Who benefits from U.S. nuclear push?

[Nuclear power plant after sunset evening in Temelin CZ 11 12 2025]
Michael Nosek

INVESTORS SHOULD KNOW: The planned buildout of power-hungry AI data centers has raised concerns about the price and availability of electricity. This has enhanced interest in nuclear energy and uranium stocks, amid U.S. policy moves designed to build the domestic nuclear fuel supply chain.

BACKGROUND

In April, the U.S. government launched a program called "Nuclear Dominance — 3 by 33." The initiative, overseen by the Department of Energy [https://www.energy.gov/ne/articles/department-energys-defense-production-act-consortium-unveils-new-initiative-grow], is designed to rebuild and secure the domestic nuclear fuel supply chain in the U.S. by 2033

The program targets the full fuel cycle, including mining, milling, conversion, enrichment, and recycling. The goal is to align workforce development, financing, innovation, and industry collaboration toward a broad nuclear buildout.

Policy support has framed nuclear fuel as both a national security priority and a critical minerals supply chain issue. Companies operating across uranium mining and fuel processing are positioning themselves within this framework as the government pushes to reduce reliance on foreign sources.

STOCKS TO WATCH

The publicly traded universe spans several distinct business types. Uranium Energy Corp. (UEC [https://seekingalpha.com/symbol/UEC]) and Denison Mines Corp. (DNN [https://seekingalpha.com/symbol/DNN]) are among the uranium mining and development names. Centrus Energy Corp. (LEU [https://seekingalpha.com/symbol/LEU]) operates in uranium enrichment and fuel supply. BWX Technologies, Inc. (BWXT [https://seekingalpha.com/symbol/BWXT]) serves the nuclear components and services market. On the reactor development side, NuScale Power (SMR [https://seekingalpha.com/symbol/SMR]), Oklo (OKLO [https://seekingalpha.com/symbol/OKLO]), and NANO Nuclear Energy Inc. (NNE [https://seekingalpha.com/symbol/NNE]) are earlier-stage companies building advanced and small modular reactor technologies. Energy Fuels Inc. (UUUU [https://seekingalpha.com/symbol/UUUU]) and ASP Isotopes Inc. (ASPI [https://seekingalpha.com/symbol/ASPI]) round out the producer and isotope segments, while Uranium Royalty Corp. (UROY [https://seekingalpha.com/symbol/UROY]) provides royalty-based exposure to the sector.

Investors seeking broader exposure can access the theme through ETFs including the Sprott Uranium Miners ETF (URNM [https://seekingalpha.com/symbol/URNM]), the Sprott Junior Uranium Miners ETF (URNJ [https://seekingalpha.com/symbol/URNJ]), the Global X Uranium ETF (URA [https://seekingalpha.com/symbol/URA]), and the VanEck Uranium and Nuclear ETF (NLR [https://seekingalpha.com/symbol/NLR]), among others.

KEY TAKEAWAYS

* The U.S. "Nuclear Dominance — 3 by 33" campaign, uses the Defense Production Act to build a domestic nuclear fuel supply chain across mining, enrichment, and recycling.
* Balance sheet strength varies widely across uranium operators. Some names carry substantial liquidity and minimal debt, while others show high leverage or negative returns on equity consistent with development-stage economics.
* Revenue trends are mixed even within the same sector. Established producers show positive year-over-year growth, while some uranium miners and advanced reactor developers report sharp revenue declines.
* The sector includes a wide range of company types — from producing miners to pre-revenue reactor developers — meaning risk profiles differ significantly across names in the nuclear uranium theme.

NUCLEAR ENERGY AND URANIUM STOCKS IN FOCUS

The screener below identifies stocks aligned with the nuclear energy and uranium producers theme, with companies ordered by how closely they align with the theme — the most theme-relevant names appearing first.

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The screener below covers ETFs aligned with the same nuclear energy and uranium producers theme, also ranked by thematic relevance.

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The stock screener includes ten names spanning uranium miners, fuel-cycle operators, reactor developers, and adjacent producers. Year-to-date returns range widely — from a gain of roughly 94% for Almonty Industries Inc. (ALM [https://seekingalpha.com/symbol/ALM]) to a decline of about 35% for Centrus Energy Corp. (LEU [https://seekingalpha.com/symbol/LEU]). BWX Technologies, Inc. (BWXT [https://seekingalpha.com/symbol/BWXT]) carries the largest market cap in the group at approximately $17.8 billion, while Uranium Royalty Corp. (UROY [https://seekingalpha.com/symbol/UROY]) is the smallest at roughly $433 million. Other names in the screener include ASP Isotopes Inc. (ASPI [https://seekingalpha.com/symbol/ASPI]), Energy Fuels Inc. (UUUU [https://seekingalpha.com/symbol/UUUU]), Denison Mines Corp. (DNN [https://seekingalpha.com/symbol/DNN]), NANO Nuclear Energy Inc. (NNE [https://seekingalpha.com/symbol/NNE]), Kraken Robotics Inc. (KRKNF [https://seekingalpha.com/symbol/KRKNF]), and Uranium Energy Corp. (UEC [https://seekingalpha.com/symbol/UEC]).

The ETF screener lists eight funds providing exposure to the nuclear energy and uranium producers theme. The group includes the Sprott Junior Uranium Miners ETF (URNJ [https://seekingalpha.com/symbol/URNJ]), Sprott Uranium Miners ETF (URNM [https://seekingalpha.com/symbol/URNM]), VanEck Rare Earth and Strategic Metals ETF (REMX [https://seekingalpha.com/symbol/REMX]), Global X Uranium ETF (URA [https://seekingalpha.com/symbol/URA]), VanEck Uranium and Nuclear ETF (NLR [https://seekingalpha.com/symbol/NLR]), Sprott Critical Materials ETF (SETM [https://seekingalpha.com/symbol/SETM]), Range Nuclear Renaissance Index ETF (NUKZ [https://seekingalpha.com/symbol/NUKZ]), and Global X Lithium & Battery Tech ETF (LIT [https://seekingalpha.com/symbol/LIT]).

MORE ON NUCLEAR ETFS

* URA: Primed For A Bounce [https://seekingalpha.com/article/4915010-uranium-etf-ura-primed-for-a-bounce]
* URNM: Extracting Value From The 'Nuclear Renaissance' [https://seekingalpha.com/article/4914445-urnm-extracting-value-from-the-nuclear-renaissance]
* URNM: The Right Theme, Wrong Layer Of The Supply Chain [https://seekingalpha.com/article/4913131-urnm-the-right-theme-wrong-layer-of-the-supply-chain]
* Antares small nuclear reactor first to achieve 'criticality' in DoE pilot program [https://seekingalpha.com/news/4601185-antares-small-nuclear-reactor-first-to-achieve-criticality-in-doe-pilot-program]
* Top nuclear energy stocks ranked as uranium shares rally on U.S. expansion plans [https://seekingalpha.com/news/4600234-top-nuclear-energy-stocks-ranked-as-uranium-shares-rally-on-us-expansion-plans]