After a Recent Deal With X-Energy, Is Fluor Becoming the Ultimate Nuclear Pick-and-Shovel Play?

By Courtney Carlsen – Apr 10, 2026 at 10:49AM ESTKey PointsThe U.S. aims to significantly increase its nuclear energy capacity and accelerate the deployment of advanced nuclear technologies.Fluor is a global engineering and construction company emerging as a key partner to nuclear energy companies. It was an early investor in NuScale Power and recently agreed to a contract to help X-Energy develop its project in Texas.The nuclear energy buildout is very real, and the White House has affirmed its stance with multiple executive orders and multibillion-dollar investments to grow its nuclear fleet and accelerate the deployment of next-generation nuclear technology. As part of its ambitious goals, the United States will look to quadruple its new nuclear energy capacity to 400 gigawatts (GW), have 10 large reactors under construction by 2030, and provide grants and pilot programs for companies developing nuclear fuel, small modular reactors (SMRs), and microreactor technology. One company emerging as a key partner in achieving this buildout is Fluor (FLR +0.83%), the global engineering, procurement, and construction (EPC) company with expertise in managing these massive projects. The firm is strengthening its nuclear portfolio through a new deal with X-Energy, a developer of advanced reactor technology. ExpandNYSE: FLRFluorToday's Change(0.83%) $0.41Current Price$49.48Key Data PointsMarket Cap$7.0BDay's Range$48.97 - $49.8052wk Range$32.23 - $57.50Volume259KAvg Vol2.8MGross Margin-77.40% Fluor plays a key role in advanced nuclear energy projects Fluor is making major moves and flexing its muscle as a trusted EPC firm for nuclear energy companies. It was an early investor in NuScale Power in 2011 and is helping NuScale develop its RoPower project in Romania; it recently opened an office in Bucharest to support its projects. This month, the EPC firm came to an agreement with X-Energy to work on its advanced nuclear project at Dow's UCC Seadrift Operations in Texas. As part of the contract, Fluor will provide Front-End Loading Stage 2 services, which include strategic planning, feasibility assessments, and cost control and risk mitigation. X-Energy is a private company specializing in Generation IV high-temperature gas-cooled reactors and nuclear fuel that recently filed a prospectus to go public. It counts Dow and Amazon among its partners and has recently submitted a draft registration statement with the Securities and Exchange Commission to go public. The project is part of the U.S. Department of Energy's Advanced Reactor Demonstration Program, which aims to accelerate the commercialization of advanced nuclear technology through cost-shared partnerships. As part of this project, X-Energy will deploy four 80-megawatt small modular reactor units. Image source: Getty Images. Fluor is an early beneficiary of the nuclear energy buildout Fluor is solidifying its position as a trusted partner for nuclear energy companies, including breakthrough companies that could change how nuclear energy is deployed, such as NuScale Power and X-Energy. In February, it was selected as the EPC contractor on Centrus Energy's uranium enrichment facility in Piketon, Ohio. Investors seeking exposure to nuclear energy while diversifying away from miners or fuel producers may find Fluor a compelling choice. Fluor leverages a specialized workforce to develop these projects and is highly involved in the planning phases that determine if these major projects are possible. As a result, the company generates revenue early in the nuclear buildout, years before any plants come online. This makes Fluor an excellent pick-and-shovel play for investors looking to capitalize on the nuclear energy buildout in the decades ahead.Read NextMar 23, 2026 •By James BrumleyIs Fluor Stock a Millionaire Maker?Mar 21, 2026 •By Courtney CarlsenFluor Is Expanding Its Nuclear Energy Projects in Europe. Is Now the Time to Buy?Mar 16, 2026 •By James BrumleyThese 3 Industrial Stocks May Outperform the S&P 500 in 2026Mar 16, 2026 •By Reuben Gregg BrewerFluor Stock: Buy, Sell, or Hold?Apr 10, 2026 •By Daniel MillerStellantis Shines in Q1, Giving Investors an Opportunity for Big Turnaround GainsApr 10, 2026 •By Courtney CarlsenBetter Industrial Stock: Honeywell vs. Emerson ElectricAbout the AuthorCourtney Carlsen is a contributing Motley Fool stock market analyst covering financial, real estate, industrial, and energy stocks.

Before The Motley Fool, Courtney was a lead senior auditor for the State of Florida. He holds a master’s degree in accounting from the University of Florida.TMFCourtCarlsenStocks MentionedFluorNYSE: FLR$49.44(+0.74%)+$0.37AmazonNASDAQ: AMZN$238.16(+1.93%)+$4.51Centrus EnergyNYSE: LEU$187.72(+4.19%)+$7.55DowNYSE: DOW$38.54(+1.31%)+$0.50NuScale PowerNYSE: SMR$9.35(+0.54%)+$0.05*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.