Nuclear stocks fell in morning trading on October 14, 2026, with NuScale Power down 7%, Energy Fuels down 9% and Oklo down 5%, according to 24/7 Wall St. The publication reported a 10-year US Treasury yield of 5.26% and linked the selling to concerns about financing costs.
The Global X Uranium ETF fell 4%, compared with a 0.8% decline in the SPDR S&P 500 ETF Trust, the publication reported. Those figures described intraday trading, rather than closing prices.
The declines followed Google’s October 6 agreement with Constellation Energy to support additional nuclear generation for growing electricity demand. The companies linked their collaboration to growth in AI and digital infrastructure. The agreement backs specific projects, while uranium producers and reactor developers have separate funding requirements.
Higher yields and additional share sales
In its market report, 24/7 Wall St. identified two ways higher yields can affect nuclear developers: reducing the present value of earnings expected years in the future and increasing the cost of financing construction. Both matter for projects requiring substantial spending before electricity sales begin.
NuScale earns revenue from engineering and licensing work, according to 24/7 Wall St., while its planned reactor deployments remain under development. Oklo was also working toward its first commercial power delivery. Revenue from development services is distinct from revenue generated by operating reactors.
Energy Fuels disclosed a separate financing step in an October 13 filing with the US Securities and Exchange Commission. The uranium producer said it could sell up to an additional $500 million in common shares through its at-the-market offering program, at its discretion over time.
The filing establishes capacity to sell shares; it does not mean the company has already raised the full amount. Energy Fuels said it had previously sold approximately $300 million of stock under an earlier prospectus supplement associated with the same sales agreement.
In its prospectus, Energy Fuels said potential proceeds would provide financial flexibility for operations, production expansion, working capital and other development activities. The company also warned that issuing equity could dilute shareholders. The financing plan therefore carries a different cost from borrowing: an increase in the number of shares outstanding.
Uranium Energy reports a fiscal 2026 loss
Uranium Energy reported a $137.3 million loss for the fiscal year ended July 31, 2026, according to the Associated Press’s September 29 earnings report. Annual revenue was $37.3 million. Uranium sales had not translated into company-wide profitability for that reporting period.
Its balance sheet provides additional context. In its September 29 results announcement, Uranium Energy reported $753 million in liquid assets, including $495 million in cash, and no debt at fiscal year-end. Its liquid-asset measure included equity securities and uranium inventories valued at market prices.
The results announcement described production growth at Christensen Ranch in Wyoming and the start of operations at Burke Hollow in Texas. The company also reported ongoing development work at additional US mining projects.
Google agreement backs upgrades to existing reactors
Constellation’s agreement with Google involves expanding output from operating nuclear plants. In their October 6 announcement, the companies said a 20-year power purchase agreement would support 890 megawatts of additional capacity through equipment and technology upgrades at 11 nuclear units in Illinois, Pennsylvania and New Jersey.
Constellation said the work represented more than $4.3 billion in planned investment across six nuclear sites. The additional capacity would come from improving existing reactors’ efficiency and output, rather than building an entirely new reactor for the agreement.
The companies also announced a separate 15-year energy supply agreement covering 2,700 megawatts from Constellation’s operating generation assets in the PJM market. Together, the arrangements connect Google’s electricity requirements with both existing supply and planned nuclear expansion.
The contracts give the identified projects a long-term customer commitment. They do not establish equivalent revenue arrangements for other nuclear developers. Constellation and Google said the first increase in capacity from the upgrades was expected by 2028.