Nuclear's cash tanks
The two nuclear startups that don't sell power yet are the ones holding the two biggest cash piles.
Five nuclear names, one measure: cash and short-term investments held, and the free cash flow each ran over the year to 30 June 2026.
Oklo and NuScale are the startups. Oklo holds about $2.5bn and burned $0.3bn of free cash flow over the year. NuScale holds $1.1bn and burned $0.8bn — about 73% of its own pile. Neither sells power yet, so investors refill the tanks: Oklo raised $2.7bn of new equity, NuScale $2.2bn.
The three that earn cash hold much smaller piles. Vistra is the biggest earner — $2.3bn of free cash flow — on the smallest pile, $0.4bn, after buying back about $1.1bn of stock. Cameco, the uranium producer, earned $0.4bn (C$556m at C$1.42/US$). Constellation earned $0.3bn; its pile fell from $3.6bn to $0.7bn over the half-year because it paid cash for the Calpine buyout.
What this does not say: free cash flow is not the change in the pile — raises, buybacks, debt and acquisitions move it too. A pre-revenue builder spending a pile on purpose is a choice, not a verdict.
Q2 2026 filings via S&P Global and Zacks; Cameco at the Bank of Canada rate for 30 Jun 2026 (US$1 = C$1.4210). Water is cash plus short-term investments; long-term securities left out.
