Oklo vs. NuScale Power: Evaluating Nuclear Utilities for 2026

### Session Tape — Oklo and NuScale Power Evaluation

## Catalyst Analysis: Advanced Nuclear Models and Financial Position Investors analyzing the nuclear sector face a structural choice between direct owner-operator models and modular utility deployment. Oklo focuses on building and running its own fast-fission power plants to serve high-energy data centers, reporting zero revenue in fiscal year 2025 as its facilities remain pre-operational. The company logged a net loss of nearly $105.7 million for the period, widening from a net loss of approximately $73.6 million in the prior year, alongside a negative free cash flow of roughly $115.4 million.

NuScale Power pursues a distinct strategy centered on developing modular reactor technology intended for global utility deployment and industrial use. Across the broader nuclear development landscape, companies navigate varying regulatory stages and pre-construction agreements, highlighting the capital-intensive nature of scaling advanced fission technology.

### Money Play Evaluating nuclear infrastructure investments requires monitoring capital burn rates and long-term pre-construction agreements across the sector.

## Impact on Sector Valuation The capital intensity of advanced nuclear development places a premium on cash management and pre-operational funding. With pre-operational developers recording negative free cash flow and expanding net losses, market participants continue to monitor the timeline for commercial deployment across utility-focused and data-center-aligned operators.