Overview

Tracks small modular reactor (SMR) developers and advanced nuclear technologies, with particular focus on companies pursuing faster, cheaper deployment models and the emerging AI datacenter power demand that is accelerating commercial nuclear investment. Traditional large nuclear (1 GW+ plants) is covered only where relevant to SMR supply chain or regulatory precedent.

Key Themes

  • SMR construction cost and timeline — the core claim every company must prove (target: ~$5,000/kW, 3–5 years; industry history: $13,000+/kW, 10–15 years)
  • Datacenter nuclear PPAs as the first commercial demand signal for SMRs
  • NRC licensing pathway evolution: Combined License (COL) vs. Construction Permit + Operating License; modular construction resequencing approvals
  • HALEU fuel supply chain as a potential chokepoint for non-LWR designs
  • Shipyard/modular fabrication as the cost-reduction mechanism — analogous to offshore wind jacket manufacturing

Deployment Status Tracker

Company Reactor Fuel Key Milestone Commercial Target
GE Vernova Hitachi BWRX-300 (LWR, 300 MW) LEU Construction license issued April 2025 — Darlington, ON End 2029
TerraPower Natrium (SFR, 345 MW) LEU metallic NRC construction permit issued late 2025 — Kemmerer, WY 2030
Kairos Power KP-FHR (HTGR, 50 MW) TRISO/LEU Nuclear construction commenced May 2025 — Hermes demo, Oak Ridge TN Hermes 2: 2030
X-energy Xe-100 (HTGR, 80 MW×4) TRISO/HALEU NRC construction permit application docketed May 2025 — Seadrift, TX (Dow) ~2030
Oklo Aurora (SFR, 75 MW) HALEU metallic Groundbreaking September 2025 — Idaho National Laboratory Late 2027–2028
Blue Energy Modular LWR (1.5 GW) LEU NRC topical report approved — Port of Victoria TX (Crusoe); construction Q2 2026 Gas 2028; Nuclear 2031

Companies

Startups & Development Partners

Company HQ Stage Technology
Blue Energy Edinburgh / San Antonio Series A ($45M) Modular LWR; shipyard construction; gas-to-nuclear conversion; 1.5 GW at Port of Victoria TX for Crusoe
Kairos Power Alameda, CA Private (~$650M raised) KP-FHR fluoride salt + TRISO pebbles; Hermes nuclear construction underway Oak Ridge; Google/TVA PPA 500 MW by 2035
X-energy Rockville, MD Private (~$1.5B raised) Xe-100 pebble-bed HTGR; Dow Seadrift TX NRC application docketed; Amazon anchor investor; TRISO-X fuel subsidiary
TerraPower Bellevue, WA Private Natrium SFR + molten salt storage; Bill Gates-backed; Kemmerer WY NRC construction permit issued; Bechtel EPC

Public Companies

Ticker Company Technology
OKLO Oklo Aurora sodium fast microreactor (75 MW); Sam Altman chairman; groundbreaking INL Sept 2025; ~18 GW order book (mostly LOIs); HALEU fuel
SMR NuScale Power LWR SMR; first NRC Design Certification 2022; CFPP project cancelled 2023; pivoting to export markets and small-site applications
GEV GE Vernova / GE Hitachi BWRX-300; construction license issued Darlington ON April 2025; most advanced Western SMR with active construction authorization
BWXT BWX Technologies Nuclear component manufacturer; only US TRISO fuel producer; DoD microreactor program; critical supply chain player for Kairos, X-energy

Incumbents

Ticker Company Relevance
LEU Centrus Energy Only NRC-licensed US HALEU enricher; critical chokepoint for Oklo, X-energy, Kairos commercial scale-up
WSTG Westinghouse AP300 SMR (derivative of NRC-certified AP1000); multiple LOIs; established regulatory relationships; not yet at construction permit stage

Supply Chain Notes

  • Reactor pressure vessels and heavy forgings: Japan Steel Works and Doosan Heavy Industries are primary sources; lead times 3–5+ years; Hitachi relationship gives GEH priority access
  • HALEU fuel: Required for Oklo (Aurora), X-energy (Xe-100 via TRISO-X), Kairos (KP-FHR pebbles); Centrus is the only NRC-licensed US HALEU enricher; X-energy’s TRISO-X TX-1 facility in Oak Ridge is the only US HALEU fuel fabrication plant under construction
  • TRISO fuel: BWXT (Lynchburg VA) is the only US TRISO particle manufacturer; Kairos and X-energy both depend on BWXT; capacity expansion underway but timeline must pace with multiple reactor programs simultaneously
  • Li-7 enrichment: Required for Kairos’s fluoride salt coolant (FLiBe); no US commercial Li-7 enrichment capability currently; DOE/ORNL developing domestic capability
  • Turbine generators: GE Vernova, Siemens Energy (X-energy/Oklo named); standard power gen supply chain; less constrained than nuclear-specific components
  • Sodium systems expertise: TerraPower (Natrium) and Oklo (Aurora) both use sodium cooling; limited number of qualified fabricators and constructors with sodium fast reactor experience in the US

Entries

  • Blue Energy — Edinburgh-based SMR developer; MIT NSE spinout; co-founded 2023 by Jake Jurewicz and Matt Slotkin; $45M Series A (Oct 2024, Engine Ventures / At One Ventures); shipyard-constructed modular LWR; NRC topical report approved for construction resequencing; 1.5 GW plant at Port of Victoria TX announced for Crusoe AI datacenter campus; gas bridge 2028 → nuclear 2031.
  • GE Vernova Hitachi — BWRX-300 — GE Vernova / Hitachi joint venture 300 MW boiling water SMR; world's first grid-scale SMR with active construction approval — Ontario Power Generation Darlington construction license issued April 2025, provincial approval May 2025; commercial operation target end of 2029; also under active licensing in Poland, UK, Sweden, and multiple US utility applications. Most advanced Western SMR on path to commercial operation.
  • Kairos Power — Alameda, CA fluoride salt-cooled high-temperature reactor (FHR) developer; founded 2016; Hermes low-power demonstration reactor at Oak Ridge TN under nuclear safety construction since May 2025 — first non-water-cooled reactor approved for US construction in 50+ years; Google/TVA PPA for Hermes 2 (50 MW, 2030); 500 MW total by 2035 target. Uses TRISO fuel in liquid fluoride salt coolant.
  • Oklo — Santa Clara sodium fast microreactor developer; NYSE: OKLO; Sam Altman chairman; groundbreaking at Idaho National Laboratory September 2025 (Kiewit as contractor); Aurora 75 MWe fast fission reactor; HALEU fuel dependent; ~18 GW order book including Meta, Switch, Equinix, Wyoming Hyperscale; Vertiv partnership for integrated power/cooling; commercial operation target 2027-2028.
  • TerraPower — Bellevue, WA sodium fast reactor developer; founded 2008 by Bill Gates and Nathan Myhrvold; Natrium reactor (345 MW electric + 500 MWh molten salt storage) at Kemmerer, WY; NRC construction permit issued late 2025 after final safety evaluation completed December 2025; non-nuclear site construction underway; commercial operation target 2030. First utility-scale advanced nuclear power plant in the US.
  • X-energy — Rockville, MD pebble-bed HTGR developer; Xe-100 produces 80 MWe per reactor (320 MW for 4-pack); NRC construction permit application docketed May 2025 for Dow Seadrift TX (first industrial-site advanced nuclear in North America); Amazon anchor investor ($500M Series C-1, Oct 2024); $700M Series D (Nov 2025); TRISO-X subsidiary building HALEU fuel fab facility in Oak Ridge TN; commercial target 2030.