12 Listed Companies Developing Small Modular Reactors (SMRs)

NuScale Power (SMR)

HQ 🇺🇸 United States · Market cap $3.2B · Yahoo Finance ↗ · Investor Relations ↗

NuScale is the only company in the world with an NRC-certified SMR design — the 12-module, 50 MWe US600.⁴

NuScale Power Corp (SMR) received Standard Design Approval for its original 50 MWe module in 2020, followed by Design Certification for that design in 2023. The United States Nuclear Regulatory Commission issued Standard Design Approval for the uprated 77 MWe module in May 2025. The certified US600 plant design combines twelve 50 MWe modules, while the US460 design approved in 2025 pairs six 77 MWe modules.⁴ A Standard Design Approval can be referenced in applications for construction permits and combined licenses, although it is not a design certification and each project still requires site-specific approval.⁵

Each NuScale Power Module (NPM) is designed to produce 77 MWe, with factory fabrication and truck delivery to site. A single VOYGR plant can house up to 12 modules for a combined output of 924 MWe, though a 12-module plant of 77 MWe units sits outside the approved US460 configuration and would need further NRC approval. The design uses natural circulation cooling and passive safety systems, meaning the reactor can shut down and self-cool indefinitely without operator intervention, AC or DC power, or additional water.⁴

NuScale’s commercial pipeline centers on two major programs. RoPower Nuclear, a joint venture between Romania’s Nuclearelectrica and Nova Power & Gas, is planning a six-module VOYGR plant at the Doicesti Power Station site, though the project timeline has slipped to a projected 2033 commercial operation date.⁶ Fluor, the prime contractor, completed front-end engineering and design phase 2 on the project in late 2025, and NuScale said on its second-quarter 2026 earnings call that the project had moved into a pre-EPC phase running up to a final notice to proceed, which chief executive John Hopkins put at “probably another year from now.” In its second-quarter 2026 results, NuScale said it was working with Nuclearelectrica and RoPower to satisfy conditions attached to the Nuclearelectrica shareholders’ vote to advance the project.⁷ In the United States, ENTRA1 Energy is NuScale’s exclusive global commercialization partner and is in negotiations with the Tennessee Valley Authority (TVA) on potential deployments totaling up to approximately 6 GW of capacity, with a first plant targeted for power delivery by 2030; the collaboration is non-binding and no firm module order has been signed.⁸

NuScale’s 2025 Annual Report warns: “We have incurred significant losses since inception, we expect to incur losses in the future, and we may not be able to achieve or maintain profitability.”⁹

NuScale reported a loss from operations of $689.6 million USD for fiscal year 2025, up sharply from $138.7 million in fiscal 2024, driven primarily by a $507.4 million milestone contribution payment under its partnership agreement with ENTRA1 Energy expensed through general and administrative costs.⁹ The company has not yet generated revenue from module deliveries, and second-quarter 2026 revenue was $0.1 million against $8.1 million a year earlier, the drop reflecting the end of the Fluor FEED work on RoPower. It closed June 2026 with $1.9 billion of cash, cash equivalents and short- and long-term investments.⁷ NuScale has assembled a supply chain including Doosan Enerbility for heavy components, Framatome for fuel, and Paragon Energy Solutions for monitoring and protection systems.⁹

Oklo Inc. (OKLO)

HQ 🇺🇸 United States · Market cap $6.7B · Yahoo Finance ↗ · Investor Relations ↗

Oklo Inc (OKLO) is developing the Aurora, a compact fast neutron reactor product line designed for 15 MWe to 75 MWe, with potential sizes of 100 MWe and higher. It intends to build, own and operate its powerhouses, selling electricity under long-term agreements.¹⁰ The design uses metallic fuel and is intended to operate with high-assay low-enriched uranium (HALEU) or recycled nuclear fuel. Any cost or waste advantage will depend on licensing, fuel availability, recycling capability and commercial operation.¹¹¹⁰

Oklo describes three business lines, which it reports as a single segment: Oklo Power (reactor development and deployment), Oklo Fuel (fuel recycling and supply), and Oklo Isotopes (radioisotope production, following its February 2025 acquisition of Atomic Alchemy). Oklo completed groundbreaking for its first Aurora powerhouse at Idaho National Laboratory and targets initial deployment in 2028.¹²¹⁰

In August 2026, Oklo’s Groves isotope test reactor in Texas reached first criticality a little over 11 months after groundbreaking: the first reactor the company has built and operated, constructed on private land with private capital under the Department of Energy’s Reactor Pilot Program and a DOE Other Transaction Agreement (OTA) executed in January 2026. Groves is a low-power test reactor supporting isotope production and is separate from the Aurora powerhouse program.¹⁰¹³

Meta Platforms has signed a prepayment agreement supporting a planned 1.2 GW power campus in Ohio, providing a mechanism to fund fuel and advance deployment.¹⁰ Oklo’s letters of intent with Equinix, Diamondback Energy and Prometheus Hyperscale are non-binding.¹⁰ Its separate 12 GW Master Power Agreement with Switch is also non-binding and anticipates later project-specific power purchase agreements.¹⁴

Aurora-INL is proceeding through the Department of Energy’s five-step regulatory pathway for nuclear facility operation. The DOE approved its Nuclear Safety Design Agreement (NSDA) early in 2026 and its preliminary documented safety analysis (PDSA) in the second quarter of 2026, allowing final design and construction to advance.¹⁰ Kiewit serves as lead construction contractor, while Siemens Energy has been contracted for the power conversion system.

Oklo reported total operating expenses of $139.3 million USD in fiscal 2025, up from $52.8 million in fiscal 2024.¹¹

X-Energy, Inc. (XE)

HQ 🇺🇸 United States · Market cap $5.7B · Yahoo Finance ↗ · Investor Relations ↗

In February 2026 the NRC issued a 40-year license for X-Energy’s TX-1 fuel fabrication facility in Oak Ridge, Tennessee, which the company describes as the first Category II nuclear fuel facility licensed in the United States.¹⁵

X-Energy, Inc. (XE) is developing the Xe-100, a Generation IV pebble-bed high-temperature gas-cooled reactor (HTGR) designed to produce 80 MWe per unit (200 MWt), for deployment in a standard four-reactor configuration of 320 MWe per plant. X-Energy listed on Nasdaq through an initial public offering that closed on April 27, 2026.¹⁶¹⁷

The Xe-100 uses helium coolant and graphite moderation and is designed to deliver steam at 565°C, high enough for both electricity generation and industrial process heat applications such as chemical manufacturing. The design relies on passive safety physics: in a loss-of-cooling scenario, the negative temperature coefficient slows fission and heat dissipates without operator intervention, which X-Energy says supports an emergency planning zone of about 400 meters, compared with 16 kilometers for conventional large reactors.¹⁶ The applicable emergency planning zone remains subject to regulatory review of the reactor and site under the NRC’s scalable framework.¹⁸ X-Energy’s wholly owned subsidiary TRISO-X manufactures the proprietary tri-structural isotropic coated particle pebble fuel required by the Xe-100, using HALEU enriched to 15.5%. The TX-1 fuel fabrication facility in Oak Ridge, Tennessee (licensed under a 40-year NRC Special Nuclear Material License issued in February 2026, which X-Energy describes as establishing TX-1 as the first Category II nuclear fuel facility licensed in the United States) is under construction and targeted for completion in the first half of 2028.¹⁵

X-Energy’s announced pipeline includes a Dow project, Amazon options and a non-binding joint development agreement with Centrica. Dow’s subsidiary Long Mott Energy filed a Construction Permit Application with the NRC in March 2025 for a four-reactor Xe-100 plant at its Seadrift, Texas facility under the U.S. Department of Energy’s Advanced Reactor Demonstration Program, with X-Energy expecting permit receipt in the first quarter of 2027.¹⁵ The NRC completed its Environmental Assessment with a Finding of No Significant Impact in May 2026 and its advanced safety evaluation in August. Its published schedule targets the final safety evaluation for November 2026, while the construction-permit decision date remains to be determined.¹⁹ Amazon holds options for more than 5 GWe of Xe-100 capacity through 2039, beginning with an Energy Northwest project in central Washington. Centrica’s agreement covers a potential UK fleet of approximately 6 GWe, represented by 76 reactors, with Hartlepool identified as the preferred site for a first project of up to 12 reactors. Together, the announced Dow, Amazon and Centrica opportunities exceed 11 GWe, but they comprise different types of arrangements and remain subject to approvals and final investment decisions.¹⁶

In August 2026 X-Energy signed long-term HALEU enrichment services agreements with Centrus Energy and General Matter, and agreed to invest up to $8 million in milestone-based payments to expand SGL Carbon’s nuclear-grade graphite production at Chedde, France — an agreement the companies state would double the site’s NBG-18 capacity by 2030.²⁰ X-Energy said the Department of Energy notified it on August 12, 2026 that its ARDP cooperative agreement would receive up to an additional $1.0 billion under the program’s 50/50 cost-share terms.²¹ Its quarterly report for the period ended June 30, 2026 states that any increase in X-Energy’s ARDP allocation remains subject to a contract award modification by the DOE’s contracting officer and continuation application approvals.¹⁵

X-Energy reported $54.6 million of revenue and grant income for Q2 2026, up from $21.5 million in Q2 2025 and driven principally by engineering and design services under the ARDP, against operating expenses of $164.6 million that included $33.5 million of non-cash equity compensation tied to IPO grants. Cash, equivalents and investments were approximately $1.9 billion at June 30, 2026, with no debt. First commercial Xe-100 delivery is targeted for the early 2030s.²⁰ For a full breakdown of the IPO terms, ownership structure and key risks, see our X-Energy IPO Preview.

Terrestrial Energy (IMSR)

HQ 🇺🇸 United States · Market cap $406M · Yahoo Finance ↗ · Investor Relations ↗

Terrestrial Energy Inc (IMSR) is developing the Integral Molten Salt Reactor (IMSR), a Generation IV reactor that uses liquid fluoride salt as a coolant and fuel carrier. The company began trading on the NASDAQ following completion of its business combination with HCM II Acquisition Corp.²²

The IMSR plant consists of two reactor units of 195 MWe each, for a combined output of 390 MWe.²³²⁴ Each core-unit operates at about 700°C, allowing the plant to supply heat at 585°C; the company calculates that this gives its steam turbines a net thermal efficiency of approximately 44%, against roughly 30% for SMRs using conventional light-water technology.²⁴ The sealed core unit is designed to be replaced entirely at the end of its seven-year service life. The reactor uses standard assay low-enriched uranium, avoiding the HALEU supply chain constraints faced by some competitors.²⁵

In February 2025, the Texas A&M University System selected Terrestrial Energy’s IMSR for siting at its RELLIS campus following a competitive Request for Proposals process.²⁶ In June 2026, the company signed ground lease and research agreements giving it exclusive access to approximately 77 acres at RELLIS for the planned commercial IMSR plant, and site characterization work is intended to support a future NRC construction permit application.²⁷ Terrestrial Energy also announced a collaboration with Riot Platforms in May 2026 to develop nuclear-powered data center projects, a program targeting up to 4 GW of IMSR capacity; the company put the indicative capacity of its full project pipeline at 7.8 GW in August 2026.²⁸

The Canadian Nuclear Safety Commission (CNSC) completed its Vendor Design Review in April 2023 and declared no fundamental barriers to licensing the IMSR design. That review is a voluntary pre-licensing assessment rather than a design certification or plant license, and it identified further design work to complete. Terrestrial Energy’s engagement with the United States NRC commenced in 2016 and includes a joint CNSC-NRC review under a Memorandum of Cooperation. The NRC has approved two IMSR topical reports, principal design criteria in 2025 and the postulated initiating events methodology in May 2026, and the company is developing a pilot reactor (Project TETRA) and a pilot fuel salt production facility (Project TEFLA) under Other Transaction Agreements with the U.S. Department of Energy.²⁷ The company targets first commercial IMSR operations in the early 2030s.

Terra Innovatum (NKLR)

HQ 🇮🇹 Italy · Market cap $385M · Yahoo Finance ↗ · Investor Relations ↗

Terra Innovatum Global N.V. (NKLR) is developing the SOLO, a helium gas-cooled micro-modular reactor designed to produce 1 MWe. At 1 MWe, it is smaller than the other designs covered here. It uses a thermally moderated, gas-cooled core with low-enriched uranium below 5% and conventional zircaloy-clad UO2 fuel rods. The current design targets 15 years of operation without refueling and a potential 45-year life through core swaps; potential future HALEU configurations could extend the interval between refueling, subject to design qualification and licensing.²⁹

In March 2026, the United States NRC formally docketed Terra Innovatum’s SOLO topical reports, initiating the formal review and approval process. The NRC determined that the submissions contained sufficient technical information to begin detailed safety and design evaluation. Earlier in 2026, the company completed the Phenomena Identification and Ranking Table (PIRT), a key pre-licensing milestone. In March 2026 the company said it expected NRC Safety Evaluations of the topical reports by October 2026.³⁰

Terra Innovatum’s latest SEC prospectus targets commercial deployment of the SOLO in 2028. The company’s proposed first site is Rock City Industrial Park in Valmeyer, Illinois, where it plans to supply behind-the-meter power. The site owner has an option to order up to 50 reactors, subject to definitive agreements and regulatory approvals.²⁹

In February 2026, Terra Innovatum said it had secured supply arrangements for the SOLO reactor’s components, including nuclear-grade graphite.³¹ In March 2026 it appointed Katherine Williams, previously chief executive officer and chief financial officer of Framatome Inc., as executive director and chief financial officer.³²

Rolls-Royce Holdings (RR.L)

HQ 🇬🇧 United Kingdom · Market cap $160B · Yahoo Finance ↗ · Investor Relations ↗

Rolls-Royce Holdings plc (RR.L) supplies aircraft engines and services, defence propulsion systems, and power systems for industrial and power-generation customers. Its interest in Rolls-Royce SMR Ltd provides exposure to reactor development within this much broader engineering business. Since a change of control on March 4, 2025, Holdings has equity-accounted its SMR interest rather than consolidating the developer as a subsidiary; the investment is reported within All Other Businesses.³³

Rolls-Royce SMR is developing a 470 MWe pressurized water reactor intended for modular manufacture and assembly. Its planned construction schedule and operating life remain design and delivery objectives, with the first commercial deployment still ahead.³⁴

The design is undergoing the United Kingdom’s Generic Design Assessment (GDA), a multi-step regulatory process. Step 1 (Initiation) was completed in April 2023, Step 2 (Fundamental Assessment) in July 2024, and Step 3 (Detailed Assessment) commenced in July 2024 and remains in progress; the UK regulators’ July 2026 update scheduled the Step 3 public consultation for February 2027, taking the assessment beyond its originally planned August 2026 completion. Rolls-Royce SMR also received the first regulatory justification approval for an SMR design in the United Kingdom, granted in March 2026 — a decision separate from the GDA and from site licensing.³⁴

In November 2025, the United Kingdom government selected the Wylfa nuclear site on the island of Anglesey, North Wales, to host at least three Rolls-Royce SMRs, with potential capacity for up to eight units. The £2.5 billion government allocation supports the program and is not the total cost of three completed plants. Great British Energy Nuclear (GBE-N) plans site activity in 2026, with the government targeting power delivery to the grid from the mid-2030s.³⁵ In April 2026, GBE-N converted that selection into a technology partner contract with Rolls-Royce SMR for the first three Wylfa units, a program of at least 1.4 GW. The contract’s first stage covers site-specific design; its second stage, covering construction, supply, installation and commissioning, is subject to a positive final investment decision and further business case approval. Nuclear construction has not begun.³⁶

Reporting its 2026 half-year results in July 2026, Rolls-Royce said the GBE-N contract in the United Kingdom and the CEZ Group contract in the Czech Republic had both entered their execution phase and were generating revenues and profits for Rolls-Royce SMR. In the same period Rolls-Royce SMR was selected by Videberg Kraft to supply three SMRs in Sweden, and in July 2026 signed a memorandum of understanding with CEZ and the Czech government covering preparation of two further Czech sites. Management restated a target of commissioning two reactors per year by the mid-2030s, rising to eight per year at maturity, and said it was accelerating research into advanced modular reactors under agreements with nuclear authorities in the United Kingdom and Japan.³³

GE Vernova (GEV)

HQ 🇺🇸 United States · Market cap $263B · Yahoo Finance ↗ · Investor Relations ↗

GE Vernova Inc (GEV) is developing the BWRX-300 through GE Vernova Hitachi Nuclear Energy, a joint venture between GE Vernova and Hitachi Ltd. The BWRX-300 is a 300 MWe boiling water reactor (BWR) that simplifies the traditional BWR design by eliminating recirculation pumps, jet pumps, and associated piping, achieving what the company describes as approximately one-tenth the size and complexity of a conventional BWR.³⁷

Ontario Power Generation (OPG) — the project’s owner, licensee and intended operator — plans four BWRX-300 units at the Darlington New Nuclear Project site in Ontario. The Canadian Nuclear Safety Commission (CNSC) granted OPG a license to construct the first unit in April 2025, and Ontario approved that first unit in May 2025. In March 2026 the CNSC removed the first regulatory hold point, authorizing reactor-building foundation and civil works, and now classifies Unit 1 as under construction; OPG has also applied for a 20-year operating license for the unit, an application still under review. The three additional units remain subject to further construction approvals; if all four are built, their combined capacity would be 1.2 GW.³⁸³⁹

OPG targets grid connection for the first Darlington unit by the end of 2030. Reactor operation requires a separate licence, and subsequent units require further approvals.³⁸³⁹

Beyond Canada, GE Vernova Hitachi signed a Generic Design Agreement with OSGE in Poland in February 2026 and is exploring BWRX-300 deployment in Southeast Asia.⁴⁰ For GEV shareholders, the BWRX-300 program represents one component within a diversified power equipment business that generated $38.1 billion in total revenue in fiscal year 2025.⁴¹ The nuclear business is still small within that: Nuclear Power revenue was $817 million in the second quarter of 2026, against $649 million in the second quarter of 2025. These figures cover the broader Nuclear Power business, including work on existing reactors, rather than BWRX-300 revenue alone.⁴²

Cameco Corp (CCJ)

HQ 🇨🇦 Canada · Market cap $37B · Yahoo Finance ↗ · Investor Relations ↗

Cameco Corp (CCJ) produces uranium and supplies nuclear-fuel services. It also owns 49% of Westinghouse Electric Company, which provides reactor technology, fuel and services for existing nuclear plants and develops new reactor designs. The Westinghouse investment gives Cameco indirect exposure to the AP300 and eVinci programs. Cameco trades on the Toronto Stock Exchange as CCO and the New York Stock Exchange as CCJ.⁴³

The AP300 is a 330 MWe pressurized water reactor derived from the larger AP1000. Cameco’s second-quarter 2026 disclosures illustrate a nuclear construction period of approximately 40 months per unit and possible first commercial operation in the mid-to-late 2030s. They estimate US$0.8 billion to US$1.2 billion of remaining design-development spending. These are illustrative assumptions, not firm project prices or assured delivery dates. More than 30 AP300 units were in origination at that time; origination does not constitute firm reactor orders.⁴⁴

The separate eVinci microreactor program targets local electricity and heat supply for uses including remote communities, industrial sites and data centres. Cameco’s disclosures distinguish an initial 1 MWe prototype under a government-sponsored program from a potential 5 MWe commercial configuration for non-space, non-military applications. Development includes component and heat-pipe testing, manufacturing demonstrations and regulatory work. The AP300 timetable in the comparison table does not apply to eVinci.⁴⁴

Westinghouse’s established fuel, maintenance and reactor-services operations provide an existing business alongside these development programs. Cameco shareholders also retain exposure to uranium prices, mining operations and fuel services; the company’s overall value is not a valuation of its SMR interests alone.⁴³

Nano Nuclear Energy (NNE)

HQ 🇺🇸 United States · Market cap $845M · Yahoo Finance ↗ · Investor Relations ↗

NANO Nuclear Energy Inc (NNE) is developing the KRONOS MMR™, a 45 MWt (15 MWe) stationary high-temperature gas-cooled reactor (HTGR) using helium coolant and Fully Ceramic Microencapsulated (FCM) fuel, which incorporates TRISO particles in a silicon carbide matrix. The company acquired the KRONOS technology along with the portable LOKI MMR™ from Ultra Safe Nuclear Corporation in early 2025. The design draws on the HTGR lineage of earlier programs including Dragon, Fort St. Vrain, AVR, and China’s HTR-PM, though KRONOS itself has yet to be built or operated.⁴⁵

On March 31, 2026, The Grainger College of Engineering at the University of Illinois Urbana-Champaign — the license applicant — submitted a Construction Permit Application to the US Nuclear Regulatory Commission for the proposed KRONOS MMR on its campus, a unit that would be licensed as a non-power research reactor with NANO Nuclear as technology supplier. The NRC accepted the application for review on May 18 and subsequently set target dates of May 2027 for the final environmental assessment and September 2027 for the final safety evaluation. A separate operating license would be required before the unit could run; NANO Nuclear’s June 2026 filing targets initial operation or research availability around 2030, subject to licensing, construction and commissioning.⁴⁶⁴⁷

In Canada, NANO acquired Global First Power in October 2025 and subsequently renamed it True North Nuclear. The acquired company holds the existing CNSC licence application for a proposed Chalk River demonstration project. NANO’s June 2026 filing says it is working toward a formal partner agreement for the potential project; the acquisition itself is not a construction or operating licence.⁴⁷

NANO Nuclear frames itself as a vertically integrated advanced nuclear company, with its latest quarterly filing describing four principal business lines: its nuclear reactor business led by KRONOS, a nuclear fuel supply chain business, a nuclear fuel transportation business, and nuclear consultation and technical services. Its fuel subsidiaries include HALEU Energy Fuel Inc (developing a domestic HALEU fabrication pipeline) and Advanced Fuel Transportation Inc (AFT), which holds an exclusive license for a patented high-capacity HALEU fuel transportation basket developed with US national laboratories. LIS Technologies, a strategic affiliate outside the consolidated group, uses laser isotope separation for uranium enrichment; it received a Key Radioactive Material License in early 2026 and announced its own plans to invest USD 1.38 billion in a commercial enrichment facility in Oak Ridge, Tennessee.⁴⁸

Commercially, the company completed a feasibility study with BaRupOn during the quarter ended June 30, 2026 evaluating a phased deployment of up to 1 GW of KRONOS MMR capacity at a data center and manufacturing campus, and has signed memorandums of understanding with companies including DS Dansuk, Ameresco and Supermicro. In May 2026 its Advanced Fuel Transportation subsidiary acquired Secured Transportation Services, a nuclear logistics and transportation operator, for total consideration of USD 10.3 million; the business contributed USD 0.2 million of revenue between closing on May 22 and June 30, 2026, the company’s first revenue. As of June 30, 2026 NANO Nuclear held cash, cash equivalents and short-term investments of USD 580 million, after approximately USD 26 million of net at-the-market proceeds during the quarter and an oversubscribed private placement in October 2025 that raised approximately USD 400 million gross. Operating expenses for the quarter ended June 30, 2026 were USD 15.9 million and the net loss was USD 10.1 million.⁴⁷

Deep Fission (FISN)

HQ 🇺🇸 United States · Market cap $313M · Yahoo Finance ↗ · Investor Relations ↗

Deep Fission, Inc (FISN) is developing the Gravity Nuclear Reactor™, a small modular pressurized water reactor designed to operate roughly one mile underground at the bottom of a 30- to 50-inch-diameter vertical borehole. Its initial 2×2 fuel-assembly configuration targets up to approximately 8 MWe per reactor, with a later 3×3 configuration targeting up to approximately 15 MWe. The design uses conventional PWR fuel and control principles; at depth, the hydrostatic pressure of the mile-deep water column (roughly 160 atmospheres) is intended to support reactor operating pressure and primary cooling, while the surrounding geology provides structural confinement and shielding. The company says this approach reduces reliance on the large forged pressure vessels and above-ground containment structures of surface plants, and targets delivered power at 5 to 7 cents per kWh.⁴⁹⁵⁰

The company was founded in 2023 by chief executive Elizabeth Muller and her father, Berkeley physicist Richard Muller, the team behind spent-fuel disposal company Deep Isolation, with which Deep Fission holds a memorandum of understanding on used-fuel management. Deep Fission was selected for the US Department of Energy’s Reactor Pilot Program and holds a long-term lease on approximately 100 acres at the Great Plains Industrial Park in Parsons, Kansas, where it has drilled a data-acquisition well gathering data at depths of up to 6,000 feet. A non-nuclear prototype reactor canister arrived at the Kansas site on July 7, 2026, as part of a proof-of-concept program whose next stage includes a commercial-scale-diameter, non-nuclear borehole and installation testing.⁵¹ The company is advancing a second, near full-scale proof-of-concept well and targets completing that phase of work by the end of 2026. On August 6, 2026 the DOE conditionally approved Deep Fission’s Nuclear Safety Design Agreement for the Gravity Reactor, allowing it to move to the next stage of the Reactor Pilot Program review with submission of a Preliminary Documented Safety Analysis.⁵²⁵³ Subject to further DOE authorization, the company intends to demonstrate the Gravity Reactor and apply to the NRC for a commercial license in the first half of 2027, with conversion of the same pilot reactor to commercial operation subject to separate NRC licensing.⁴⁹⁵³

Deep Fission’s commercial pipeline is preliminary and entirely non-binding. On June 24, 2026 the company said it had signed letters of intent with data centers, co-developers, industrial parks and strategic partners representing up to 18.5 GW of potential generation capacity, while stating that the LOIs “do not contain commitments to purchase electricity, finance projects, construct facilities, grant exclusivity, or deploy a specified number of reactors” and that either party may terminate without penalty.⁵⁴ The largest named relationship within that pipeline is the January 2025 partnership with sustainable data-center developer Endeavour, aimed at powering Endeavour’s Edged AI data centers and governed by a non-binding term sheet entered in November 2024, contemplating potential deployments of up to 1.5 GW at a single location within a broader potential co-development framework of up to 2 GW across multiple projects.⁴⁹⁵⁰

Deep Fission first listed via a September 2025 reverse merger with shell company Surfside, then completed a Nasdaq IPO in June 2026 that raised $40.0 million gross.^55495653

Deep Fission’s Form 10-Q for the quarter ended June 30, 2026 reported a net loss of $52.4 million for the first half of 2026 against $6.9 million a year earlier, with $93.0 million of cash and cash equivalents at the period end, and management concluded there is substantial doubt about the company’s ability to continue as a going concern for the following twelve months absent additional financing or material changes to the operating plan.⁵³

Hadron Energy (HDRN)

HQ 🇺🇸 United States · Market cap $89M · Yahoo Finance ↗ · Investor Relations ↗

Hadron Energy, Inc (HDRN) is developing the Hadron Halo, a 10 MWe Generation III+ pressurized light-water micro-modular reactor designed to be factory-fabricated, shipped by standard heavy-haul truck, rail or barge, and installed on a footprint of under one acre. The design uses established light-water reactor technology, off-the-shelf nuclear-qualified pumps, valves and control systems, and an integral primary loop that houses the core, coolant pumps, steam generator and pressurizer inside one reactor pressure vessel. Halo is designed to use low-enriched uranium fuel.⁵⁷ Its August 2026 investor materials quote 45 MWth of thermal output and a six-year LEU fueling cycle, revised from the 35 MWth and sealed 10-year core described in its listing documents.⁵⁸⁵⁹

The planned business model is energy-as-a-service rather than reactor sales: Hadron intends to own and operate its units and sell power under long-term PPAs at a target price of $0.15 per kWh, initially behind-the-meter or off-grid for data centers, industrial sites, remote communities and defense installations. In June 2026 the company announced that NRC staff had issued a final safety evaluation finding Revision 3 of its Quality Assurance Program Description topical report acceptable for referencing in future license applications — a first for a light-water microreactor, by the company’s account. A 10 CFR Part 52 manufacturing license and concurrent combined license submission is targeted for 2027-2028, with a first-of-a-kind unit in 2030 and at least 50 units per year from a planned US factory by 2035. H1 2026 supply agreements cover uranium conversion (ConverDyn), instrumentation and control (Paragon Energy Solutions) and a training simulator (GSE Solutions), but no license application has been filed, no factory site has been selected, and every customer commitment disclosed to date — including an April 2026 Smartland Energy MOU covering up to five potential deployments from the early 2030s — is non-binding.^58605759

Hadron listed through a de-SPAC with GigCapital7 Corp. in May 2026 after roughly 84% of public shares were redeemed. Its FY2025 and Q1 2026 accounts flagged substantial doubt about its ability to continue as a going concern; the first post-closing quarterly report, filed August 12, 2026, stated the trust proceeds had alleviated that doubt, with cash of $22.2 million at June 30, 2026 against the company’s own estimate of roughly $100 million of R&D spending through 2030 — so substantial further funding will be needed before commercialization. Insiders held 77% of the shares at closing, with founder-CEO Samuel Gibson at 61%. In August 2026 Hadron appointed Eric Williams, previously chief operating officer of TerraPower, as EVP of Engineering. It remains pre-revenue with no binding customer, and its shares offer highly speculative exposure to microreactor development.⁶⁰⁵⁷⁶¹

BWX Technologies (BWXT)

HQ 🇺🇸 United States · Market cap $13B · Yahoo Finance ↗ · Investor Relations ↗

In August 2026 the U.S. Army selected BWXT’s BANR microreactor for its Janus program, with a 20 MWe unit planned at Fort Campbell, Kentucky.⁶²

BWX Technologies, Inc. (BWXT) manufactures naval nuclear reactors and their fuel for the U.S. Naval Nuclear Propulsion Program, and supplies steam generators, pressure vessels, fuel and services to commercial nuclear plants.⁶³ Under a January 2025 contract from GE Hitachi, it is manufacturing the reactor pressure vessel for the first BWRX-300 at Ontario Power Generation’s Darlington site.⁶⁴ BWXT is included here because it is also developing its own reactor design, the BWXT Advanced Nuclear Reactor (BANR). Its filings do not report BANR separately: advanced reactor design sits within the Government Operations segment.⁶³

BANR is a 75 MWt high-temperature gas-cooled microreactor that uses TRISO fuel with uranium enriched to 19.75%. It is designed to be factory-built in modules that meet road and rail shipping limits, to run on a four-year refueling cycle, and to supply electricity, process heat or both.⁶²⁶⁵ In August 2026 the U.S. Army selected BANR for its Janus program, for which the Army down-selected five vendors to own, construct and operate microreactors at military installations. The first BANR, a 20 MWe version, is planned for Fort Campbell, Kentucky. The Army said the program would award up to a combined $2.2 billion across the five vendors over fiscal years 2027 to 2031, paid only as each meets technical milestones and alongside the vendors’ own capital; BWXT did not disclose its share.⁶⁶ Its first contract phase covers final site selection, the start of the Army’s nuclear regulatory process and TRISO fuel fabrication at existing BWXT facilities; it is targeting groundbreaking in late 2028 and reactor operations in the early 2030s.⁶²

BWXT said in the same announcement that Tata Chemicals Soda Ash had signed a letter of intent to explore deploying up to eight BANR units in Wyoming.⁶² Its reactor work also includes the Defense Department’s Project Pele, a 1.5 MWe transportable high-temperature gas-cooled microreactor to be tested at Idaho National Laboratory; a full core of BWXT-made TRISO fuel arrived at INL in December 2025.⁶⁷ In June 2026, BWXT reported that its TRISO fuel had enabled the first new reactor criticality under a Department of Energy program, at Antares Nuclear.⁶⁸

BANR is one program within a business built largely on long-term government contracts. BWXT reported FY2025 revenue of $3.2 billion, about 73% of it from Government Operations, and backlog of $8.4 billion at June 30, 2026.⁶⁹⁶³ In July 2026 it closed the acquisition of Precision Components Group, a U.S. manufacturer of heavy-walled and heat-transfer components, and on July 31, 2026 agreed to sell its medical isotope business to Nordic Capital in a transaction valued at up to $800 million, which it expects to complete in 2026 or the first quarter of 2027. BWXT would retain a minority interest and continue providing specialized isotope and radiochemical expertise.⁶³

Risks

NuScale’s experience shows how difficult licensing and deployment schedules are to predict. The company holds the only NRC-certified SMR design, yet its proposed commercial deployments have repeatedly moved further out. Regulators in the United States, Canada and the United Kingdom are reviewing several SMR applications, and developers’ stated timetables remain subject to revision.^4343846

Commercial SMR and MMR deployments have not yet generated meaningful revenue for any company covered here. NuScale, Oklo, X-Energy, Terrestrial Energy, Terra Innovatum, NANO Nuclear, Deep Fission and Hadron Energy continue to report operating losses while funding their reactor programs. GE Vernova, Rolls-Royce and BWXT can support development from diversified businesses. Cameco has exposure to Westinghouse’s existing reactor-services operations through its 49% ownership interest, although the AP300 remains under development.^{1129434793370205357}

Development funding and plant financing are separate requirements. Cash raised by a developer does not mean a customer’s power plant is fully financed. Additional share issues can dilute existing shareholders, while delays or higher construction costs can increase financing needs and defer revenue. Non-binding letters of intent and development agreements may never become funded projects or electricity sales.¹⁰⁵³⁵⁷

The AP1000 units at Plant Vogtle demonstrate the financial consequences of nuclear construction risk. Originally expected to cost $14 billion and to begin commercial operation in 2016 and 2017, the two units ran into significant construction delays and cost overruns; when Unit 4 entered commercial operation in 2024, Georgia Power estimated the total cost at more than $30 billion.⁷¹ Westinghouse, then the project’s primary contractor, filed for bankruptcy in March 2017.⁷² SMR developers expect factory fabrication and modular construction to improve delivery, but the delivery costs and repeat-build savings of the designs covered here have yet to be established through commercial operation.

Fuel availability could also limit deployment. Oklo’s Aurora, X-Energy’s Xe-100, BWXT’s BANR and NANO Nuclear’s KRONOS require high-assay low-enriched uranium (HALEU), for which commercial supply remains limited. Oklo is working with Centrus Energy; X-Energy signed long-term HALEU enrichment services agreements with Centrus Energy and General Matter in August 2026; and NANO Nuclear has established HALEU Energy Fuel and a separate fuel-transportation subsidiary. These initiatives have yet to demonstrate supply at the scale required by multiple advanced-reactor programs.^1120654873

SMRs must compete for capital with natural-gas generation, renewable projects paired with battery storage and conventional large reactors. Nuclear siting also faces public opposition in some jurisdictions. A serious incident elsewhere in the industry could affect regulatory decisions and public support for SMR deployment.

Conclusion

The companies covered here offer different forms of exposure to new reactor development. Specialist developers depend on licensing, fuel qualification, project financing and first deployments. Diversified groups and owners of established nuclear businesses combine those development interests with existing operations.

OPG’s first BWRX-300 at Darlington has entered construction, while other programs are working through design assessments, licence applications or demonstrations.³⁸ An accepted application, design approval, construction milestone and operating reactor represent different stages of progress. Company targets should be read alongside the approvals and investment decisions still required.

The first commercial deployments of these designs will provide evidence on construction cost, delivery time and operating performance. For investors, the route from a developer’s technology to revenue matters as much as its proposed megawatts: ownership of the reactor business, binding customer commitments, funding needs and the rest of the listed company’s operations all affect the exposure.