On Wednesday, June 11, nuclear energy stocks outperformed the market, with nuclear fuel supplier Centrus Energy (LEU) soaring nearly 9% in a single day—far outpacing the S&P 500, which fell 0.3% during the same period. The rally was primarily driven by positive news from its peer Oklo Inc. (OKLO), which secured a new government contract.
Oklo, a startup focused on next-generation nuclear technology, recently received a Letter of Intent from the U.S. Defense Logistics Agency Energy to design, build, and operate a nuclear power plant at Eielson Air Force Base in Alaska. The project will supply electricity and thermal energy through a long-term power purchase agreement. This initiative is part of the U.S. Air Force’s Micro-Reactor Pilot Program, aimed at enhancing energy resilience for national security infrastructure.
Centrus and Oklo are commercial partners, having signed a Memorandum of Understanding (MOU) under which Centrus will supply High-Assay Low-Enriched Uranium (HALEU) for Oklo’s Aurora reactor. Currently, Centrus is the only NRC-licensed HALEU supplier in the U.S., meaning Oklo’s orders will directly boost Centrus’s business growth.
Jed Dorsheimer, an analyst at William Blair, noted that the HALEU market holds significant potential, with prices potentially reaching $1,000 per Separative Work Unit (SWU)—far exceeding the $170/SWU for traditional low-enriched uranium. As the U.S. government ramps up support for advanced nuclear energy technologies, Centrus is well-positioned to benefit from the industry’s expansion.
