Three U.S. stocks critical to nuclear fuel supply show varied risks amid plans to triple global nuclear capacity by 2050

The global push to triple nuclear power capacity by 2050 hinges on the nuclear fuel supply chain, currently a bottleneck. Three U.S.-listed companies—Cameco, Centrus Energy, and Oklo—play key roles in uranium mining, enrichment, and fuel fabrication, each with different risk and cash flow profiles. Cameco is a major uranium producer with stable contracts and reactor exposure through Westinghouse. Centrus is the only U.S. uranium enricher with a growing backlog but faces execution risks and uncertain DOE funding. Oklo is a speculative developer focused on advanced fuel recycling and fabrication, with no current revenue and high operational risks. The next year will test these companies' ability to meet rising fuel demand as nuclear projects advance.