Shares of NANO Nuclear Energy, Oklo and NuScale Power rose after Google and Constellation Energy announced a long-term agreement to add 890 megawatts of nuclear capacity to the PJM grid. The market reaction reflects a real demand signal from a large data-center customer, but the deal is with an established nuclear operator, not the development-stage companies whose shares rallied.
What Google actually agreed to buy
Constellation said the partnership will expand output at existing nuclear sites through plant upgrades and long-term power arrangements. Existing reactors can generally deliver additional firm power sooner than an unbuilt small modular reactor. That distinction matters because data centers need reliable electricity now, while advanced reactor developers still face licensing, financing, construction and customer-conversion risks.
The agreement supports the broad thesis that hyperscalers will pay for dependable, low-carbon electricity. It does not provide revenue, an order or a construction commitment to NANO Nuclear, Oklo or NuScale. Investors should therefore separate validation of nuclear demand from validation of any one developer's economics.
Regulatory progress is uneven
The U.S. Nuclear Regulatory Commission issued a standard design approval for NuScale's US460 design in May 2025. That approval allows the design to be referenced in applications for construction permits and operating licenses, but it is not itself permission to build and operate a specific plant. Oklo and NANO Nuclear are pursuing different reactor concepts and remain dependent on their own regulatory milestones.
The original report noted that all three developers were still pre-revenue and had fallen sharply in 2026 before the latest rally. That history shows how sensitive these stocks are to sector sentiment. A positive industry announcement can raise perceived terminal demand without reducing the near-term probability of delays, dilution or higher project costs.
What would make the rally durable
The next decision-useful milestones are developer-specific: accepted license applications, credible construction schedules, binding customer contracts, disclosed project financing and evidence that first-of-a-kind costs are manageable. NuScale's approved design offers a regulatory reference point, while Constellation's operating fleet offers a very different risk profile.
BTI's conclusion is that Google's contract is strongest evidence for Constellation and for nuclear power demand generally. The read-through to NANO Nuclear, Oklo and NuScale is positive but indirect. Investors should not treat an agreement for existing plants as proof that an unbuilt reactor will reach commercial operation on time or on budget.