Cameco & Oklo Power Ahead in Nuclear Energy's Bright Future
Cameco, a prominent player in the nuclear energy industry with a market capitalisation of $37.5 billion, has seen significant financial improvements following its 2023 acquisition of a 49% stake in Westinghouse. Meanwhile, Oklo, a small modular reactor (SMR) developer, has broken ground on its first Aurora powerhouse at Idaho National Laboratory, with operations slated for late 2027 or early 2028.
Cameco operates across various stages of the nuclear energy value chain, including uranium operations and fuel manufacturing services. The company is also exploring opportunities in SMR projects through a partnership with X-Energy. Cameco's strong balance sheet, with net debt of $280 million and a net debt-to-EBITDA ratio of 0.2 as of June 2025, reflects its robust financial health.
Oklo, another key player in the SMR space, has a promising pipeline of potential customers, including data center infrastructure specialists. It has recently executed letters of intent to provide energy for data center customers, increasing its total order book to approximately 14,100 MWe in capacity. Oklo has also delivered over 750 MWe of electricity in nonbinding letters to customers for cryptocurrency centers, further boosting its total capacity orders for Aurora plants.
The recent partnership between the U.S. and U.K. to facilitate the development of advanced nuclear reactors, coupled with the high demand for nuclear energy stocks, signals a promising future for the industry. Cameco's strategic acquisitions and Oklo's strong customer pipeline position both companies well to capitalise on this growth.
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