The global demand for reliable, carbon-free energy is rising rapidly, and nuclear power is stepping back into the spotlight. As governments and corporations push toward clean energy goals, nuclear energy stands out as a consistent source of baseload power, operating around the clock without carbon emissions. This makes it a key player in meeting both growing energy needs and climate targets.

Political and technological trends are also supporting the sector. Many countries have pledged to significantly expand their nuclear capacity by 2050, while innovations like small modular reactors (SMRs) could transform the industry. For investors looking at the nuclear sector, here are three companies to keep an eye on.

1. Cameco Corporation (CCJ)

Cameco is a leading North American uranium supplier and nuclear infrastructure company. It owns large, high-grade uranium mines in Canada and has stakes in mines in Kazakhstan, as well as uranium rights in Australia.

Beyond mining, Cameco refines uranium into uranium trioxide and converts it into reactor-ready fuel. Its facilities in Ontario, Canada, handle these processes, ensuring the company participates across the full uranium supply chain.

Cameco also owns 49% of Westinghouse, a top nuclear reactor technology company, with Brookfield Renewable Partners holding the other 51%. This gives Cameco a presence not only in uranium production but also in nuclear reactor services.

Why Cameco Matters: Its diversified assets from mining and refining to reactor technology, make it a strong nuclear stock positioned to benefit from the sector’s growth.

2. Centrus Energy (LEU)

Centrus Energy specializes in nuclear fuel production, focusing on low-enriched uranium (LEU), the most widely used nuclear fuel. It also offers enrichment services, engineering, and other technical solutions to utilities and the U.S. government.

Currently, Centrus imports a portion of its uranium from Russian supplier TENEX under a waiver valid until 2027. After this period, the U.S. will need to replace roughly 25% of enriched uranium imports from Russia.

Looking ahead, Centrus plans to produce LEU and high-assay low-enriched uranium (HALEU) domestically using advanced centrifuge technology. HALEU is expected to be crucial for next-generation nuclear reactors because it allows more compact cores, longer refueling cycles, and higher efficiency.

Centrus is expanding its enrichment capacity at its Piketon, Ohio facility, relying on government funding, private investment, and long-term customer agreements. It is currently the only NRC-licensed producer of HALEU for commercial and national security uses.

Investor Takeaway: Centrus is more than a uranium supplier; its role in developing fuel for future advanced reactors positions it for long-term growth.

3. Constellation Energy (CEG)

Constellation Energy is the largest nuclear operator in the U.S., managing a fleet with a total capacity of 22 GW. Its plants have an average capacity factor of 94.6%, outperforming industry standards and generating higher revenue per reactor.

The company has a strong presence across key U.S. energy regions, including the PJM and MISO markets, and expanded further with its $27 billion acquisition of Calpine in California. Hyperscalers such as Microsoft and Meta are partnering with Constellation through long-term power purchase agreements (PPAs), highlighting its growing importance in corporate renewable energy strategies.

Why Constellation Stands Out: With the largest nuclear fleet in the U.S. and contracts securing long-term energy supply, Constellation is well-positioned to benefit from rising electricity demand.

Final Thoughts

Nuclear energy is attracting attention as a clean, reliable source of power for a growing global economy. Companies like Cameco, Centrus, and Constellation are uniquely positioned to benefit from this trend through mining, fuel production, and utility operations. Investors should consider these stocks carefully while keeping in mind market volatility and regulatory risks.

Disclaimer: This article is for informational purposes only and is not financial advice. Investing in stocks carries risk, and readers should conduct their own research or consult with a financial advisor before making investment decisions.