NuScale Power and Oklo Drop 5%, Centrus Energy Sinks 6%: What’s Behind the Nuclear Stock Selloff?

David Moadel

Thu, August 20, 2026 at 8:37 PM GMT+3 4 min read

Quick Read

SMR and OKLO each drop 5% Thursday as interest-rate anxiety hammers pre-commercial nuclear stocks that burn cash years before generating meaningful revenue.
URA falls 3% Thursday confirming the selloff is sector-wide, while uranium miners like UEC can hold up better than pre-commercial reactor developers.
LEU reported $176 million in Q2 revenue, up 14% year over year, yet still sinks 6% when investors broadly reduce nuclear exposure.
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NuScale Power (NYSE:SMR) stock is falling 5% to $8.80 in Thursday afternoon trading, adding to a difficult stretch for the small modular reactor developer. Oklo (NYSE:OKLO) stock is dropping 5% to $40.87, while Centrus Energy (NYSE MKT:LEU) shares are sinking 6% to $172.68, pointing to broader weakness across several nuclear and uranium names.

Salem and Hope Creek Nuclear Reactors by peretzp / BY-SA 2.0 (https://creativecommons.org/licenses/by-sa/2.0/)

The selloff comes even though the long-term nuclear story remains compelling, particularly as electricity demand from artificial intelligence data centers grows. However, nuclear stocks can be especially sensitive to interest-rate anxiety because many advanced-reactor projects require substantial capital long before they generate meaningful commercial revenue.

NuScale's Recent Results Add To The Pressure

NuScale Power's latest results have given investors another reason to question the timing of its commercial opportunity. NuScale Power reported just $75,000 of second-quarter 2026 revenue, while its share count had climbed to 365 million, and the company has also announced a new $750 million share-sale program.

NuScale Power stock has been struggling for weeks, with the shares falling 32% year to date (YTD) as of August 11 before today's decline. The combination of minimal current revenue, continued funding needs and a lengthy path toward commercial reactor deployment can make SMR stock particularly vulnerable when investors become less willing to pay up for distant growth.

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Oklo And Centrus Show Two Sides of Nuclear

Oklo faces many of the same timing concerns as NuScale Power, even though Oklo's business model and reactor technology differ. Oklo generated $1.2 million of second-quarter revenue, marking its first meaningful quarterly revenue, but Oklo also posted a $48.5 million net loss and still needs to turn project development, licensing and customer commitments into recurring power revenue.

Centrus Energy offers a somewhat different setup because Centrus Energy already generates revenue from nuclear fuel and enrichment services. Centrus Energy reported $176.1 million of Q2 2026 revenue, up 14% year over year, and recently signed additional enrichment agreements while maintaining a multibillion-dollar backlog, although LEU stock can still be affected when investors reduce exposure to the broader nuclear theme.

URA ETF Highlights The Broader Pullback

The Global X Uranium ETF (NYSE ARCA:URA) is falling 3% to $43.62 Thursday, giving investors a useful indication that the weakness extends beyond individual advanced-reactor developers. URA provides exposure to companies involved in uranium mining, refining, exploration and nuclear-component manufacturing, making the ETF a broader gauge of the nuclear and uranium trade.

Uranium Energy Corp. (NYSE MKT:UEC) stock is also part of the broader comparison, although UEC has recently held up better than some advanced-reactor names. The distinction matters because uranium miners and fuel suppliers can benefit from tighter nuclear-fuel markets even when pre-commercial reactor developers face pressure from higher financing costs and longer development timelines.

Interest Rates Could Keep Nuclear Stocks Volatile

The bullish case for nuclear stocks remains tied to rising electricity demand, constrained power grids and the need for reliable low-carbon generation. Data-center demand could continue supporting the long-term investment case, while Centrus Energy's enrichment expansion and deals such as its HALEU agreement with Oklo illustrate how the nuclear supply chain is developing beyond reactor developers alone.

Yet, higher interest rates or renewed concerns about inflation can make long-duration nuclear projects less attractive because investors may place greater value on current cash flow and near-term earnings. Investors can watch for whether SMR stock, OKLO stock, LEU shares and the URA ETF stabilize as rate expectations settle, but the recent declines suggest sentiment could remain fragile.

NuScale Power stock has already fallen sharply this year, and today's move adds to the evidence that investors are demanding more from the advanced-nuclear story. The long-term opportunity hasn't disappeared, but the combination of financing requirements, execution risk and interest-rate sensitivity makes the near-term setup difficult.

Investors who remain bullish on nuclear power may want to keep their SMR, OKLO, LEU or URA positions moderate rather than assuming today's selloff marks a durable bottom. The sector could eventually benefit from stronger electricity demand and nuclear-fuel investment, but investors may want to see better evidence of commercial progress before taking larger positions.