Rivian and Cameco could generate multibagger gains over the next few years.

Many growth stocks fizzled out in 2022 and 2023 as rising interest rates drove investors toward more conservative investments. But over the past two years, many of those stocks recovered as the Federal Reserve cut its benchmark rates five times.

As the market hovers near its all-time highs, it might seem risky to chase those higher-growth stocks. But if you can tune out the near-term noise and plan to hold your stocks for a couple more years, consider taking a chance on some higher-risk, higher-reward growth plays. Two promising stocks are Rivian (RIVN +0.07%) and** Cameco** (CCJ +2.24%). Both stocks might seem volatile and speculative today, but they could soar over the next few years.

Image source: Rivian.

1. Rivian

Rivian produces three types of electric vehicles: its R1T pickup truck, its R1S SUV, and electric delivery vans (EDVs) for its top investor Amazon (AMZN +0.64%) and other companies. Its annual production more than doubled to 57,232 vehicles in 2023 but dipped to 49,476 vehicles in 2024. That slowdown was largely caused by competition, supply chain constraints, macro headwinds for the broader EV market, and technological upgrades that forced it to temporarily shut down its main plant.

Today’s Change

(0.07%) $0.01

Current Price

$15.23

For 2025, Rivian expects to deliver only 41,500 to 43,500 vehicles. Analysts expect it to generate $5.38 billion in revenue as it racks up a net loss of $3.78 billion. That business model seems shaky, but three catalysts could stabilize its business and drive its stock higher.

First, Rivian plans to launch its fourth vehicle, its cheaper R2 SUV, to reach a broader range of customers next year. Second, it plans to open its second plant in Georgia with a long-term goal of tripling its annual production capacity by 2028. Lastly, it’s still firmly backed by Amazon, which plans to deploy 100,000 of its EDVs by 2030, and **Volkswagen **(VWAP.Y +2.16%), which is co-developing new EV architecture and software with the company through a new joint venture.

If those tailwinds kick in, analysts expect Rivian’s revenue to grow at a compound annual growth rate (CAGR) of 32% from $4.97 billion in 2024 to $11.40 billion in 2027 as it narrows its losses. That’s an incredible growth rate for a stock that trades at less than three times next year’s sales, and it could soar a lot higher if it successfully scales up its fledgling business.

2. Cameco

Cameco, which is based in Canada, is the world’s second-largest uranium miner after Kazakhstan’s national atomic company, Kazatomprom. It owns uranium mines and mills across Canada, the U.S., and Kazakhstan.

From 2011 to 2021, Cameco’s annual revenue was more than cut in half (in Canadian dollar terms). That decline started after the Fukushima nuclear disaster in 2011, which triggered a global collapse in uranium prices as many countries reined in their nuclear energy plans. That slowdown was then exacerbated by the COVID-19 pandemic and the weakness of the Canadian dollar. To stay solvent, Cameco temporarily shut down its biggest uranium mines and mills.

Today’s Change

(2.24%) $2.02

Current Price

$92.26

But from 2021 to 2024, Cameco’s annual revenue grew at a CAGR of 29% as its gross margin expanded from just 0.1% to 25%. That acceleration was driven by uranium’s spot price, which grew from $29.63 at the beginning of 2021 to about $85 today. As those prices surged, it restarted its biggest mines and partnered with Brookfield Asset Management to acquire the nuclear power plant designer and builder Westinghouse Electric in late 2023. That new 49% stake in Westinghouse has been offsetting the volatility of its core mining business while making it the top uranium supplier for its nuclear power plants.

From 2024 to 2027, analysts expect Cameco’s revenue to grow at a CAGR of 8% as its earnings per share (EPS) surges at a CAGR of 88%. That growth should be driven by the rapid expansion of the power-hungry cloud and AI markets and a broader adoption of nuclear energy across more countries. Its stock might not seem like a bargain at 60 times next year’s earnings right now, but it could soar a lot higher as the nuclear energy market heats up again.