The nuclear energy sector is experiencing a resurgence in 2025, driven by global efforts to achieve net-zero emissions, surging demand from AI data centers, and government initiatives to bolster energy security. Nuclear power offers reliable, low-carbon baseload electricity, complementing intermittent renewables like solar and wind. Meanwhile, critical minerals—such as rare earth elements (REEs), lithium, cobalt, and uranium—are essential for advanced technologies, including nuclear reactors, batteries, and magnets. For the balance of 2025, investors should prioritize companies with strong government backing, innovative technologies like small modular reactors (SMRs), secure supply chains, and exposure to high-demand areas like HALEU production and REE processing. Key risks include regulatory hurdles, commodity price volatility, and geopolitical tensions, but tailwinds from policies like the U.S. Inflation Reduction Act and executive orders for nuclear expansion could drive growth.
DOE Fast-Tracked Microreactors: A Pathway to Rapid Deployment
The U.S. Department of Energy (DOE) launched the Nuclear Reactor Pilot Program in May 2025 to accelerate advanced reactor testing, aiming for at least three test reactors to achieve criticality by July 4, 2026. This initiative supports private funding and streamlines commercial licensing, addressing energy needs for military bases, data centers, and remote communities. While the program initially targeted 10 projects, it selected 11 innovative designs from various companies, focusing on microreactors and SMRs for enhanced safety, portability, and efficiency.
Here is a summary of the selected projects:
| Company | Reactor Design | Key Features |
|———|—————|————–|
| Aalo Atomics Inc. | Aalo-1 | 10 MWe sodium-cooled microreactor, factory-fabricated for scalability. |
| Antares Nuclear Inc. | R1 | 500-kW sodium heat pipe-cooled reactor, compact and efficient heat transfer. |
| Atomic Alchemy Inc. | Versatile Isotope Production Reactor (VIPR) | 15-MWt light water reactor designed for medical isotope production. |
| Deep Fission Inc. | Deep Fission Borehole Reactor-1 | 15 MWe pressurized water reactor (PWR) placed underground in a 30-inch borehole for enhanced safety. |
| Last Energy Inc. | PWR-20 | 20 MWe PWR, traditional design with proven reliability. |
| Natura Resources LLC | LF-MSR | 1 MWt molten salt research reactor, focused on advanced fuel cycles. |
| Oklo Inc. | Aurora Powerhouse (two projects) | Fast neutron reactor using heat pipes and supercritical CO2 for power conversion, emphasizing modularity. |
| Radiant Industries Inc. | Kaleidos | 1 MWe high-temperature gas-cooled portable microreactor, ideal for remote applications. |
| Terrestrial Energy Inc. | Integral Molten Salt Reactor (IMSR) | Molten salt reactor for high-temperature applications and efficiency. |
| Valar Atomics Inc. | High-temperature gas reactor | Advanced gas-cooled design for high efficiency and safety. |
These projects represent a shift toward smaller, safer reactors that could revolutionize nuclear deployment. Investors should watch companies like Oklo, Radiant, and Terrestrial Energy for commercialization progress, as success here could unlock billions in contracts.
Companies Poised to Benefit from Funding in Uranium and Nuclear Equipment Manufacturing
Government funding, including from the DOE’s $2.7 billion low-enriched uranium (LEU) program and HALEU initiatives, is catalyzing growth in uranium mining and nuclear equipment. The U.S. aims to reduce reliance on foreign supplies, particularly from Russia, through domestic production incentives.
Uranium Sector Beneficiaries
– **Centrus Energy (LEU)**: Secured a DOE contract extension for HALEU production, positioning it as a leader in advanced fuel for SMRs and next-gen reactors. Other recipients include Kairos Power, Radiant Nuclear, Westinghouse, TerraPower, and X-energy.
– **Ur-Energy (URG)**: Expanded its Lost Creek mine with EPA and Wyoming approvals, benefiting from DOE’s uranium mining R&D support.
– **Cameco (CCJ)**: A major producer with operations in Canada and Kazakhstan, leveraging DOE-backed supply chain enhancements.
Nuclear Equipment Manufacturing Beneficiaries
– **Westinghouse Electric**: Acquired by Cameco and Brookfield, it’s expanding reactor services and SMR designs, with DOE funding for HALEU.
– **TerraPower and X-energy**: Receiving HALEU awards to advance SMR prototypes.
– **BWX Technologies (BWXT)**: Supplies naval reactors and components, benefiting from DOE’s $2.1 billion contracts.
These firms are well-positioned for the projected tripling of global nuclear capacity by 2050, with opportunities in defense, data centers, and exports.
Top 5 Stock Performers in Major Groups for Q1 and Q2 2025
Stock performances in the first half of 2025 reflect uranium price rebounds (up to US$73/lb), nuclear policy support, and REE demand for magnets. Below are the top 5 performers by percentage gain in each group, based on year-to-date data through June 2025 (adjusted for first-half focus). Gains are approximate and sourced from market analyses.
Uranium Stocks
Uranium prices rose amid supply constraints and demand from new reactors.
| Rank | Company (Ticker) | % Gain (Q1-Q2 2025) |
|——|——————|———————|
| 1 | Centrus Energy (LEU) | +394% (high HALEU demand) |
| 2 | Boss Energy (ASX:BOE) | +72% (production ramp-up) |
| 3 | Cameco (CCJ) | +85% (strong contracts) |
| 4 | NexGen Energy (NXE) | +60% (Rook I advancement) |
| 5 | Uranium Energy (UEC) | +45% (ISR restarts) |
Nuclear Energy Stocks
Utilities and developers surged on data center deals and policy wins.
| Rank | Company (Ticker) | % Gain (Q1-Q2 2025) |
|——|——————|———————|
| 1 | NuScale Power (SMR) | +150% (SMR certifications) |
| 2 | Constellation Energy (CEG) | +120% (AI power agreements) |
| 3 | Vistra Corp. (VST) | +100% (nuclear expansions) |
| 4 | Oklo Inc. (OKLO) | +80% (fast-tracked pilots) |
| 5 | Talen Energy (TLN) | +70% (data center focus) |
Critical Minerals Stocks
REEs led gains due to magnet demand and supply diversification.
| Rank | Company (Ticker) | % Gain (Q1-Q2 2025) |
|——|——————|———————|
| 1 | Focus Graphite (TSXV:FMS) | +94% (project advancements) |
| 2 | MP Materials (MP) | +80% (rare earth production) |
| 3 | Lynas Rare Earths (ASX:LYC) | +70% (processing expansions) |
| 4 | Mkango Resources (TSXV:MKA) | +325% YTD (but first half ~150%) |
| 5 | Arafura Rare Earths (ASX:ARU) | +50% (project funding) |
Nuclear Equipment Manufacturing Stocks
Manufacturers benefited from DOE contracts and SMR orders.
| Rank | Company (Ticker) | % Gain (Q1-Q2 2025) |
|——|——————|———————|
| 1 | BWX Technologies (BWXT) | +110% (naval contracts) |
| 2 | GE Vernova (GEV) | +90% (SMR developments) |
| 3 | Fluor Corporation (FLR) | +70% (construction deals) |
| 4 | Westinghouse (private, via CCJ exposure) | N/A (but parent gains ~85%) |
| 5 | Centrus Energy (LEU) | +394% (HALEU focus) |
Outlook for the Balance of 2025
For the remainder of 2025, focus on resilient supply chains, DOE-backed innovations, and diversification across uranium, REEs, and SMRs. Uranium prices could climb further if production shortfalls persist, while critical minerals may benefit from tariffs on Chinese exports. Monitor geopolitical risks and regulatory approvals, but the sector’s fundamentals—driven by energy security and tech demand—suggest strong potential for patient investors.
As part of the Energy News Beat AI series, we will review these stock picks to assess their performance and provide longer-form write-ups.
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