Better Nuclear Energy Stock to Buy After the Sell-Off: Oklo vs. X-Energy

After a decade-long lull following the 2011 Fukushima disaster, the nuclear energy market has recently experienced a resurgence driven by decarbonization initiatives and safer nuclear technologies. Two companies, Oklo (OKLO) and X-Energy (XE), are among the new entrants capitalizing on this renewed interest in nuclear power. Both companies develop advanced nuclear reactors designed to outperform conventional reactors.

Oklo, which went public through a SPAC merger in May 2024, trades at about $28, down from its all-time high of $174.14 in October 2025. The company develops microreactors that generate 15 to 75 MWe per unit, housed in small, A-frame-like structures called Powerhouses. Oklo plans to sell energy directly to customers, differentiating itself from X-Energy.

X-Energy, through a traditional IPO in April 2026, is priced at $11, reflecting a significant drop from its record high of $35.98 just three days after its debut. The company focuses on small modular reactors (SMRs), generating 80 MWe per unit, typically sold in groups of four, totaling 320 MWe per deployment. X-Energy deploys its SMRs in a modular fashion to form single plants, which it sells to utilities and industrial companies.

Both companies face challenges as they do not yet have any commercial reactors operational and are operating at substantial losses. Furthermore, their stock prices are expensive relative to their near-term sales. Despite these hurdles, Oklo has a significant pipeline of 18 GW of projects, including contracts with major data center builders such as Switch, Meta Platforms, and Equinix.

X-Energy has an 11.5 GW pipeline, with deals including Centrica, Amazon, and Dow Chemical. While Oklo is expected to start deploying its first commercial reactors in 2027, X-Energy's SMRs won't be operational until the early 2030s.