Nuclear Companies Without Reactors Cash In on AI Boom

Nano Nuclear Energy Inc. has no revenue, no license from the US Nuclear Regulatory Commission and no operating power plant. Yet investors have driven its valuation past $2.3 billion, a figure that may be built more on optimism than fundamentals.

The company is being lifted by Wall Street’s latest obsession: the idea that artificial intelligence will require vast new sources of electricity. As tech giants race to build data centers capable of running machine-learning systems, they’re driving up power contracts and making anything linked to nuclear look like a ticket to the future.

The enthusiasm stretches beyond a single stock. Backed by ...