Not Oklo. Not NuScale. The Army Picked This Nuclear Stock to Power Fort Campbell.

BWX Technologies (NYSE: BWXT) was selected by the U.S. Army to develop a 20-megawatt nuclear microreactor at Fort Campbell, Kentucky, as part of its $2.2 billion Janus program. This selection puts BWXT ahead of better-known advanced nuclear developers like Oklo (NYSE: OKLO) and NuScale Power (NYSE: SMR) for this particular project. But unlike those two companies, BWXT already has an established nuclear manufacturing business, billions of dollars in contracted work, and decades of experience supplying nuclear technology to the U.S. military.

The Army is backing a 20-megawatt reactor

BWXT will deploy its BWXT Advanced Nuclear Reactor, or BANR, at Fort Campbell. This particular reactor uses high-temperature gas-cooled technology and TRISO fuel, which consists of tiny uranium particles surrounded by protective layers designed to retain radioactive materials.

The planned reactor will generate 20 megawatts of electricity and 75 megawatts of thermal power, occupy less than five acres, and operate for about four years between refueling cycles. BWXT expects to break ground in late 2028, with operations beginning in the early 2030s.

More than military applications

Unlike a lot of advanced nuclear developers, BWXT already operates an established nuclear manufacturing business. The company supplies nuclear components and fuel for U.S. defense programs, including naval propulsion systems. Its financial performance also provides a useful contrast with earlier-stage reactor developers.

In Q2 2026, BWXT generated about $902 million in revenue, up 18% from the previous year, and its backlog reached approximately $8.4 billion, up from $6 billion a year earlier. That backlog, by the way, represents contracted work across the business, not revenue from the Fort Campbell project alone.

The Army's selection could also create opportunities beyond military installations. BWXT has already signed a letter of intent with Tata Chemicals to explore deploying as many as eight BANR reactors in Wyoming. Though, to be clear, that agreement isn't a firm reactor order.

Established business helps offset microreactor risks

The Army's Janus program includes up to $2.2 billion in government funding across five selected vendors from fiscal 2027 through 2031. BWXT won't receive that entire amount, and payments depend on meeting technical milestones. Its Fort Campbell reactor also isn't expected to generate electricity until the early 2030s.

Of course, BWXT doesn't need to wait for commercial microreactors to begin generating revenue. It already has a substantial operating business and billions of dollars in contracted work. So if you're looking for nuclear exposure without relying entirely on unproven reactor commercialization, BWXT offers a different proposition from Oklo and NuScale. And the Army's decision gives its advanced reactor ambitions a significant government-backed project.

Jeff Siegel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends BWX Technologies. The Motley Fool has a disclosure policy.