Key Points
Bloom Energy just reported a record Q2 2026, as demand for its on-site power generation products continues to grow.
Oklo and NuScale Power are developing nuclear reactor technology that could also help address the growing power needs from data centers.
Bloom is the only company among the three with commercial operations.
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To feed the never-ending hunger of artificial intelligence (AI) data centers, big tech companies are seeking alternative solutions beyond relying on traditional power grids.
Bloom Energy (NYSE: BE) offers a solution, with its solid oxide technology that provides on-site power. Other sources of power are expected to come from the nuclear energy sector, with Oklo (NYSE: OKLO) and NuScale Power (NYSE: SMR) each developing promising small modular reactors that can allow for more flexibility for placement and greatest scalability than traditional reactors.
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Between the three, however, I would give the edge to Bloom as the better buy at this moment for a simple reason.
Image source: The Motley Fool.
Why Bloom has the edge
There’s no denying that nuclear power is becoming a bigger investing storyline. But the investment case around both Oklo and NuScale still hinges on regulatory approval, as neither has commercial operations.
The simple reason Bloom is a better investment today is that, compared with Oklo and NuScale, its business is up and running and making money. In its 2026 second-quarter earnings report, Bloom recorded revenue of just over $1 billion, the first time the company has generated more than $1 billion in a quarter.
That was a 165.5% increase in revenue, which is impressive, but those giant gains are what Bloom has been known for. More impressively, however, the company is starting to report profits. For the second quarter of 2025, Bloom reported a net loss under generally accepted accounting principles (GAAP) of $42.6 million, but it reported a net profit of over $196 million for the second quarter of 2026.
Its operations are also becoming more efficient, as GAAP gross margin improved from 26.7% in the prior-year period to 33.4%.
The results speak for themselves, but Bloom CEO KR Sridhar emphasized the point of Bloom becoming a major player in the AI energy market in the company’s earnings release:
The demand for Bloom Energy’s solutions keeps accelerating every quarter as customers who traditionally defaulted to combustion technologies are now proactively choosing Bloom as a superior power solution. Today, all the major U.S. hyperscalers and over a dozen U.S. neoclouds, AI labs, and colocation data center operators have validated and approved our power solutions for their AI factories. Bloom is now a standard for AI onsite power.
Even with Bloom’s dominant results in mind, however, there’s still a reason why I wouldn’t dismiss Oklo or NuScale as investable opportunities.
Time for a turnaround?
As of this writing, the Bloom Energy stock price has skyrocketed by around 370% over the last year. There may be more gains ahead, and at this moment, I still think it’s the better investment.
That said, it’s also going to become increasingly difficult for Bloom to impress the market, and we saw a little bit of that after its recent earnings. Despite the overwhelmingly positive results shared on July 28, the Bloom stock price still closed slightly down on July 29.
In comparison, over the last year, the Oklo stock price has dropped nearly 50%, while NuScale shares are down almost 85%. That can make it easier for them to become turnaround stories, with both companies benefiting from potential regulatory catalysts ahead that could reverse those losses and lead to gains.
Both are still speculative investments, however, and that warrants correspondingly smaller stakes. But between the two, I would rather own more shares of Oklo than NuScale in anticipation of nuclear energy becoming more commonplace in the years ahead.
The case for Oklo
What makes Oklo unique in its sector is its development of a vertically integrated business model. Other nuclear companies may focus on designing reactors or operating power plants. Oklo, in comparison, will have its hands in the entire process, from fuel fabrication to selling the heat and power generated by its reactors directly to customers.
Making it even more unique, Oklo will recycle fuel for reuse in its reactors, creating a continuous power loop.
While Oklo doesn’t have any commercial operations yet, it still landed a deal with Meta Platforms. Under the agreement, Meta will prepay for power for a reactor project in Ohio upon its operationalization and will also provide funding for the project. It is still a few years away from being operational, but it is expected to be running by 2030 and to deliver its full power target of up to 1.2 gigawatts by 2034.
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Jack Delaney has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy and Meta Platforms. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
