NuScale Power and Oklo Face 2026 Correction Amid Nuclear Energy Hype

The nuclear energy sector is entering a period of critical evaluation in 2026, as the market shifts from general enthusiasm to a focus on operational viability. Two prominent players, NuScale Power (SMR) and Oklo (OKLO), have seen significant price declines this year, with NuScale down nearly 27% and Oklo falling approximately 11%. Both companies are positioned to address the massive energy requirements of artificial intelligence (AI) data centers, which require reliable, 24/7 baseload power. However, the path to commercialization differs significantly between the two firms in terms of regulatory standing and valuation. NuScale currently holds a competitive advantage in regulatory maturity, being the only U.S. company with a small modular reactor (SMR) design approved by the Nuclear Regulatory Commission (NRC). With a market capitalization of $3.6 billion, it is valued significantly lower than its peer, though it has yet to secure a firm sale. Oklo, valued at $11.3 billion, targets a more diverse customer base including industrial sites, remote communities, and governments. However, the company currently reports zero revenue and is not expected to achieve NRC certification for a deployable reactor until 2027 or 2028. While both stocks offer long-term upside tied to the AI power bottleneck, the current disparity in regulatory progress suggests that NuScale represents a more grounded speculative play. Investors are cautioned that both assets remain high-risk, though NuScale's valuation appears more attractive relative to its current milestones.