OKLO vs SMR: How Oklo and NuScale Power Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. OKLO and SMR share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined OKLO and SMR exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Oklo (OKLO) is a US advanced-nuclear company developing small modular fast reactors, branded the Aurora powerhouse, intended to deliver clean baseload electricity from compact, factory-buildable units. Its model is to own and operate the plants and sell power under long-term agreements rather than just sell reactors, positioning it as a power provider for data centers, industrial users, and grid customers. Oklo also pursues recycling of used nuclear fuel as part of its long-term plan. The company is pre-revenue: it has no operating commercial reactors generating power yet, and its value rests on advancing reactor design, securing US Nuclear Regulatory Commission licensing, building a supply chain and fuel access, and converting a pipeline of customer interest into deployed, revenue-generating plants. Oklo became publicly traded through a SPAC merger and trades on the New York Stock Exchange. It is closely associated with the AI-driven surge in electricity demand and the broader nuclear revival, which makes it a high-profile but speculative early-stage holding.

Full OKLO guide

NuScale Power (SMR) is a developer of small modular nuclear reactors (SMRs), aiming to commercialize compact, factory-built reactor modules as an alternative to large conventional nuclear plants. Its flagship design is a pressurized-water reactor module that can be deployed individually or in groups to scale capacity, and it is among the few SMR designs to receive design certification or approval from the US Nuclear Regulatory Commission, a notable regulatory milestone. The pitch for SMRs is safer, more standardized, lower-upfront-cost nuclear power that can provide carbon-free, always-on baseload electricity, including for data centers and industrial users with growing power needs. NuScale is majority-affiliated with Fluor, an engineering and construction firm, and works with utility and government partners. The company is early-stage and largely pre-revenue from operating plants: it has not yet brought a commercial SMR online, and an earlier flagship deployment project was cancelled, underscoring cost and timeline challenges. Headquartered in Portland, Oregon, NuScale is a speculative, long-horizon bet on whether small modular reactors achieve commercial scale and cost-competitiveness.

Full SMR guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• OKLO drivers: AI-era electricity demand; Own-and-operate power model.
• SMR drivers: Regulatory progress and design certification; Demand for carbon-free baseload and data-center power.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Oklo is pre-revenue with no operating commercial reactors, so it carries substantial execution risk: NRC licensing is rigorous and can take years, first-of-a-kind nuclear construction often runs over budget and behind schedule, and fuel supply (especially HALEU) is a real constraint. For SMR, nuScale is early-stage and largely pre-revenue, with ongoing operating losses, so it depends on its cash and periodic capital raises that can dilute shareholders.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick OKLO if you believe its drivers more; SMR if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the OKLO and SMR guides.

OKLO. Oklo cannot be valued on current earnings because it is pre-revenue; the market prices it on the size of the clean-power opportunity, its customer pipeline, and the probability of licensing, financing, and deploying reactors. Traditional P/E does not apply, and the stock is highly speculative and volatile, often moving with nuclear-theme and AI-power sentiment. All figures are approximate and should be verified against the latest filings.

SMR. NuScale cannot be valued on earnings because it has little operating revenue and runs losses. The market prices it on the option value of small modular reactors reaching commercial deployment years out, so the stock is very volatile and moves on regulatory milestones, project announcements, government policy, and energy and AI-power sentiment. Figures are approximate and change frequently; verify current cash, burn rate, and share count, which dilution can move materially.

Headline figures (approximate, early 2026): OKLO shows stage Pre-revenue advanced-nuclear developer (no operating commercial reactors), core product Aurora powerhouse small modular fast reactor, business model Own and operate plants, sell power under long-term agreements, revenue (ttm) Minimal to none from power sales (approximate, verify); SMR shows revenue (ttm) ~minimal operating revenue (pre-commercial; verify), profitability Unprofitable; ongoing operating losses, cash burn ~tens of millions-plus per year (verify latest), cash position Supported by capital raises; varies (verify current).

OKLO and SMR are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined OKLO and SMR exposure against your real portfolio. It is not an investment adviser.