Shares of advanced nuclear developers Oklo Inc. (NYSE: OKLO) and NuScale Power (NYSE: SMR) posted sharp gains Thursday, riding a wave of optimism following a U.S. House vote on a bill aimed at shifting more grid infrastructure costs onto large electricity consumers, particularly data centers.
Oklo shares closed up 11.26% at $39.63, while NuScale Power advanced 9.16% to $9.06. The moves outpaced the broader market, with the SPDR S&P 500 ETF (NYSE: SPY) rising 1.15% and the Global X Uranium ETF (NYSE: URA) adding 3.15%. Trading volumes were notably elevated: Oklo saw 15.7 million shares change hands, roughly 1.57 times its 20-day average, while NuScale traded 44.4 million shares, about 1.17 times its average.
The catalyst was the House passage of H.R. 9340, the Ratepayer Protection Act, by a 417-3 vote on Wednesday. The bill would direct state utility regulators to consider standards for large-load customers, including data centers with demand of at least 100 megawatts. These standards would aim to recover the full incremental costs of generation, transmission, and distribution upgrades from the customers driving the load, and require financial assurances before utilities commit capital to avoid stranding costs on households.
For nuclear developers, the bill's implications are significant. If hyperscale data center operators must internalize grid upgrade costs, long-term power purchase agreements with dedicated generators become more attractive. Oklo's owner-operator model, which sells power under long-term contracts, and NuScale's reactor technology licensing both stand to benefit from increased demand for behind-the-meter or customer-backed generation. However, the bill is not a direct endorsement of nuclear power; it preserves state authority and does not mandate any specific energy source.
Despite the rally, neither company has secured new contracts tied to the vote. The stock moves reflect a policy read-through, not company-specific events. Both companies remain in early stages, with revenue still minimal. Oklo reported just $1.21 million in revenue for the first half of 2026, largely from acquired engineering and consulting services. The company holds $3.01 billion in cash and marketable securities but posted a $124.2 million operating loss in the June quarter. NuScale generated just $75,000 in second-quarter revenue and lost $47.5 million attributable to shareholders, while holding roughly $1.9 billion in cash.
Both companies have diluted shareholders significantly to fund development. Oklo's Class A shares outstanding rose from 160.5 million at the start of the year to 185.1 million by June 30, following a $1.85 billion equity raise. NuScale's Class A shares expanded from 318.5 million to 410.4 million in the same period, after raising $984.5 million. These balance sheets provide runway but also highlight the gap between current valuations and commercial reality.
Key catalysts to watch include project milestones. Oklo has proposed a 1.2-gigawatt campus in Ohio with Meta, targeting pre-construction in 2027 and initial power in 2030, pending Nuclear Regulatory Commission approval. NuScale is advancing discussions with ENTRA1 Energy for a potential power purchase agreement with the Tennessee Valley Authority covering up to 6 gigawatts, though the company describes these talks as advancing, not definitive.
Thursday's price action suggests investors are betting on a more favorable policy environment, but the absence of signed contracts or licensing milestones means the rally may be premature. A Senate vote, a commercial license, or a definitive PPA would carry more weight than another one-day policy-driven surge.
