The next phase of the space economy will not be powered by solar panels alone. As missions move farther from Earth, deeper into shadowed lunar craters, and eventually toward Mars, the need for reliable, compact and long-duration power sources becomes one of the biggest bottlenecks in space exploration. This is where nuclear space power enters the conversation.
For decades, nuclear systems have been used in deep-space missions where sunlight is weak or unavailable. But today, the topic is moving from scientific curiosity to potential investment theme. NASA’s Artemis program, plans for a permanent lunar presence, private space stations, defense applications and in-space manufacturing are all creating demand for energy systems that can operate continuously in extreme environments.
For investors, the key question is simple: can you actually invest in nuclear space power today? The answer is more complex than buying a single “pure-play” nuclear space stock. Most of the opportunity is spread across aerospace contractors, nuclear technology companies, advanced materials suppliers, defense giants and emerging space infrastructure players.
In this article, we’ll look at the companies closest to the nuclear space power trend, which public stocks have exposure to this market, and whether this could become one of the next major catalysts for the space economy.
What Nuclear Space Stocks Can You Invest In Today?
There is no single, perfect “nuclear space power stock” on the market today. The sector is still early, and most of the opportunity is spread across defense contractors, nuclear technology suppliers, lunar infrastructure companies, advanced reactor developers and fuel-cycle players. For investors, the smartest way to look at this theme is not as one stock, but as a developing ecosystem.
A. Direct Beneficiaries: Contractors Already Connected to Space Nuclear Programs
| Company | Ticker | Nuclear Space Role | Investment Profile |
|---|---|---|---|
| Lockheed Martin | LMT | Prime contractor for NASA/DARPA’s DRACO nuclear thermal rocket demonstration | Lower-risk, diversified defense exposure |
| BWX Technologies | BWXT | Designs and builds the nuclear reactor for DRACO; also involved in nuclear fuel and advanced reactor work | One of the clearest public “nuclear space” plays |
| Intuitive Machines | LUNR | Lunar infrastructure, delivery systems and space-based nuclear power conversion work | High-risk, high-upside lunar infrastructure play |
| Centrus Energy | LEU | HALEU fuel-cycle exposure for advanced reactors | “Picks and shovels” nuclear fuel play |
| Cameco | CCJ | Indirect Westinghouse exposure, uranium and nuclear fuel-cycle exposure | Broader nuclear infrastructure exposure |
Lockheed Martin – The Prime Contractor Play
Lockheed Martin is the safest and most established way to gain exposure to nuclear space power, but also the least “pure” one. NASA and DARPA selected Lockheed Martin as the prime contractor for DRACO, the nuclear thermal propulsion demonstration designed to test a nuclear-powered rocket in space. NASA says the DRACO program could support future crewed Mars missions because nuclear thermal propulsion may be more than twice as efficient as conventional chemical rockets.
For investors, LMT is not a bet only on nuclear propulsion. It is a giant defense and aerospace contractor with exposure to missiles, satellites, hypersonics, national security space and government programs. That makes it more stable, but it also means nuclear space power will remain only one small part of the overall business.
BWX Technologies – The Closest Thing to a Public Nuclear Space Pure-Play
If Lockheed is the prime contractor, BWX Technologies is closer to the technical heart of the nuclear space thesis. NASA states that BWXT is responsible for the design and build of the nuclear fission reactor that will power the DRACO engine. DARPA also says BWXT will develop the nuclear reactor and fabricate the HALEU fuel for the program.
This makes BWXT one of the most important public companies in the nuclear space power ecosystem. Unlike many speculative space stocks, BWXT already has a strong nuclear defense and government-contracting background. Its business is not dependent only on one future space program, which lowers the risk compared with smaller space-tech names.
For investors searching for nuclear space power stocks, BWXT may be the most direct listed exposure today.
Intuitive Machines – The Lunar Infrastructure Wild Card
Intuitive Machines is not a reactor company. Its role is different: lunar delivery, surface infrastructure and space systems integration. That distinction matters. LUNR is not the company building the nuclear core, but it could benefit if the Moon becomes a real energy infrastructure market.
The company has already touched the nuclear space power theme. In 2022, the Department of Energy and NASA awarded IX – a joint venture between Intuitive Machines and X-energy – a $5 million contract to mature the design of a fission surface power solution for the Moon. X-energy led the reactor side, while Intuitive Machines brought lunar systems and mission-access capabilities.
More recently, Intuitive Machines announced an $8.2 million AFRL contract extension to advance in-space nuclear power technology, focused on compact power conversion systems for spacecraft and lunar infrastructure. The company said the work builds on an earlier $9.5 million AFRL program and moves the technology toward flight readiness.
This makes LUNR a high-beta play on the lunar economy. If NASA, the Pentagon and commercial players accelerate lunar surface power, Intuitive Machines could benefit. But the risk is much higher than with LMT or BWXT because the company is smaller, more volatile and more dependent on execution.
Centrus Energy – The HALEU “Picks and Shovels” Play
Centrus Energy is not a space company, but it may become important because advanced nuclear systems often depend on HALEU – High-Assay Low-Enriched Uranium. DRACO itself uses HALEU fuel, according to DARPA.
The Nuclear Regulatory Commission states that Centrus Energy has a license to produce HALEU enriched up to 19.75% U-235. The NRC also notes that two companies currently have NRC licenses to produce HALEU, so it is better to describe Centrus as the clearest U.S.-listed HALEU exposure rather than simply “the only” HALEU company.
For investors, LEU is a classic “picks and shovels” stock. It does not need to win a lunar reactor contract directly. If advanced reactors, microreactors, defense nuclear systems and future space nuclear platforms all need specialized fuel, Centrus could benefit from demand across the broader nuclear supply chain.
Cameco – Indirect Westinghouse and Nuclear Fuel Exposure
Cameco is mainly known as a uranium and nuclear fuel-cycle company, but it also gives investors indirect exposure to Westinghouse. Cameco owns 49% of Westinghouse, while Brookfield owns 51%. Westinghouse is a major nuclear technology provider involved in reactor design, engineering, nuclear fuel and services.
This is not a clean nuclear space stock. It is more of a broad nuclear infrastructure play. However, if lunar reactors, microreactors and advanced nuclear systems become a larger market, companies with deep nuclear engineering and fuel-cycle capabilities could become strategically important.
B. Advanced Reactor and SMR Stocks: Future Optionality, Not Direct Space Exposure Yet
Oklo – Advanced Fission and Microreactor Optionality
Oklo is one of the most interesting public advanced nuclear names, but investors should be careful with the space narrative. Today, Oklo is primarily focused on terrestrial advanced fission, not confirmed space nuclear contracts.
The company’s Aurora powerhouse is designed to produce up to 15 MWe using liquid-metal fast reactor technology, with potential use cases including data centers, defense facilities, factories and industrial sites.
The reason Oklo belongs on a nuclear space watchlist is technological adjacency. Space reactors need to be compact, reliable and long-duration. Advanced microreactor companies working on Earth may eventually become relevant to lunar or defense space applications. But as of today, OKLO should be treated as a speculative advanced fission stock, not a direct nuclear space stock.
NuScale Power- SMR Exposure, Mostly Earth-Based
NuScale Power is another public SMR name, but its current commercial focus is terrestrial power generation. The company markets the NuScale Power Module as an SMR technology for utilities, industrial operations and data centers, and says its module has received U.S. design approval.
NuScale may benefit from the broader nuclear renaissance driven by AI data centers, energy security and decarbonization. However, its connection to nuclear space power is indirect. It belongs more in a “future nuclear infrastructure” basket than in the core nuclear space power basket.
C. Fusion Companies: The Helium-3 Dream, But Mostly Private
The long-term dream scenario is fusion, especially if lunar Helium-3 ever becomes commercially relevant. But this is not an investable public stock theme yet.
Helion Energy is private. It raised a $425 million Series F round in 2025, with investors including Sam Altman, SoftBank Vision Fund 2, Lightspeed Venture Partners and others. Helion also says it has a power purchase agreement with Microsoft targeting electricity from a 50 MW fusion plant starting in 2028.
Commonwealth Fusion Systems is also private. It raised $863 million in a Series B2 round in 2025 and says it has raised close to $3 billion to date, making it one of the best-funded private fusion companies in the world.
For public-market investors, this means fusion is mostly a watchlist theme. You cannot directly buy Helion or Commonwealth Fusion Systems on the stock market today. The opportunity may come later through IPOs, SPACs, strategic investors or public companies that own minority stakes.
Best Nuclear Space Stocks to Watch Now
For a practical investor watchlist, the current market can be divided like this:
Most direct nuclear space exposure:
BWX Technologies – because of its role in DRACO reactor design and HALEU fuel fabrication.
Safest large-cap exposure:
Lockheed Martin – because it is the DRACO prime contractor, but nuclear space is only a small part of the company.
Highest-risk lunar infrastructure exposure:
Intuitive Machines – because it is tied to lunar delivery, lunar infrastructure and compact space power conversion, but it remains much more volatile.
Fuel-cycle “picks and shovels” exposure:
Centrus Energy – because HALEU may become critical for advanced nuclear systems.
Broader nuclear infrastructure exposure:
Cameco – through uranium, fuel-cycle exposure and its 49% stake in Westinghouse.
Speculative future optionality:
Oklo and NuScale – interesting advanced nuclear names, but not yet direct nuclear space power stocks.
The key takeaway is simple: nuclear space power is real, but the investment theme is still early. Today’s best opportunities are not pure-play moon reactor companies. They are companies already positioned in the supply chain that NASA, DARPA, the Department of Energy and the Pentagon may rely on if nuclear power becomes the backbone of the next phase of the space econo
Why Nuclear Space Power Matters
The space economy has one basic problem: everything important in space needs power. Communications, navigation, mining, manufacturing, lunar habitats, defense satellites, deep-space probes and future Mars missions all depend on reliable energy. Solar power works well in many Earth-orbit applications, but it becomes much less attractive when missions move into shadowed lunar regions, deep space or long-duration surface operations.
On the Moon, the challenge is especially clear. A lunar day is followed by roughly 14 Earth days of darkness, which makes continuous solar power difficult without huge batteries, backup systems or alternative energy sources. NASA has openly identified the lunar night as one of the major obstacles for sustained Moon operations.
That is why nuclear space power is becoming more than a science-fiction idea. For investors looking at nuclear space power stocks, the “why” is simple: if humanity wants permanent infrastructure beyond Earth orbit, it needs power systems that can operate continuously, predictably and independently from sunlight.
1. Reliability: Power 24/7, Not Only When the Sun Shines
Small nuclear fission systems could provide stable electricity regardless of dust storms on Mars, darkness on the Moon or distance from the Sun. This matters because future space infrastructure will not be limited to short experiments. It will include habitats, rovers, communication nodes, in-space factories, mining systems and defense platforms.
NASA’s fission surface power work is designed around this exact need: safe, continuous power for the Moon and eventually Mars. Earlier NASA concept awards focused on a 40-kilowatt-class system that could operate for at least 10 years in the lunar environment. More recent NASA materials also describe work on a 40-kilowatt-class fission system for the Moon by the early 2030s.
2. Propulsion: Faster Missions to Mars
Nuclear power is not only about electricity. It may also reshape propulsion.
The key technology here is NTP – Nuclear Thermal Propulsion. In simple terms, a nuclear reactor heats propellant, usually hydrogen, and expels it to create thrust. Compared with chemical propulsion, NTP could offer higher efficiency and faster transit times for deep-space missions.
For Mars, this is critical. A shorter trip means astronauts spend less time exposed to deep-space radiation and require fewer consumables, less shielding and potentially smaller mission architectures. NASA has repeatedly described nuclear propulsion as one of the technologies that could help make human Mars missions faster and more practical.
3. Scale: Solar Panels Are Not Enough for a Space Economy
The first lunar landers and satellites can survive with limited power. But a real space economy cannot.
Future orbital stations, lunar bases, mining operations and microgravity manufacturing facilities will require far more energy. Producing pharmaceuticals, semiconductors, advanced materials or propellant in space would demand reliable industrial-scale power. Batteries and solar arrays may support early operations, but at larger scale, nuclear systems become much more attractive.
This is why nuclear space power could become a hidden infrastructure theme behind several other investment narratives: Artemis, lunar logistics, space manufacturing, defense space systems and Mars exploration.
Who Is Paying for It? NASA and the Pentagon
This is not only private-sector speculation. The strongest catalyst comes from U.S. government funding.
One of the most important programs is DRACO – Demonstration Rocket for Agile Cislunar Operations, a joint NASA and DARPA effort to demonstrate nuclear thermal propulsion in space. NASA and DARPA announced that the program aims to demonstrate advanced nuclear thermal propulsion technology as soon as 2027. Lockheed Martin was selected as the prime contractor for the nuclear-powered rocket demonstration, with BWX Technologies involved as a key nuclear technology partner.
The second key program is NASA’s Fission Surface Power initiative. NASA and the Department of Energy have been working on nuclear power systems for the Moon, with earlier concepts targeting 40-kilowatt-class lunar reactors and newer agency materials pointing toward lunar reactor deployment around 2030 or the early 2030s.
The military angle is also important. DARPA’s involvement shows that nuclear propulsion is not only about Mars exploration. The ability to move quickly and operate reliably in cislunar space has clear strategic value for the Pentagon, especially as the Moon and the space between Earth and the Moon become more important for communications, surveillance and future defense infrastructure.
The Moon’s “Holy Grail”: Helium-3
Helium-3 is often described as the ultimate lunar resource. It is a rare isotope on Earth, but it has been implanted into the lunar regolith by the solar wind over billions of years. NASA has discussed helium-3 as a possible future lunar export for fusion energy, and scientific work has studied how its abundance varies depending on lunar soil maturity, solar wind exposure and mineral composition.
In theory, Helium-3 could be valuable because it may support cleaner fusion reactions with less problematic neutron radiation than conventional fusion fuel cycles. That is why it appears so often in long-term discussions about lunar mining and energy independence.
However, this part of the story needs a serious caveat. Helium-3 mining is highly speculative. The isotope exists in very low concentrations in lunar soil, and the economics would depend on mining, processing and transporting enormous volumes of regolith. ESA notes that the idea has inspired both science fiction and real research, but it remains a future-facing concept rather than a near-term commercial market.
For investors, Helium-3 should be treated as a long-term optionality story, not the main reason to buy today’s nuclear space power stocks. The more realistic near-term catalysts are NASA contracts, DARPA programs, lunar reactors, nuclear propulsion demonstrations and the buildout of power-hungry space infrastructure.
Source:
- https://www.nasa.gov/centers-and-facilities/glenn/nasas-fission-surface-power-project-energizes-lunar-exploration/
- https://www.nrc.gov/materials/new-fuels/haleu
- https://www.nasa.gov/news-release/nasa-department-of-energy-to-develop-lunar-surface-reactor-by-2030/
- https://www.nasa.gov/exploration-systems-development-mission-directorate/fission-surface-power/
- https://x-energy.com/news/intuitive-machines-and-x-energy-led-team-awarded-5-million-to-provide-a-solution-to-deliver-fission-surface-power-to-the-moon-by-2028/