3 SMR Stocks To Watch After Amazon Backs X Energy Nuclear Project

Amazon’s decision to back a 960 MW small modular reactor in Indiana turns an abstract theme into a live test of how big tech, utilities and nuclear developers might share the next leg of U.S. power buildout. Investors suddenly have a clearer signal on where long term capital could cluster, and where execution risk might bite. This article walks through three stocks most exposed to this news and what that could mean for your portfolio decisions.

The three stocks below are only a starting sample from this theme, and the full screen surfaced 8 more companies with equally detailed SMR narratives that are not covered here. If you want to quickly identify which tickers best fit your own risk, time horizon, and thesis, analyze the Next-Generation Nuclear & Small Modular Reactor (SMR) Developers screener.

X-Energy (XE)

Overview: X-Energy designs next-generation small modular nuclear reactors and TRISO-X fuel to provide modular, low carbon power and process heat.

Operations: The business reports about $150 million in Electric Equipment revenue, with roughly $165 million generated in the United States including minor segment adjustments.

Market Cap: US$4.21b

X-Energy sits closest to the screener theme as a pure-play SMR developer, now tied directly into Amazon’s 960 MW Indiana project and a stated 5 GW nuclear build ambition by 2039. For investors considering next-generation nuclear tied to data center power demand rather than traditional utilities, the key variable is how a single project cycle ultimately lands on cost and timing.

To understand the trade-off between cost, timing and risk for X-Energy, review the 3 key rewards and 2 important warning signs before committing serious capital.

NANO Nuclear Energy (NNE)

Overview: NANO Nuclear Energy is an early-stage nuclear developer working on compact microreactors and fuel-cycle services for next-generation and SMR-style power projects.

Market Cap: US$692 million

NANO Nuclear Energy provides direct exposure to the same SMR narrative associated with Amazon’s power initiative, but from a much earlier point on the development curve. At this stage, licensing progress, partnerships and fuel-cycle depth may all have a greater impact on potential future economics than they do for mature utilities.

"Progress toward licensing and construction of the University of Illinois prototype, including site work and an upcoming construction permit submission, begins to move KRONOS from paper design toward a physical asset."

A key factor for NANO Nuclear Energy is how its emerging commercial pipeline ultimately translates that reactor progress into potential long-term contract value.

That contract question is where it gets interesting, and the full narrative for NANO Nuclear Energy shows how licensing, fuel services and potential data center demand could accelerate or stall NANO Nuclear Energy’s story.

Curtiss-Wright (CW)

Overview: Curtiss-Wright supplies engineered equipment and control systems for commercial nuclear power, defense and industrial customers worldwide, tying directly into next generation and SMR reactors.

Operations: Curtiss-Wright generates about US$1.6b from Naval & Power, US$1.0b from Aerospace & Industrial and US$1.0b from Defense Electronics.

Market Cap: US$18.55b

Curtiss-Wright gives you exposure to the SMR theme through the hardware and control systems that help keep advanced reactors running safely. This is an area where investor attention is increasing after the latest Amazon and X-Energy moves.

"The global nuclear resurgence remains in play for Curtiss-Wright. Management now expects the commercial nuclear business to roughly double from its 2023 base by 2028 and to reach about US$1.5b in annual revenue by the mid 2030s, with potential AP1000 and SMR content supporting a long-cycle uplift in segment revenue and margins that is not yet fully reflected in near term guidance."

What happens to Curtiss-Wright’s earnings power if a single assumption about future nuclear contract intensity or mix quietly shifts underneath those expectations?

If that contract mix is what you keep circling back to, read the full narrative for Curtiss-Wright to see how shifting nuclear content could accelerate or mask Curtiss-Wright’s earnings story.

Seeking Fresh Alternatives Beyond SMRs?

Some of the sharpest opportunities can appear early, before momentum increases and prices move significantly. Review these fresh ideas while they may still be timely.

• Spot companies where pricing power and payout strength align by scanning the 8 dividend fortresses before yields change or the broader market takes notice.
• Track early momentum in cash-generative AI companies by working through the curated 39 profitable AI stocks that aren't just burning cash while they may still be less widely followed.
• Look for balance sheet strength and durable earnings by running the list of solid balance sheet and fundamentals (25 results) before additional capital flows in and alters the risk-reward profile.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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