk. Yet Dominion’s earnings base, regulatory alignment and improving financial profile provide significantly greater stability than speculative energy equities.

Price Performance

OKLO has gained more than 300% year to date, driven largely by sentiment and long-term expectations. Dominion is up about 16%, reflecting steady progress rather than momentum trading.

Valuation Comparison

OKLO trades at an elevated 11X book value, highlighting speculative enthusiasm. Dominion trades at 1.7X, more in line with regulated-utility fundamentals.

EPS and Revenues

Dominion’s earnings visibility is clear: $3.40 EPS in 2025 and $3.60 in 2026, implying 23% and 6% growth. The company is expected to generate $16 billion in 2025 revenues.

On the other hand, OKLO remains in losses with no revenue expected in the near term.

Conclusion

Both stocks carry a Zacks Rank #3 (Hold), but their profiles differ dramatically. OKLO offers visionary long-term potential but faces execution risk, regulatory uncertainty and a lack of revenue. Dominion, supported by regulated earnings, nuclear stability, rising data-center load and large-scale infrastructure plans, is slightly better positioned at the moment. While neither is a clear near-term outperformer, Dominion’s steadier earnings path and reduced risk profile give it the advantage today.

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

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