Cameco vs. Oklo — Which Nuclear Stock Is the Better Buy Today?
AI is supercharging electricity demand. Nuclear is back in focus. Here’s a clean, mobile-first breakdown of two very different plays on the same megatrend.
Why This Matters
Cameco (CCJ): The Uranium Powerhouse
- Owns/operates world-class high‑grade mines: McArthur River, Key Lake, Cigar Lake, and stake in JV Inkai.
- Integrated fuel services: Blind River refinery (largest commercial) and Port Hope conversion facility.
- 49% stake in Westinghouse (with Brookfield Renewable) adds downstream, service-led revenues.
- Leverage to uranium cycle with real assets and existing cash flows.
Oklo (OKLO): The Aurora Vision
- Founded 2013; developing compact, modular sodium fast reactors (15–75 MWe initially).
- Targets on‑site, resilient baseload for data centers, industry, remote grids.
- Pre‑revenue; H1 2025 operating loss: $45.9M; 2025 cash burn guided: $65–80M.
- First operational unit targeted for 2027–2028, pending licensing, build, and deployment.
Side‑by‑Side Snapshot
Cameco (CCJ)
Oklo (OKLO)
Note: Market prices and valuation metrics are volatile; refer to your trading platform for current data.
Macro Tailwind: The AI‑Power Curve
- Baseload fit: Provides stable, predictable output for hyperscale compute clusters.
- Policy momentum: Multiple countries revisiting nuclear lifecycle extensions and new builds.
- Supply overhang cleared: Years of underinvestment tighten uranium markets, favoring producers.
Valuation & Expectations
| Metric | Cameco | Oklo | Implication |
|---|---|---|---|
| Recent Performance | ~+68% YoY | ~+1,100% YoY | Oklo priced for perfection; Cameco re‑rated on cycle |
| Earnings Basis | Positive, cyclical | Pre‑revenue | Cash flows now vs. later |
| Forward Visibility | Contracts, fuel services | Licensing & FOAK timeline | Execution risk concentrated at Oklo |
FOAK = First‑of‑a‑kind. Figures reflect narrative from source script; check latest filings/quotes for updates.
Risk Map
- Regulatory: Nuclear approvals are multi‑year; delays affect Oklo most.
- Commodity: Uranium price volatility impacts Cameco margins.
- Financing: Oklo requires sustained capital through commercialization.
- Geopolitics: Supply chain and mine jurisdiction risks.
- Technology: FOAK deployment and reliability milestones for advanced reactors.
PyUncut Verdict
Cameco is the better buy today given its real assets, integrated fuel services, and leverage to the uranium up‑cycle. It also benefits from exposure to Westinghouse for downstream stability.
Oklo is an asymmetric, high‑beta innovation play: compelling vision, but returns are gated by regulatory and engineering milestones and multi‑year timelines.
Implementation Checklist
- Define allocation buckets: Core (defensive cyclicals) vs. Speculative (innovation).
- Set position sizing rules (e.g., risk‑based max drawdown or % NAV caps).
- Use staggered entries (dollar‑cost averaging) to navigate volatility.
- Track milestones: uranium price trend, CCJ production/contracting updates, OKLO licensing and first‑build progress.
- Reassess thesis on material delays, policy shifts, or financing stress.
Key Takeaways
- Nuclear is a credible solution to the AI‑era power gap.
- Cameco monetizes the cycle now; Oklo aims to reinvent the stack later.
- Valuations imply higher execution risk at Oklo.
- A barbell approach can capture both stability and optionality.
Disclaimer
This infographic is for informational and educational purposes only and is not investment advice or a recommendation to buy or sell any security. All investing involves risk, including loss of principal. Data points and company details reflect the provided script and may not represent real-time figures. Always conduct your own research or consult a licensed financial professional.
© PyUncut. You may share this report with attribution.
Better Nuclear Energy Stock: Cameco vs. Oklo — The Past vs. The Future of Nuclear Power
Welcome to PyUncut, where we decode the future of investing — one megatrend at a time.
Today, we’re diving into a sector that’s been quietly powering both data and dreams — nuclear energy.
With artificial intelligence devouring electricity faster than ever, power demand is expected to soar by 165% by 2030, according to Goldman Sachs. Solar and wind are expanding, but they’re not enough. The grid needs something stronger, steadier — and that’s where nuclear reenters the spotlight.
Two names stand at the crossroads of this atomic revival: Cameco and Oklo.
Both are nuclear stories — but they live in different centuries. One is a uranium titan. The other, a Silicon Valley-style nuclear startup. So, which is the better buy today? Let’s break it down.
⚛️ The Shared Nuclear Dream
Cameco and Oklo share a common goal — a low-carbon, high-output world powered by the atom. Both benefit from the renewed global push toward clean baseload energy and the realization that without nuclear, net-zero targets may remain fantasy.
But that’s where their similarities end.
Cameco is the old guard, a global supplier with decades of infrastructure and cash flow.
Oklo is the new disruptor, betting on futuristic, small-scale reactors that could power data centers, remote bases, or even entire communities.
🏗 Cameco: The Uranium Powerhouse
Cameco (NYSE: CCJ) isn’t just a mining company — it’s the backbone of nuclear fuel supply. It controls some of the world’s richest uranium deposits and processes more uranium than any other commercial player.
- Uranium Segment:
Cameco’s uranium division handles everything from exploration to milling. It owns majority stakes in legendary mines like McArthur River and Key Lake — the world’s largest high-grade uranium mine and mill. It also holds key positions in Cigar Lake and JV Inkai in Kazakhstan, giving it geopolitical diversification in supply. - Fuel Services:
The company runs the Blind River refinery, the world’s largest commercial uranium refinery, and the Port Hope Conversion Facility — Canada’s only uranium conversion site. - Downstream Integration:
In 2023, Cameco joined forces with Brookfield Renewable Partners to acquire a 49% stake in Westinghouse Electric Company, the historic reactor maker.
This move transforms Cameco from a supplier into a vertically integrated nuclear solutions company — able to capture profits from mining all the way to maintenance.
For investors, this diversification is crucial. Uranium prices fluctuate, but Westinghouse brings service revenue and long-term contracts.
Cameco’s story is all about scale, credibility, and leverage to the global uranium cycle.
🚀 Oklo: The Startup That Wants to Reinvent Nuclear
Founded in 2013, Oklo (NYSE: OKLO) is everything Cameco is not — small, experimental, and unprofitable (for now).
Its vision? To build the Aurora powerhouse, a next-generation, modular nuclear reactor that looks more like an AI server rack than a cooling tower.
The Aurora is designed to produce 15–75 megawatts of electricity, enough to power a small city or a hyperscale data center. The design uses liquid-metal-cooled fast-reactor technology, a proven but long-dormant system that recycles spent fuel and drastically reduces waste.
If it works, Oklo could change how the world thinks about nuclear:
- Small enough to deploy in remote areas
- Scalable for industrial or military use
- Reliable as a 24/7 baseload power source for the AI era
But here’s the catch — it hasn’t built anything yet.
Oklo reported a $45.9 million operating loss in the first half of 2025 and expects $65–80 million in total cash burn for the year. It plans to launch its first operational reactor around 2027–2028, marking the beginning of its commercial phase.
Until then, it’s a story stock — driven by vision, not earnings.
📊 Market Performance: Speculation vs. Stability
Both stocks have had a stellar run — but for very different reasons.
- Cameco (CCJ) is up 68% year-over-year. It’s a profitable, established company, trading at 77× current earnings and 58× forward EPS. Pricey, but backed by fundamentals.
- Oklo (OKLO) has rocketed over 1,100% in the past year. It’s valued near $25 billion, despite being pre-revenue. That’s a valuation that assumes perfection — and zero delays.
Investors love the dream. But the risk is real. One licensing setback or technical issue could vaporize that optimism fast.
🧩 The Bigger Picture: AI, Energy, and the Nuclear Revival
The world’s hunger for energy isn’t slowing — especially with AI’s exponential compute growth.
Data centers are projected to double their power use by the end of the decade. That’s why governments from the U.S. to South Korea to France are re-embracing nuclear as essential infrastructure.
Cameco and Oklo both stand to benefit from this macro wave:
- Cameco as a supplier of the fuel that keeps reactors running
- Oklo as a potential disruptor redefining how reactors are built and deployed
But timing matters. Cameco profits today. Oklo might profit someday.
💡 PyUncut Verdict: The Smart Money’s Pick
If you’re looking for:
- Revenue stability
- Cash flow
- Real assets and global reach
→ Cameco is your stock. It’s the steady bet in a market that’s finally rediscovering nuclear energy.
If you’re chasing:
- High risk, high-reward innovation
- Potential moonshots in clean energy
- A decade-long horizon with patience and volatility tolerance
→ Oklo might be your speculative play.
But between the two, Cameco is the better buy today — not because Oklo’s vision isn’t exciting, but because Cameco is the one already powering the world while Oklo is still sketching the blueprint.
🔚 Closing Thoughts — From PyUncut’s Desk
Nuclear power is no longer a relic of the past — it’s the backbone of the AI future.
As nations electrify everything from cars to cloud servers, the demand for stable, carbon-free energy is rising faster than renewables can fill it.
In this landscape, uranium is gold, and companies like Cameco are the miners of the digital age.
Oklo represents the dream — the sleek, scalable nuclear future we hope arrives soon.
But until that dream is realized, the atom’s old guard still leads the charge.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in equities involves risk, including loss of principal.