What's happening
The White House announced the National Initiative for American Space Nuclear Power on April 14, 2026, directing NASA, the Department of Defense, and Department of Energy to deploy mid-power nuclear reactors of at least 20 kilowatts electric in orbit by 2028 and on the lunar surface by 2030. The reactors must be scalable to 100 kWe to support expanding space operations and national security objectives.
The announcement triggered immediate market reactions across nuclear energy stocks, with NuScale Power leading gains as investors connected the space nuclear directive to the company's small modular reactor technology. NuScale CEO John Hopkins highlighted the company's recent ENTRA1/TVA agreement for up to 6 gigawatts of SMR deployment, positioning the company for both terrestrial and potential space applications.
Why it matters for markets
NuScale Power experienced the most dramatic market response, with shares surging 37.4% following the announcement and reaching a 44.4% weekly high. The stock gained 10.87% on April 17 alone amid $850 million in daily trading volume, bringing weekly gains to 22.7%. Despite trading at 100 times sales valuation, the company maintains $836 million in cash and projects $330.7 million in revenue with $37.2 million in earnings by 2029.
The broader nuclear sector saw significant momentum, with Oklo jumping 8% on April 16 and posting 32% gains over the past week, extending its 192% annual surge. Nano Nuclear Energy gained 8% for the week with its $1.22 billion market cap, while Centrus Energy added 2% on April 16, building on its 211% annual gain. Centrus, with FY2025 revenue of $448.7 million and a $3.8 billion backlog including a $900 million DOE HALEU task order, represents the uranium enrichment component of the nuclear supply chain.
Sectors and assets to watch
Small modular reactor developers lead the sector focus, with NuScale Power's $4.10 billion market cap and NRC-certified 77 MWe reactor design positioning it for both space and terrestrial applications. The company's VOYGR plants can scale from 4 to 12 modules for up to 924 MWe of baseload power. Oklo, with its advanced reactor technology, has gained 192% over the past year as CEO Jacob DeWitte stated the world is recognizing that nuclear power is essential to a clean and scalable energy future.
Uranium and nuclear fuel companies also benefit from the expanding nuclear deployment timeline. Centrus Energy CEO Amir Vexler emphasized the company's unique position to meet commercial and national security market needs, supported by its $3.8 billion backlog and specialized HALEU production capabilities required for advanced reactor designs.
What to watch next
Monitor NASA and Department of Defense contract announcements for space nuclear reactor development partnerships, particularly any awards to NuScale or other SMR developers for space-qualified reactor designs. Track progress on the 2028 orbital deployment timeline and 2030 lunar surface targets, as well as potential scaling from the initial 20 kWe requirement to the 100 kWe capacity mentioned in the directive.