The United States nuclear energy sector is undergoing a long-overdue revival. Once burdened by cost overruns, public skepticism, and a multi-decade policy stalemate, nuclear power is now being re-evaluated through a new lens—one shaped by climate imperatives, massive AI-related energy demands, and bipartisan political support. For investors looking ahead, the conditions are increasingly favorable for meaningful and sustained capital deployment across the nuclear value chain.

What’s driving this renewed momentum? A combination of economic necessity and policy support. A growing number of industrial and technology leaders are coming to the same conclusion: in order to meet long-term electricity needs without adding carbon to the atmosphere, nuclear must play a central role. This is no longer a theoretical talking point. It is becoming operational.

The AI Supercycle and Grid Pressure

The single most important near-term catalyst for nuclear power’s resurgence is the surging electricity demand tied to artificial intelligence and data center expansion. Global data centers consumed 460 terawatt-hours of electricity in 2022. That number is projected to more than double to over 1,000 TWh by 2026, with the U.S. accounting for the majority of that growth [1].

These facilities require constant, round-the-clock electricity that is both reliable and increasingly expected to be carbon-free. That combination makes nuclear especially compelling. While wind and solar have contributed meaningfully to U.S. grid decarbonization, they are intermittent by nature. Nuclear provides a base load solution. Major technology companies are already taking notice. Microsoft recently signed a 20-year deal with Constellation Energy to provide nuclear power to its data centers. The agreement even includes power from the Three Mile Island facility, previously decommissioned, underscoring how valuable nuclear assets have become in the current environment [2].

Policy Tailwinds and Regulatory Shifts

Washington is no longer treating nuclear power as a political third rail. The Inflation Reduction Act (IRA), passed in 2022, allocated approximately $6 billion in tax credits and subsidies specifically to support existing nuclear plants and to accelerate the commercialization of small modular reactors, or SMRs [3]. These credits were essential in keeping many aging reactors financially viable, particularly as competition from cheap natural gas and renewables grew in recent years.

However, with the IRA now under scrutiny by deficit hawks in Congress, nuclear advocates are intensifying their lobbying efforts to ensure these credits are protected. Constellation Energy and the Nuclear Energy Institute have warned lawmakers that pulling back support would risk early shutdowns of plants that are crucial to meeting national emissions targets and maintaining grid stability [4].

In addition to financial support, the federal government has taken steps to modernize the regulatory regime. In 2024, the Biden administration proposed executive orders aimed at cutting red tape at the Nuclear Regulatory Commission. The goal is to streamline licensing and permitting for advanced reactors, a move widely praised by industry stakeholders and investors alike [5]. These changes could reduce project timelines significantly, which in turn could unlock a new wave of private capital into SMR deployment.

Private Sector Confidence and Technological Innovation

In parallel with federal efforts, the private sector has increasingly stepped in to advance next-generation nuclear technologies. One of the most visible examples is Oklo Inc., a nuclear technology startup backed by OpenAI CEO Sam Altman. Oklo recently completed its merger with AltC Acquisition Corp., a SPAC co-founded by Altman, in a deal that valued the company at approximately $850 million [6].

The company is developing compact fast reactors designed to be safer, more efficient, and cheaper to build than traditional light-water reactors. Other firms, such as TerraPower (founded by Bill Gates) and X-energy, are developing similar technologies and have secured hundreds of millions of dollars in government and private funding to support deployment efforts [7]. These modular designs are not only quicker to build but are also intended to be deployed in remote or industrial locations where grid extension is impractical.

Global and Institutional Momentum

Public sentiment in the U.S. is also shifting. According to Pew Research, more than half of Americans now support expanding nuclear power, a notable increase from previous years when the industry was often viewed with skepticism [8]. On the international front, commitments made at the COP28 climate summit call for a tripling of global nuclear power capacity by 2050. This goal is being endorsed not just by governments, but by large financial institutions. Goldman Sachs, Morgan Stanley, and other global banks have publicly supported the move and are evaluating nuclear investment opportunities across fuel supply, infrastructure, and technology [9].

What’s notable about this institutional support is that it reflects a broader recognition that nuclear energy is not only viable but essential. Capital markets are beginning to understand that achieving decarbonization goals without nuclear is mathematically improbable.

Why This Matters for Investors

All of this points to an inflection point for nuclear energy investment. From a fundamental standpoint, the sector offers exposure to a long-duration macro theme—clean, reliable power—that is supported by a rare combination of private innovation, public backing, and global necessity.

Investors can access the space in multiple ways. Public equities such as Constellation Energy and Cameco offer exposure to reactor operation and uranium production, respectively. Thematic ETFs focused on nuclear power and uranium miners provide diversified baskets across the value chain. On the private side, venture investments into SMR developers or uranium enrichment technologies offer high-upside opportunities for risk-tolerant capital.

The bottom line is that the nuclear energy landscape is transforming. What was once viewed as a legacy power source is now being seen as a critical enabler of future economic and technological growth. Whether driven by the need to power AI infrastructure or to secure domestic energy independence, nuclear’s role is expanding, and so are the investment opportunities surrounding it.

How May Investors Seize The Opportunity in The Nuclear Energy Sector?

The Range Nuclear Renaissance Index ETF (NUKZ) seeks to track the performance, before fees and expenses, of the Range Nuclear Renaissance Index. The index aims to track the performance of a portfolio of stocks that are involved in the nuclear fuel and energy industry.

Note: As of 5/16/25 Constellation Energy, Cameco, and Oklo Inc. were 9.57%, 8.57%, and 2.44% positions in NUKZ respectively.

See www.rangeetfs.com/nukz for a full list of positions. Holdings subject to change.

[1] Reuters, “US nuclear builders tight for time in race to power AI,” April 2024

[2] The Times, “The big brains have decided: it's time to invest in nuclear,” March 2024

[3] Shale Magazine, “U.S. Nuclear Energy Revival: A New Era,” March 2024

[4] Financial Times, “US nuclear sector intensifies lobbying in bid to prevent subsidy cuts,” May 2024

[5] Carbon Credits, “U.S. Nuclear Industry Set for Big Changes as Government Plans to Cut Red Tape,” February 2024

[6] Financial Times, “Altman-backed Oklo completes SPAC merger,” May 2024

[7] Wikipedia, “TerraPower” and “X-energy” company pages

[8] Pew Research Center, “Public Opinion on Expanding Nuclear Power,” November 2023

[9] Business Insider, “Wall Street warms to nuclear power as banks including Goldman Sachs back drive to triple global output,” April 2024

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