Canada’s next great power problem isn’t finding more gadgets to plug in. It’s finding enough dependable electricity to keep data centres, factories, electric vehicles, and millions of homes running when the wind takes the afternoon off.
That’s dragging nuclear power back from yesterday’s energy debate into tomorrow’s investment portfolio. Natural Resources Canada calls 2026 a pivotal year, as utilities advance both large-reactor plans and Canada’s first commercial small modular reactor.
Investors don’t need to guess which experimental design wins, either. They can own the companies selling the fuel, engineering, and construction that nearly every project requires.
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Why nuclear, and why now?
Nuclear plants are expensive and slow to build, yet they solve a problem renewables can’t handle alone. They produce steady, low-carbon electricity around the clock, while existing reactors can operate for decades after refurbishment. Rising electricity demand from artificial intelligence (AI) and electrification has turned that reliability into a rather valuable party trick.
Ottawa is now developing a national nuclear strategy, Ontario is moving ahead with new generation, and refurbishments are extending the lives of existing CANDU reactors. The opportunity stretches from uranium mining to reactor servicing, which creates three very different ways of buying stocks in Canada.
CCO
Cameco (TSX: CCO) provides the fuel at the front of the chain, but it’s no longer merely a uranium miner. Its 49% interest in Westinghouse adds reactor technology, maintenance, and fuel services. Westinghouse technology touches 57% of the world’s operating reactor fleet, while its potential AP1000 pipeline now reaches as many as 91 units.
Cameco stock still expects attributable uranium production of 19.5 million to 21.5 million pounds in 2026 despite temporary operational disruptions. That production meets utilities seeking secure Western supply, though investors are paying handsomely for it. Cameco stock’s triple-digit trailing earnings multiple leaves little room for uranium weakness, project delays, or disappointing Westinghouse results.
ATRL
AtkinsRéalis (TSX: ATRL) offers the engineering angle and owns the exclusive licence to market CANDU technology. It designs, services, and refurbishes reactors, meaning it can earn before a new plant produces its first electron and long after the ribbon-cutting sandwiches disappear.
Second-quarter nuclear revenue rose 18% to $671 million, prompting management to raise its 2026 nuclear revenue outlook. Its nuclear backlog stood at $4.2 billion, while the segment produced a chunky 25.6% adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margin.
Shares recently traded near 20 times forward earnings, a fairer price than Cameco stock’s, although project timing and a 25% year-over-year decline in nuclear backlog deserve attention.
ARE
Aecon Group (TSX: ARE) supplies the hard hats. The contractor works on reactor refurbishments, decommissioning, engineering, and new builds, including Ontario’s Darlington small modular reactor project. It also bought a South Carolina fabrication facility in June, expanding its reach into the growing U.S. nuclear market.
Second-quarter revenue jumped 25% to $1.63 billion, with nuclear work adding $80 million to the year-over-year increase. Its $10.5 billion construction backlog provides visibility, while a price-to-sales ratio near 0.6 looks modest beside the more celebrated nuclear names.
Aecon’s catch is execution. Nuclear margins weakened in the quarter, and construction mistakes have an unfortunate habit of becoming very expensive souvenirs.
Bottom line
None of these companies is risk-free, and nuclear projects remain vulnerable to regulation, cost overruns, politics, and delays. A small basket can spread that risk across fuel, intellectual property, and construction instead of asking one stock to do all the heavy lifting.
For investors building a long-term collection of Canadian blue-chip stocks, Cameco stock offers the strongest pure nuclear exposure, AtkinsRéalis brings profitable CANDU expertise, and Aecon offers the scrappier buildout play. The reactor boom may take years to unfold, but the contracts, fuel demand, and engineering revenue have already switched on.
