Barclays has compiled a 21-name roster of firms tied to nuclear power and related services that it views as likely beneficiaries should AI-related capital spending by hyperscalers and research labs accelerate. The bank estimates that annual AI infrastructure investment from Western hyperscalers and AI labs could surpass $1 trillion before reaching a peak near 2028, while also noting risks to supply-side capacity tied to power, permitting and labor.
Below is a company-by-company rundown of the firms Barclays singled out and the specific attributes or recent developments cited in the bank's analysis.
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GE Vernova - Barclays highlights GE Vernova’s activities in boiling water reactor design and services, its manufacturing of nuclear fuel and its work on the BWRX-300 small modular reactor. The bank referenced favorable analyst commentary, citing an outperform rating from Bernstein at coverage initiation and a price-target increase from Jefferies tied to a constructive backlog outlook.
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NextEra Energy - NextEra is noted for operating one of the largest nuclear fleets in the United States, alongside a substantial solar and storage business. Barclays referenced a recent $3.75 billion debt offering completed by a NextEra subsidiary and noted that Bernstein assigned an outperform rating when initiating coverage.
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Southern Company - Southern Nuclear, the utility’s nuclear operating subsidiary, runs multiple nuclear plants including the recently completed Vogtle Units 3 and 4. Barclays drew attention to Southern Company’s first-quarter adjusted earnings per share of $1.32, which beat consensus estimates and included a cited 42% increase in data center growth as a contributing factor.
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Constellation - Barclays points out that Constellation operates the largest U.S. nuclear fleet by generation, producing over 180 TWh of carbon-free electricity annually. The firm announced a long-term supply agreement to provide Walmart with nuclear power from the Dresden Clean Energy Center in Illinois.
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Duke Energy - Duke’s footprint includes six nuclear plants in the Carolinas and work advancing BWRX-300 SMR designs. Barclays noted Duke’s first-quarter 2026 adjusted EPS of $1.93, which exceeded analyst forecasts, and the company’s receipt of a potential U.S. Department of Energy grant of up to $61.8 million for projects at its coal-fired facilities.
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Quanta Services - Identified for its infrastructure services to utilities, Quanta is described as taking a cautious stance about working "behind the nuclear fence". Barclays cited Quanta’s first-quarter 2026 adjusted EPS of $2.68, which materially beat expectations, and the board authorization of a new $1 billion stock repurchase program.
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Dominion Energy - Dominion operates regulated nuclear stations across Virginia, South Carolina and Connecticut. Barclays noted recent analyst activity around the name, including a Jefferies upgrade to Buy in the context of a pending merger with NextEra Energy and a Seaport Global Securities downgrade to Neutral.
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Vistra - Following its acquisition of Energy Harbor, Vistra now operates a meaningful nuclear fleet and is evaluating nuclear uprates to meet data center demand. Barclays referenced Vistra’s first-quarter 2026 EPS of $1.31, which topped analyst forecasts, and noted that Bernstein initiated coverage with an outperform rating.
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Cameco - Cameco’s role in uranium production and its 49% stake in Westinghouse place it across the nuclear fuel cycle. Barclays recorded a recent operational pause at Cameco’s Cigar Lake mine due to an issue at a partner’s mill, and flagged Westinghouse as a potential beneficiary of a U.S. Department of Energy loan package for new reactors.
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Xcel Energy - Xcel operates two nuclear plants that together supply roughly 1,700 MW to its Northern States Power system. Barclays noted that the Minnesota Public Utilities Commission gave verbal approval to a rate increase that includes a higher return on equity, and that a Xcel subsidiary filed a stipulation in a New Mexico rate case.
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Entergy - Barclays lists Entergy as the operator of five nuclear units in the U.S. Southeast following the company’s exit from merchant nuclear operations.
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Public Service Enterprise - The company operates the Hope Creek and Salem nuclear units, which provide 24/7 baseload power for New Jersey, a profile Barclays included among names exposed to stable nuclear generation.
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Evergy - Evergy’s connection to nuclear power is described through its ownership stake in the Wolf Creek nuclear plant, which supplies carbon-free energy to its service territory.
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BWX Technologies - BWXT is noted for manufacturing naval nuclear reactors, producing commercial SMR components and processing uranium fuel - capabilities Barclays identified as relevant to future nuclear build activity.
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Talen Energy - Talen operates the Susquehanna nuclear plant and is highlighted for co-locating data centers to enable direct access to generating capacity.
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WESCO International - Barclays included WESCO for its role as a distributor of electrical, industrial and communications maintenance, repair and operations products as well as supply chain services that support power generation facilities.
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Oklo - Oklo is described as a designer of fast fission reactors aimed at decentralized, carbon-free power applications, including potential use cases for data centers.
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NexGen Energy - Barclays notes NexGen’s advancement of the Rook I project and its 31.00% stake in IsoEnergy’s uranium portfolio.
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Amentum Holdings - The company is listed for its lifecycle service offerings, including consulting, testing and SMR program management services relevant to nuclear projects.
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Fluor - Fluor is described as an engineering, procurement and construction management firm for nuclear projects and as holding a majority stake in NuScale Power.
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NuScale Power - NuScale develops proprietary small modular reactor technology and licenses that technology to utility partners globally, a capability Barclays included as part of the SMR ecosystem.
Barclays also quantified upside potential to consensus forecasts, projecting that annual AI infrastructure spending could be roughly $300 billion above current consensus levels, with additional upside possible from sovereign AI programs and activity in China. On the demand side, the bank flagged an important dynamic for the medium term - it expects recursive self-improvement in AI to slow the growth rate of training requirements after the 2028 peak.
The bank’s note is balanced by personnel and permitting concerns. Barclays identified power constraints, permitting delays and shortages of skilled labor as tangible risks that could impede the ability of digital and power infrastructure to expand in line with hyperscaler demand. Those constraints are relevant across utilities, engineering and construction firms, component manufacturers, and the supply chains that feed major data center builds.
Investors and market observers should weigh the list as a cross-section of exposure to nuclear generation, the nuclear fuel cycle, SMR development and the services that enable power and data center expansion. Barclays’ selection spans regulated utilities, equipment manufacturers, engineering and construction firms, uranium producers and specialist service providers.
Given the mix of companies named, the implications for equity investors and credit analysts are varied. Utilities with regulated nuclear franchises may see more stable cash flows tied to baseload contracts, while manufacturers and construction firms could be sensitive to project timing and backlog visibility. Uranium producers and fuel processors carry operational and counterparty risks tied to mine operations and mill partners, as illustrated by the temporary suspension at the Cigar Lake site mentioned in Barclays’ review.