Cameco vs. Oklo: The Nuclear Market’s Defining Tug-of-War

Cameco brings cash flow and contracts, Oklo brings vision and volatility — the nuclear trade now hinges on which future investors believe in.

Editorial Team (ET)December 5, 2025

The nuclear renaissance is no longer a whisper—it’s a full-throated roar in 2025, and two names keep dominating the conversation: Oklo (NYSE: OKLO), the Silicon Valley darling promising pocket-sized reactors for the AI age, and Cameco (NYSE: CCJ), the Canadian uranium gorilla that’s been feeding reactors for decades. Both stocks have been on an absolute tear, but after Oklo’s 50%+ haircut from its September peak and Cameco quietly stacking new contracts, investors are asking the same uncomfortable question: which one is the better value before the next leg higher—or lower?

Let’s start with the spectacle. Oklo, the Sam Altman-backed small modular reactor (SMR) pioneer, closed December 4, 2025, at $110.25 after a 14% intraday surge, giving it a market cap just north of $16.2 billion. That’s right—a company with exactly zero dollars in trailing revenue is now worth more than many established industrial giants. To put that in perspective, Oklo’s valuation is roughly 40% of Cameco’s $40.5 billion market cap, despite Cameco posting C$2.62 billion in revenue over the past twelve months and swinging to a healthy C$391 million in net income.

Cameco shares, up a more measured 89% year-to-date through December 4, trade at 103 times trailing earnings and roughly 75 times 2026 consensus estimates (some desks still quote closer to the 64 times forward multiple cited in recent research). Expensive? Without question. Justifiable? Increasingly so, when you consider the structural uranium deficit the world is sleepwalking into.

Here’s the cold reality: global uranium demand is on track to rise 50% by 2030 according to the International Energy Agency, while supply remains choked by years of under-investment and geopolitical risk. Cameco controls roughly 18% of world production through its tier-one assets like McArthur River and Cigar Lake, and its 49% stake in Westinghouse adds a lucrative nuclear-services kicker. More importantly, 70% of its expected output through 2028 is already locked in under long-term contracts—an annuity-like profile that Oklo investors can only dream about for now.

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