核能

X-Energy: Real Nuclear-Licensing Progress, Priced Like a Decade of Milestones Is Already Won

X-Energy is a newly IPO'd, pre-commercial advanced-nuclear reactor and fuel developer, monetizing the Xe-100 reactor design and TRISO-X fuel manufacturing through DOE cost-share funding and development-stage services rather than power sales. Rating Watch: at $18.32 the stock already discounts a meaningful share of first-of-a-kind execution success, with an ideal buy zone of $9-11 requiring either a real price pullback or bankable proof that the Seadrift project and TX-1 fuel plant convert from milestones into commercial economics.

NANO Nuclear Energy: A Well-Capitalized Microreactor Option, Priced Ahead of Commercial Proof

NANO Nuclear is a pre-revenue microreactor developer, best read as a listed basket of nuclear options funded by an unusually large cash balance, with its KRONOS reactor now the lead asset in formal NRC review. Total liquidity of 568.7 million USD at March 2026 removes near-term financing stress, but there is still no product revenue and commercialization is only an early-2030s aspiration. Rating Hold: the cash pile makes permanent loss less likely, yet at 20.75 USD the price already pays for years of regulatory progress that has not yet happened.

Oklo(OKLO.US) 横纵研报

Oklo 是两位 MIT 核工程博士 2013 年创立、2024 年经 Sam Altman 的 SPAC 借壳上市（NYSE）的先进核裂变开发商，主打钠冷快堆 Aurora（75 MWe），「卖电不卖堆」自建自运营、靠长期 PPA 绑定 AI 数据中心用电。零营收、Q1 2026 净亏 $33M，坐拥 $2.54B 现金、入选 DOE 反应堆试点。

Centrus Energy 横纵框架深度研究

美国唯一「本土所有 + 本土技术」的铀浓缩商、当前唯一在产的 HALEU 生产商，是 AI 耗电→核能复兴→核燃料链条上罕见的政策卡位标的。净利约九成来自现金利息、核心营业利润率仅约 7%；$3.9B 在手订单里约 $2.4B 是「建成产能+募到钱」才生效的或然收入，真正放量看 2029+。

BWX Technologies(BWXT) 横纵研报

美国海军核动力反应堆/堆芯/核燃料的事实唯一制造商，护城河近乎不可逾越，政府积压订单约 70 亿美元、需求受多年期国策(哥伦比亚/弗吉尼亚级潜艇)刚性支撑；同时手握核能复兴卖铲人期权(Project Pele 微堆、BWRX-300 反应堆压力容器、医用同位素)。