The article revisits a year-old call to buy Oklo and NuScale, made when small modular reactor (SMR) stocks were rallying. Over the past year, Oklo fell 81.4% and NuScale fell 85.8%, and both remain development-stage companies with minimal revenue and no commercial power sales. NuScale holds the only NRC-certified SMR design but has no definitive TVA agreement, and its revenue fell 99.1% after the FEED work for RoPower ended. Oklo holds about $3 billion in cash and marketable securities, but raised its 2026 capital spending guidance to $400 million to $500 million. The article argues both stocks need binding contracts before they can be re-rated, and suggests tracking definitive contracts, cash burn and share count each quarter.
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