I've been noticing something interesting about nuclear power companies stocks that most people seem to be sleeping on. There's this construction and engineering firm, Fluor, that's quietly positioning itself as a major infrastructure play in the nuclear energy buildout. And honestly, it's worth a closer look if you're bullish on the sector but want to avoid the volatility of uranium miners.

So here's the thing. Fluor isn't just a construction company—they design, build, and manage massive projects globally. But what caught my attention is their deep involvement in nuclear infrastructure. They were an early backer of NuScale Power, the only U.S. company with an NRC-certified small modular reactor design. They're also a key contractor helping NuScale build out the RoPower plant in Romania. That's serious nuclear energy infrastructure work.

NuScale's had a massive run lately, and Fluor's actually been exiting its stake—they sold part of it last October and are planning to fully exit by Q2 this year. They're using those proceeds to buy back $1.3 billion of their own stock, which management views as undervalued. Interesting signal, right?

But here's where it gets really compelling. Fluor just landed a $30 billion nuclear contract through a joint venture for the Pantex Plant in Texas—that's nuclear weapons assembly and disassembly operations. This is a 20-year contract with massive recurring revenue potential. Even though it's structured as an equity-method investment, management's flagging this as a potentially huge, high-margin government revenue stream that could drive serious growth.

Now, the risks are real. Fluor's exposed to cyclical industries like energy and mining, so economic slowdowns can hurt. And fixed-price contracts can bite them if costs spike. But they're actively shifting toward reimbursable contracts where clients cover actual costs plus a fee. As of late 2025, 82% of their backlog is already reimbursable, which protects them from inflation swings.

If you're looking at nuclear power companies stocks and want exposure to the infrastructure buildout without getting caught up in uranium price volatility or betting on small reactor startups, Fluor seems like a play worth considering. They've got real contracts, real government backing, and real infrastructure projects underway. The nuclear energy renaissance isn't just hype—it's becoming real infrastructure, and Fluor's positioned to be a key builder.