Why Nuclear’s Next Frontier Could Be 240,000 Miles Away

This year, nuclear energy stocks have been some of the market’s best performers. Small modular reactor (SMR) developers like NuScale Power (SMR) and Oklo (OKLO) have been announcing a steady stream of partnerships, and Donald Trump, has pushed fresh executive orders aimed at accelerating the sector’s development.

Investors have plenty of reason to be excited but a surprising new catalyst has emerged, and this time, it’s not about powering cities or factories here on Earth. It’s about sending nuclear energy to the Moon.

Key Points

• NASA’s Goal is deploy an SMR on the Moon by 2030 for the Artemis program.

• NuScale, Oklo, Radiant, and X-Energy may well compete for the contract.

• Ambitious timeline and competition make any single-company bet risky.

NASA’s Lunar Reactor Goal

At a recent press briefing, Sean Duffy, currently serving as both Secretary of Transportation and acting head of NASA, revealed that the agency wants to place a fission reactor on the Moon by 2030. This initiative is tied to NASA’s Artemis program, which aims to establish a long-term human presence beyond Earth.

Artemis 3, scheduled for a 2027 launch, is expected to return astronauts to the lunar surface for the first time in over 50 years. The mission will last just six days, but it’s intended as the starting point for a more permanent foothold.

After Artemis 3, NASA plans to begin deploying infrastructure to support a sustainable lunar base, and a nuclear reactor could be at the heart of it.

While Duffy didn’t explicitly name SMRs, the specifications, compact size, reliability, and high power output, point directly to SMR technology as the likely candidate.

Which Companies Could Benefit?

Currently, no SMRs are in operation anywhere, but NuScale Power and Oklo are the furthest along in the U.S.

NuScale has already achieved a major milestone. It was the first SMR developer to receive U.S. Nuclear Regulatory Commission (NRC) approval for its designs. This scalability could be appealing for modular deployment in different environments, from remote Earth sites to space-based colonies.

Oklo is working on its Aurora powerhouse, a much smaller system designed for remote operations. The NRC rejected its initial application in 2022 due to missing information, but the company is in the process of resubmitting with revisions.

Don’t Overlook the Private Players

Two privately held companies could also compete for NASA’s lunar contract, and these names fly under most public-market investors’ radar.

Radiant is developing the Kaleidos reactor, a micro-reactor designed to produce just 1 MWe. That’s tiny compared to NuScale or Oklo designs, but it’s in the same output range as diesel generators, which Kaleidos is meant to replace. On the Moon, smaller might mean more efficient deployment and easier transport.

X-Energy, another private contender, has a pebble-bed high-temperature reactor design that is notable for its inherent safety features, something NASA would likely prioritize in a space environment.

The Big “If” Investors Shouldn’t Ignore

NASA’s timeline is aggressive. Building, testing, and transporting a nuclear reactor to the Moon by 2030 leaves little room for delays, and space programs are notorious for them. Even if the mission stays on track, there’s no guarantee NuScale or Oklo will be the ones supplying the tech.

Government procurement is a competitive process, and Radiant, X-Energy, and other SMR developers will almost certainly throw their hats into the ring. Betting on a single company purely because of NASA’s goal could be risky.

That said, the mere fact that space agencies are considering SMRs for off-world use is an endorsement of the technology’s flexibility. And that flexibility has far-reaching implications here on Earth, from military forward bases to disaster-relief power generation.

Bottom Line

NASA’s lunar nuclear plan is still speculative, but it’s a compelling reminder that SMRs aren’t just another clean-energy technology, they’re a platform with applications from deep space to the deep wilderness.

NuScale and Oklo may grab headlines because they’re publicly traded, but investors who dig deeper into the SMR landscape will find a broader field of potential winners. Whether or not the Moon mission happens on schedule, the push for compact, reliable, and scalable nuclear power is real, and it’s one of the most intriguing long-term energy trends unfolding right now.