Overview
Barclays has compiled a list of twenty‑one nuclear‑related companies it believes are positioned to capture demand from the accelerating AI infrastructure build‑out. The bank notes that annual AI infrastructure spending by Western hyperscalers and AI labs could exceed $1 trillion before peaking in 2028, with a further $300 billion upside above current consensus estimates and additional upside from sovereign AI initiatives and China. Power‑capacity constraints, permitting bottlenecks and labour shortages are highlighted as material risks to meeting that demand.
Company Highlights
1. GE Vernova – Designs and services boiling‑water reactors, manufactures nuclear fuel and develops the BWRX‑300 SMR. Bernstein issued an outperform rating as coverage began, and Jefferies raised its price target citing a strong backlog.
2. NextEra Energy – Operates one of the largest U.S. nuclear fleets alongside a large solar and storage portfolio. A subsidiary completed a $3.75 billion debt offering, and Bernstein initiated coverage with an outperform rating.
3. Southern Company – Through Southern Nuclear, runs several nuclear plants including the newly completed Vogtle Units 3 & 4. Reported Q1 2026 adjusted EPS of $1.32, beating consensus, driven in part by a 42 % rise in data‑center growth.
4. Constellation – Owns the largest U.S. nuclear fleet, delivering over 180 TWh of carbon‑free electricity annually. Announced a long‑term nuclear power supply agreement with Walmart for its Dresden Clean Energy Center in Illinois.
5. Duke Energy – Operates six nuclear stations in the Carolinas and is advancing BWRX‑300 SMR designs. Reported Q1 2026 adjusted EPS of $1.93, above forecasts, and secured a U.S. Department of Energy grant of up to $61.8 million for projects at its coal‑fired plants.
6. Quanta Services – Provides infrastructure services to utilities but adopts a cautious stance on work “behind the nuclear fence.” Reported Q1 2026 adjusted EPS of $2.68, far exceeding expectations, and its board authorized a new $1 billion stock repurchase program.
7. Dominion Energy – Maintains regulated nuclear stations in Virginia, South Carolina and Connecticut. Jefferies upgraded the stock to Buy, citing the pending merger with NextEra Energy, while Seaport Global Securities downgraded it to Neutral.
8. Vistra – Operates a sizable nuclear fleet after acquiring Energy Harbor and is exploring nuclear uprates to meet D.C. demand. Reported Q1 2026 EPS of $1.31, beating forecasts, and received an outperform rating from Bernstein as coverage began.
9. Cameco – Canadian uranium producer holding a 49 % stake in Westinghouse, covering the full nuclear fuel cycle. Temporarily halted operations at its Cigar Lake mine due to a partner‑mill issue; Westinghouse is set to benefit from a U.S. DOE loan package for new reactors.
10. Xcel Energy – Runs two nuclear plants delivering 1,700 MW to its Northern States Power system. Received verbal approval from the Minnesota Public Utilities Commission for a rate increase that includes a higher return on equity, and a subsidiary filed a stipulation in a New Mexico rate case.
11. Entergy – Operates five nuclear units in the Southeast after exiting merchant nuclear operations.
12. Public Service Enterprise Group – Operates the Hope Creek and Salem nuclear units, providing 24/7 baseload power for New Jersey.
13. Evergy – Holds a stake in the Wolf Creek nuclear plant to supply carbon‑free energy.
14. BWX Technologies – Manufactures naval nuclear reactors, commercial SMR components and processes uranium fuel.
15. Talen Energy – Operates the Susquehanna nuclear plant and co‑locates data centers for direct power access.
16. WESCO International – Distributes electrical, industrial and communications MRO products and supply‑chain services supporting power‑generation facilities.
17. Oklo – Designs fast‑fission reactors aimed at delivering decentralized, carbon‑free power for data‑center workloads.
18. NexGen Energy – Advances the Rook I uranium project and holds a 31.00 % stake in IsoEnergy’s uranium portfolio.
19. Amentum Holdings – Provides lifecycle services including consulting, testing and SMR program management.
20. Fluor – Offers EPCM services for nuclear projects and holds a majority stake in NuScale Power.
21. NuScale Power – Develops proprietary Small Modular Reactor technology and licenses it to global utility partners.
Financial and Strategic Outlook
Barclays projects that annual AI infrastructure spending could be $300 billion higher than current consensus estimates, with further upside possible from sovereign AI programmes and Chinese initiatives. The bank also notes that recursive self‑improvement is expected to slow AI training demand after the 2028 peak, potentially moderating the growth trajectory.
Risks and Constraints
The report flags power‑capacity constraints, permitting challenges and labour shortages as real risks that could impede the ability of digital and power infrastructure to keep pace with AI‑driven demand.