Nuclear Energy
All research in Nuclear Energy — 3 reports.
Oklo is an advanced nuclear fission developer founded in 2013 by two MIT nuclear engineering PhDs and taken public on the NYSE in 2024 through Sam Altman's SPAC, with its sodium-cooled fast reactor Aurora (75 MWe) and a build-own-operate model that sells power rather than reactors to AI data centers under long-term PPAs. The core thesis is real policy access and real cash, but a pre-revenue company with a Q1 2026 net loss of $33M, $2.54B of cash, and DOE reactor-pilot selection is already carrying a very long-dated option value. Report Rating Watch: an excellent story with no margin of safety at the current price.
Centrus Energy is the only U.S.-owned uranium enricher using domestic centrifuge technology and the only HALEU producer currently in operation, making it a rare policy-positioned name in the AI power demand to nuclear revival to nuclear fuel chain. The core thesis is strategically compelling, but roughly 90% of net income comes from cash interest, core operating margin is only about 7%, and about $2.4B of its $3.9B backlog is contingent on capacity buildout and financing. Research rating Watch: the strategic value is real, but the margin of safety in price has not yet arrived.
BWX Technologies is the de facto sole-source manufacturer of U.S. Navy nuclear propulsion reactors, cores, and fuel, with a nearly impregnable moat. The core thesis is anchored by roughly $7 billion of government backlog and rigid multi-year national programs such as the Columbia- and Virginia-class submarines, with additional nuclear renaissance options in Project Pele microreactors, BWRX-300 reactor pressure vessels, and medical isotopes. Report rating Watch: a world-class business is already priced close to full value, leaving limited margin of safety before option value converts into earnings.