The nuclear energy sector is entering a period of significant capital deployment as nations pivot toward carbon-free baseload power to support rising electricity demand and energy security.
A recent industry analysis indicates the nuclear reactor construction market is projected to grow by $13.25 billion between 2026 and 2030, representing a compound annual growth rate (CAGR) of 5.3%. The nuclear renaissance is often discussed in the context of uranium miners. However, the infrastructure and service providers are capturing an increasing share of this expansion.
The Range Nuclear Renaissance Index ETF (NUKZ ) remains a primary vehicle for advisors seeking exposure to this build-out. NUKZ’s index methodology captures the “picks and shovels” providers in the industry. Specifically, three holdings – Jacobs Engineering Group (J), Fluor Corporation (FLR), and Amentum Holdings (AMTM) – are uniquely well positioned to benefit from the current spending cycle.
Diversified Revenue Streams: From Nuclear Reactor Construction to Refits & Decommissioning
The growth story for these industrial leaders extends beyond new reactor builds. The global nuclear decommissioning market is forecast to reach $8.04 billion in 2026, growing at a 6.49% CAGR through 2032.
- Fluor and Jacobs have secured long-term positions in the high-margin decommissioning and waste management segments.
- Amentum, which last year completed its merger with Jacobs’ critical mission solutions and cyber and intelligence businesses, maintains a massive $47 billion backlog as of late 2025.
- The U.K. market remains a significant geographic tailwind; the British government’s commitment to new gigawatt-scale projects like Sizewell C (estimated at $51 billion) has directly benefited Jacobs and Amentum through recent contract awards for project management and site delivery.
NUKZ Performance
NUKZ has benefited from nuclear energy tailwinds, surging 42% over the past year as of February 4. The momentum has continued in 2026 even as the broader U.S. market has had a sluggish start to the new year; NUKZ is up 7.3% year to date while the S&P 500 has climbed just 0.6%.
The investment case for nuclear rests on long-cycle utility and sovereign commitments that extend far beyond data center demand. To be clear, AI power demands act as a meaningful catalyst for NUKZ. However, national energy security mandates and the multi-decade lifecycles of existing fleet maintenance underpin current growth in NUKZ. Government-backed projects and essential grid upgrades provide a degree of insulation from the shifting sentiment often found in high-growth tech.
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vettafi.com is owned by VettaFi LLC (“VettaFi”). VettaFi is the index provider for NUKZ, for which it receives an index licensing fee. However, NUKZ is not issued, sponsored, endorsed, or sold by VettaFi. VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of NUKZ.
