Nuclear energy might not seem like a thrilling market for growth-oriented investors. It’s dominated by slow-growth energy giants like Duke Energy and NextEra Energy, and the global nuclear power market might only expand at a compound annual growth rate (CAGR) of 2.9% from 2024 to 2029, according to Markets and Markets.

However, geopolitical conflicts in fossil fuel regions, green energy initiatives, and the expansion of power-hungry data centers for the cloud and AI markets are still constantly driving more countries and companies to invest in nuclear power. Investors can stick with slower-growth stalwarts like Duke or NextEra to profit from that secular trend — but they can also nibble on some speculative plays in higher-growth niches of the nuclear energy market.

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Two of those speculative nuclear stocks are Cameco (CCJ 10.96%) and NuScale Power (SMR 2.77%). Both of these stocks might be risky short-term plays, but they could churn a tiny $100 investment into thousands of dollars over the next decade.

1. Cameco

Cameco is a Canadian miner that operates its mines and mills across Canada, the U.S., and Kazakhstan. It produced roughly 17% of the world’s uranium in 2024, making it the second-largest uranium miner after Kazakhstan’s Kazatomprom.

In late 2023, Cameco partnered with the infrastructure investment firm Brookfield Asset Management to acquire Westinghouse Electric — a key designer, builder, and supplier of nuclear power plants. Cameco now owns 49% of Westinghouse Electric, while Brookfield owns the remaining 51%. That stake should reduce Cameco’s volatility by generating more stable returns than its cyclical uranium business, and it should make it the preferred uranium supplier for Westinghouse’s nuclear power plants.

But like other miners, Cameco’s growth is still tightly pinned to the price of its underlying commodity. Uranium currently has a spot price of roughly $70, but Bank of America expects its price to double to $140 in 2027. A lot of that growth should be fueled by the soaring energy needs of the cloud and AI markets.

From 2024 to 2027, analysts expect Cameco’s revenue and earning per share to grow at a CAGR of 8% and 85%, respectively, as uranium prices keep rising. It might not seem cheap at 63 times forward earnings, but its consistent growth and pricing power could justify that higher valuation.

2. NuScale Power

NuScale is a leading producer of small module reactors (SMRs) that are prefabricated, delivered, and assembled on site. That modular approach makes it easier to build nuclear power plants in areas that aren’t suited for bigger plants, and it’s generally cheaper and requires less time than constructing a new plant from the ground up.

NuScale’s SMRs can be installed in vessels that are only 15 feet in diameter and 65 feet tall, and they’re the only SMR designs that have received a standard design approval from the U.S. Nuclear Regulatory Commission (NRC). Its initial approval only covered its reactor modules, which generate up to 50 megawatts of electricity, but it needs each module to generate at least 77 megawatts of electricity to be more cost-effective than a comparable coal-fired plant. That’s why NuScale’s stock recently soared after the NRC finally approved its first 77-megawatt design — which should clear the way for its expansion in the U.S. market.

For now, NuScale still generates most of its revenue as a subcontractor for a 462-megawatt power plant project for Romania’s RoPower. But over the next few years, its revenue could surge as it launches its first plants within the United States. From 2024 to 2027, analysts expect its revenue to increase at a CAGR of 118% as more companies — especially those in the data center market — install more SMRs to power their latest cloud and AI applications.

NuScale isn’t profitable yet, and its stock isn’t cheap at 11 times its estimated sales for 2027. However, it could grow a lot faster over the next decade as SMRs reshape the nuclear power market, so it seems like a great stock for a speculative $100 investment.