Nuclear Stock Face-Off: Is Oklo or Cameco the Better Buy Right Now?

By Courtney Carlsen – Apr 21, 2026 at 9:05PM ESTKey PointsNuclear energy is emerging as a popular electricity source for technology giants' growing data centers. Cameco is the largest uranium supplier in North America, and holds a stake in Westinghouse, which will build nuclear reactors in the coming years.Oklo is an early-stage company developing advanced nuclear reactors designed for efficient assembly, making nuclear energy easy to deploy. Nuclear energy is emerging as a key pillar for securing our energy future and powering the next generation of artificial intelligence (AI) data centers. Technology giants like Microsoft, Amazon, Alphabet, and Meta Platforms are making deals with operators in the nuclear sector to feed their insatiable appetite for energy. As the U.S. government prioritizes the revival of decommissioned nuclear plants and accelerates approvals for cutting-edge nuclear technology, the landscape is shifting dramatically. Two popular nuclear energy stocks at the heart of this are Cameco (CCJ 5.67%) and Oklo (OKLO 8.21%). These companies serve different roles in the nuclear energy renaissance and are at very different stages of their businesses. Here's a look at which one stands out as a better buy right now. Image source: Getty Images. Cameco is riding the nuclear renaissance in multiple ways Cameco is a uranium miner with high-grade assets in Canada and is the largest uranium supplier in North America today. The company recently signed a long-term agreement with India's Department of Atomic Energy to supply 22 million pounds of uranium concentrate through 2035, valued at about $2.6 billion. It is also well positioned to benefit from the move to nuclear energy in the coming years. U.S.

Energy Secretary Chris Wright said recently that the first five to 10 reactors in the U.S. are "almost certain" to receive Department of Energy loans as part of the push to build the domestic nuclear energy base. ExpandNYSE: CCJCamecoToday's Change(-5.67%) $-7.01Current Price$116.61Key Data PointsMarket Cap$54BDay's Range$116.45 - $124.5052wk Range$39.89 - $135.24Volume3.8MAvg Vol3.9MGross Margin26.70%Dividend Yield0.14% Cameco has a 49% stake in Westinghouse, a leader in nuclear technology that designs, supplies fuel to, and maintains roughly half of the world's nuclear power plants. The company, along with Brookfield Renewable Partners (a 51% stakeholder in Westinghouse), entered into a binding strategic partnership with the U.S. government to build nuclear energy capacity in the U.S. The deal calls for $80 billion in reactor construction using Westinghouse's technology; in exchange, the government will help with financing, permitting, and diplomatic support in return for a share of Westinghouse's future cash flow. Oklo's advanced nuclear reactors are being fast-tracked By contrast, Oklo is an early-stage company developing an advanced nuclear reactor, the Aurora Powerhouse, that can be manufactured off-site using standardized parts. The upshot is that it should be able to construct its reactors faster than traditional nuclear plants and at a lower cost. ExpandNYSE: OKLOOkloToday's Change(-8.21%) $-5.59Current Price$62.54Key Data PointsMarket Cap$12BDay's Range$62.24 - $68.9952wk Range$20.62 - $193.84Volume410KAvg Vol9.8M The company is going through the Department of Energy's Reactor Pilot Program for its first Aurora Powerhouse, located at the Idaho National Laboratory (INL). This enables Oklo to bypass the traditional (often slower) Nuclear Regulatory Commission's commercial licensing route for its initial testing phase. The company hopes to deploy its first advanced Aurora reactor at the INL, and it is set to open in late 2027 or early 2028. It also has a 1.2 gigawatt campus in Ohio to support Meta Platforms, which it expects to come on line in 2030. This nuclear energy stock is a better buy right now Oklo is an up-and-coming company developing new technology that could change how nuclear energy is deployed. That said, it will continue to spend big, between $350 million and $450 million this year, as it ramps up construction and moves forward with seeking regulatory approvals. Cameco, on the other hand, is an established North American uranium miner that will certainly benefit from growing demand for nuclear fuel. Not only that, but its stake in Westinghouse Electric provides upside from the country's expansion of its nuclear energy footprint. For those reasons, most investors would be better off buying Cameco stock today.Read NextApr 20, 2026 •By James HiresThe 2 Best Nuclear Energy Stocks to Buy in AprilApr 20, 2026 •By Lee SamahaAs Trump Pushes for "Energy Dominance," 3 Core Energy Holdings Stand Out for Patient InvestorsApr 13, 2026 •By Leo Sun2 Nuclear Stocks Worth Owning for the Entire Year as Power Demand Keeps ClimbingApr 13, 2026 •By James HalleyCameco in 3 Years: What the Energy Supercycle Could Mean for This StockApr 11, 2026 •By James HiresThese Industrial Stocks Don't Come on Sale Often. Now Is the Time to Buy.Apr 9, 2026 •By Leo SunCameco Is One of 2026's Biggest Winners. Here's the 3-Year Outlook.About 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 MentionedCamecoNYSE: CCJ$116.61(-5.67%)-$7.01OkloNYSE: OKLO$62.61(-8.10%)-$5.52*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.