Nuclear energy and uranium stocks surged after US President Donald Trump signed a sweeping set of executive orders aimed at overhauling nuclear policy and accelerating the deployment of next-generation reactors.
The orders, which were signed on May 23 with industry leaders present, mark the Trump administration’s most aggressive push yet to redefine nuclear power as central to America’s energy, technological and defense future.
“We’re also talking about the big plants — the very, very big, the biggest,” Trump said during the signing ceremony at the Oval Office. “We’re going to be doing them also, but I think our focus today is the smaller module.”
Oklo (NYSE:OKLO) and NuScale (NYSE:SMR), both of which are small modular reactor (SMR) developers, soared by 23 and 19 percent, respectively. Constellation Energy (NASDAQ:CEG), the nation’s largest nuclear operator, gained 2 percent, while Canada-based uranium producer Cameco (TSX:CCO,NYSE:CCJ)rose by nearly 11 percent.
US uranium-focused firms Uranium Energy (NYSEAMERICAN:UEC), Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) and Centrus Energy (NYSEAMERICAN:LEU) saw gains ranging from 19.6 to 24.2 percent.
The Global X Uranium ETF (ARCA:URA), which tracks uranium-related equities, jumped more than 11.6 percent.
Fast-tracking nuclear reactor licenses
One of Trump’s orders instructs the Nuclear Regulatory Commission (NRC) to finalize decisions on reactor license applications within 18 months and overhaul its current regulatory framework.
The directive calls for internal reorganization, overseen in part by the Office of Management and Budget and the Department of Government Efficiency, better known as DOGE.
Analysts warn this could weaken the NRC’s operational independence.
Though the order does not formally place the NRC under White House supervision, critics point to a prior executive order in February as evidence of a broader strategy to curtail regulatory autonomy.
Despite potential concerns over staffing and capacity, the Trump administration is clear in its expectations — it wants to see a rapid licensing process to facilitate commercial and defense-related nuclear buildouts.
AI and national security integration
Titled ‘Deploying Nuclear Reactor Technologies for National Security,” another of Trump’s orders calls for a nuclear reactor to be operational at a domestic military base by September 30, 2028.
Through this directive, the president has tasked the Department of Energy (DOE) with designating artificial intelligence (AI) data centers co-located at DOE sites as “critical defense facilities,” with their nuclear power sources categorized as “defense critical electric infrastructure.” The goal is to ensure stable, high-density, dispatchable power for both military readiness and the growing energy needs of AI computing infrastructure.
This order also instructs the Department of Defense and the DOE to explore categorical exclusions under the National Environmental Policy Act for reactor construction on federal sites, an attempt to further expedite deployment.
Reviving fuel supply chains and recycling
The administration is also attempting to reboot the US nuclear fuel cycle.
The DOE has been directed to release 20 metric tons of high-assay low-enriched uranium (HALEU) into a commercial fuel bank for private sector use. This move marks a significant policy shift in that it directs the DOE to identify usable plutonium and uranium in its inventory for potential recycling into nuclear fuel — a move that bucks decades of US reluctance toward commercial reprocessing due to proliferation risks.
There are currently no commercial nuclear fuel recycling facilities in the US, and the order’s provisions could encourage the creation of a domestic market for recycled fuel. This work could become especially important as international competitors like China and Russia continue to develop similar capabilities.
International push and export diplomacy
Secretary of State Marco Rubio has been directed to lead negotiations under Section 123 of the Atomic Energy Act to facilitate nuclear technology exports. Within 90 days, the administration has been told to develop strategies to increase financing and technical assistance for civil nuclear projects in partner countries.
The goal is to disrupt what the administration sees as growing foreign control over the nuclear industry — 87 percent of new reactor builds globally rely on non-US designs, and most of the world’s nuclear fuel supply originates abroad.
“By instructing the Department of State and other agencies to aggressively pursue export opportunities, this Order will strengthen our relationships with our allies and disrupt potential industry control by adversaries,” the White House said in a fact sheet released alongside last week’s executive orders.
Domestic workforce and reactor testing
Another order, “Reinvigorating the Nuclear Industrial Base,” calls for measures to support workforce development, modernize waste management strategies and complete or restart dormant nuclear construction projects.
It also mandates an updated report on the fuel cycle and related infrastructure — effectively a follow up to the 2020 “Strategy to Restore American Nuclear Energy Leadership” published under Trump’s first term.
While the order “Reforming Nuclear Reactor Testing at the DOE” stops short of demanding new test facilities, it instructs the national laboratory system to expand capacity for testing new reactors, potentially reviving interest in the Versatile Test Reactor project, which was canceled due to congressional defunding during the Biden administration.
Observers note that much of the Trump administration’s current nuclear policy builds upon previous initiatives — such as the 2017 Nuclear Energy Innovation and Capabilities Act, and Biden-era investments in HALEU and SMRs.
However, the new executive orders notably reflect a deliberate departure from longstanding caution around regulatory independence and nuclear fuel recycling.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
