A group of stocks tied to uranium mining and nuclear energy surged to levels not seen since mid-2008, capping off an extraordinary rally in May that is repositioning nuclear power at the center of both the global energy transition and investor portfolios.

The VanEck Uranium and Nuclear ETF NLR rose to $100 per share on Tuesday, May 28, 2025, reclaiming territory last reached in July 2008.

The fund has now posted eight consecutive weeks of gains, climbing 56% from April lows and 28% in May alone — on pace to mark its strongest month since inception in 2007.

The rally gained fresh momentum in the wake of President Donald Trump's executive order last week, which laid out a strategy to rebuild America's nuclear fuel cycle, reduce dependence on foreign uranium and supercharge reactor development over the next decade.

Who's Leading The Nuclear Rally?

Three companies have emerged as standout winners in May's uranium breakout:

• Oklo Inc. OKLO is up 130.7% since late April. The firm develops compact advanced fission reactors aimed at off-grid and remote installations, positioning itself as a leader in next-gen nuclear tech. Last week, the company signed a key partnership with South Korean Nuclear Giant Korea Hydro & Nuclear Power.
• NuScale Power Corp. SMR has gained 114.7%. It specializes in Small Modular Reactors (SMRs), a scalable and cost-efficient technology now getting federal backing.
• Centrus Energy Corp. LEU has risen 91.4%. The company supplies enriched uranium fuel for commercial and government use, and stands to benefit from expanded enrichment capabilities outlined in Trump's order.

Other notable gainers in the past month include Boss Energy Limited BQSSF, up 50%; NANO Nuclear Energy Inc. NNE, up 42.1% and Canadian uranium mining heavyweight Cameco Corp. CCJ, which is up 37.8%.

Read also: Best Uranium Stocks Right Now

What's Fueling The Nuclear Rally?

Much of the momentum stems from the May 23 executive order signed by President Trump, which outlines an aggressive roadmap for U.S. nuclear revitalization.

Among the core initiatives:

• 10 new nuclear reactors under construction by 2030
• 5 gigawatts of uprated capacity from existing facilities
• Expansion of uranium enrichment, conversion and recycling
• Reinvigoration of the domestic nuclear fuel supply chain

In a research note last week, Goldman Sachs analyst Brian Lee said the policy shift provides "a meaningful tailwind for companies in the nuclear fuel supply chain."

Lee reiterated a Buy rating on Cameco, citing its exposure to rising uranium demand and its 49% stake in Westinghouse, a key player in new reactor builds.

"We view the Westinghouse segment would likely see an uplift as construction on new nuclear plants begins," he said.

He also flagged NuScale as a beneficiary of federal investment, given the administration's support for SMRs in both civilian and defense applications.

Goldman Sachs forecasts global nuclear capacity will grow from 378GW to 575GW by 2040, boosting its share of the global electricity mix to 12%.

The need for reliable, emissions-free baseload power — especially to support the electrification of vehicles, AI-driven data centers and grid stability — is now reviving nuclear's appeal.

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