In nuclear energy stocks, the companies that receive the lion’s share of attention are those building reactors and developing new, innovative technology.
Behind the scenes in the nuclear energy sector is a company that isn’t as flashy, providing the construction and engineering services needed to get reactors up and running. But it’s exactly that type of business that’s attracting investors who understand the potential of the nuclear power industry, want a piece of the upside, and are also seeking to limit their risk.
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That type of pick-and-shovel play brings us to Fluor (NYSE: FLR), which is having a strong run in 2026.
Fluor is an engineering and construction company with three business groups: urban solutions, mission solutions, and energy solutions. Its services are comprehensive throughout the life cycle of a project, from project inception to maintenance.
For projects connected to nuclear energy and data centers, it’s recently been racking up deals. In March, Fluor signed an agreement to proceed with Terawulf, a developer and operator of digital infrastructure, on the master planning and preconstruction of a data center campus. Then, on April 6, it announced a contract with X-energy to support the development of four small modular reactors.
It also has plenty of demand ahead, ending 2025 with a $4.6 billion backlog for its energy division. That said, we have to dig into those numbers a little bit more to get a complete picture of Fluor as an investment.
Fluor’s services extend beyond the energy sector, and that energy backlog is relatively small compared to the $18.7 billion backlog for its urban solutions division in 2025.
That’s not a strike against Fluor, as diversified revenue sources can help offset a slowdown in other business segments. But it is worth noting that nuclear energy alone won’t drive the business forward, and the market is expected to grow more slowly than some may anticipate.
In 2025, the global nuclear power market was valued at $40.4 billion. By 2034, it’s expected to climb to $52.6 billion, according to Fortune Business Insights.
That means long-term investors are likely to experience the biggest gains, as they give the nuclear energy market time to develop into a substantial revenue source for Fluor, in addition to its other business segments. The stock could continue to have a good run in 2026, but it’s still worth considering building a steady, deliberate position over time rather than rushing in to own shares today.
Read More: Fluor Is Having a Big Year. Is Now Still a Good Time to Buy the Stock?
