Nuclear

BWX Technologies: builds the reactors of the US Navy, makes nuclear fuel and components, and is building a microreactor for the Department of Defense (Project Pele).

• US Navy, naval nuclear propulsion: sole supplier of reactors and fuel for Virginia and Columbia class submarines and Ford class carriers (Government Operations, $601.3M Q2 2026 revenue)
• DOE / NNSA: uranium processing and nuclear materials work inside Government Operations
• Precision Components Group: acquisition closed 2026-07-01, heavy-walled and heat-transfer components for commercial nuclear (10-Q)
• Kinectrics: acquired 2025-05-20 for CAD 782.7M, commercial reactor services (Commercial Operations)
• Medical business sale: definitive agreement 2026-07-31 with Nordic Capital, up to $800M, BWXT keeps a minority interest (10-Q)

Cameco: one of the largest uranium producers (McArthur River and Cigar Lake in Saskatchewan) and owner of 49 % of Westinghouse, the reactor designer, with Brookfield.

• 2022 - McArthur River restart at planned capacity
• 2023 - Westinghouse 49% acquisition closed (Brookfield + Cameco)
• 2024-2025 - Multi-year supply contracts signed with US + EU utilities at elevated prices
• 2025 - Long-term contract book extended; new-reactor optionality via Westinghouse
• 2026 - DOE HALEU + commercial fuel contracts

Constellation Energy: the largest nuclear fleet in the US, restarting Three Mile Island Unit 1 (Crane Clean Energy Center) to supply Microsoft.

• 20-year PPA with Meta: 1.1 GW of nuclear power in Illinois, starting 2027
• Powering Meta's AI data center expansion through 2046+
• Nuclear baseload is the only credible "always-on" AI power source at scale
• Convergent with the broader datacenter-power thesis (VST, NEE, GEV all signing similar)

Denison Mines: building Phoenix, an in-situ recovery uranium mine at Wheeler River in the Athabasca Basin, Saskatchewan.

• 2025-08-15 - US$345M of 4.25% convertible senior notes due 2031-09-15 closed; 342.9355 shares per US$1,000 (~US$2.92 per share). Proceeds earmarked for Phoenix.
• 2026-01-02 - Phoenix capital cost update: initial capex C$600M (Class 2) vs C$419.4M in the 2023 feasibility study (C$500.5M in 2026 dollars); contingency C$65M. Base case after-tax NPV8 C$1.57B, IRR 73%, payback ~12 months.
• 2026-02-24 - Final investment decision after the CNSC construction licence (February 2026); construction from March, ~24 months; first production guided mid-2028.
• Benefit agreements in place: Impact Benefit Agreement with Métis Nation-Saskatchewan; Nuhenéné Benefit Agreement with three First Nations and four municipalities.
• 2026-08-12 - Q2 2026: 750,000 lb of U3O8 sold at US$89.17/lb (US$66.9M, realized gain C$64.1M); over 20% of site civil work done by end of July; Phase 1 freeze wall installation started.
• 2026-08-12 - Uranium book: ~1.1M lb held at 2026-06-30 (950,000 lb physical + 145,926 lb McClean concentrates); 600,000 lb committed Q3 2026 to Q2 2027, of which 350,000 lb fixed at a US$95.17/lb average (US$33.3M); ~500,000 lb uncommitted.
• 2026-06-30 - Cash and cash equivalents C$465.3M (C$465.9M at 2025-12-31).
• McClean Lake JV: Denison 22.5%, Orano operator.

GE Vernova: with Hitachi, designs the BWRX-300 small modular reactor, the first of which is being built at Darlington, Ontario.

• Gas turbine OEM with active datacenter PPA-tied contracts
• Grid equipment (transformers, HV switchgear) - long lead times = pricing power
• Nuclear services franchise (BWRX-300 SMR + existing-fleet maintenance)
• Capacity backlog stretching multiple years given hyperscaler-driven demand

Centrus Energy: US uranium enrichment, the only US producer of HALEU fuel for advanced reactors (Piketon, Ohio).

• DOE HALEU contract: $900M firm fixed price, signed 2026-07-01 (announced 2026-01-05); first delivery of 1 tonne by July 2032, two DOE options of 5 tonnes each at $17M per tonne
• DOE demonstration cascade (Piketon): HALEU production ended mid-June 2026; maintenance and storage to 2026-09-30; DOE not exercising further options (10-Q, 2026-08-06)
• X-energy: LEU and HALEU supply, deliveries from 2030 (8-K 2026-08-06)
• Radiant Industries: HALEU supply contract (8-K 2026-09-09); Antares Nuclear: HALEU supply contract (8-K 2026-09-17)
• Equity raise: ~$500M at $199.64 with pre-funded and common warrants (priced 2026-09-09)
• Q2 2026: revenue $176.1M (+14%), backlog $4.5B to 2040; 2026 guide revenue $450M to $500M (8-K 2026-08-05)

Lightbridge: develops a metallic nuclear fuel for existing reactors and small modular reactors, samples under irradiation at Idaho National Laboratory; pre-revenue.

• 2022 : agreements with Battelle Energy Alliance (operator of Idaho National Laboratory) to develop Lightbridge Fuel; extended in March 2026 through September 2032
• 2025-11 : fuel material coupon samples inserted into the Advanced Test Reactor at INL (milestone certified by the compensation committee)
• 2026-H1 : $44.4M net raised through the at-the-market program (about 3.8M shares); about $96.1M left of the $150M program at 2026-06-30
• 2026-06-30 : cash and equivalents $237.5M, no debt; Q2 net loss $5.8M, interest income $1.9M
• 2026-08-06 : equity awards tied to a pilot-scale fuel fabrication facility and a first complete lead test assembly (deadlines 2029 to 2034); Andrey Mushakov named EVP and COO
• 2026-08-24 : selected for the DOE Nuclear Energy Launch Pad program (National Reactor Innovation Center at INL)

Nano Nuclear Energy: developing portable microreactors (KRONOS, ZEUS); pre-revenue.

• 2024-09: Acquired ALIP liquid-metal pump technology from European consortium - used in fast-spectrum reactor coolant loops.
• 2024-11: NRC pre-application engagement initiated for ZEUS microreactor design.
• 2025-02: MOU with University of Illinois Urbana-Champaign for ODIN research-reactor siting study.
• 2025-05: DOE Voucher Program selection for HALEU transport cask development (sub-$1M, R&D scope).
• 2025-09: Strategic agreement with $LEU (Centrus Energy) for HALEU fuel supply discussions - non-binding LOI.
• Status as of 2026-06-01: no construction permit, no commercial reactor sale, no recurring revenue line.

NexGen Energy: developing Rook I (the Arrow deposit) in the Athabasca Basin, Saskatchewan, one of the largest undeveloped uranium deposits.

• Rook I / Arrow deposit - 100%-owned flagship; feasibility study confirms one of largest high-grade undeveloped uranium projects globally (Athabasca Basin, Saskatchewan)
• CNSC federal licensing - Canadian Nuclear Safety Commission environmental assessment + license-to-construct process is the gating catalyst
• Uranium inventory - accumulated ~2.7Mlb physical U3O8 as treasury / financing optionality
• Strategic equity - IsoEnergy / cross-shareholding positions across Athabasca exploration peers
• Dual listing - TSX: NXE.TO and NYSE: NXE; included in $URA and $URNM uranium ETF baskets

Oklo: developing the Aurora powerhouse, a fast microreactor sold as power under long-term contracts; pre-revenue.

• 2024 - DOE Idaho National Laboratory site approval for first Aurora reactor
• 2024 - Multiple LOIs / framework agreements with datacenter operators (specific terms undisclosed)
• 2025 - NRC combined-license application progressing; site characterization complete at INL
• 2025-2026 - Pre-construction engineering for first commercial Aurora units
• Late-2020s targeted - First Aurora commercial operation

NuScale Power: small modular reactor developer, the first SMR design approved by the US Nuclear Regulatory Commission.

• 2020-08 - NRC design approval of the original 50 MWe US600 design (certified 2023)
• 2023-11 - UAMPS Carbon Free Power Project cancelled on cost escalation
• 2025-05 - NRC Standard Design Approval of the uprated US460 (77 MWe modules, 462 MWe 6-module plant)
• 2025-09 - ENTRA1 Energy and TVA announce a program for up to 6 GW of NuScale plants (no PPA signed as of Q2 2026)
• 2025-Q4 - RoPower (Doicesti, Romania, 6 modules) FEED Phase 2 completed; $507.4M milestone payment to ENTRA1
• 2026-04 - Fluor completes the sale of its entire NuScale stake (~$2.4B of proceeds)
• 2026-Q2 - Paragon contract to complete the HIPS safety-system design for the power module
• 2026-09-11 - UBS downgrade to Sell, target $6; law-firm investigations follow

Talen Energy: owns the Susquehanna nuclear plant in Pennsylvania, which supplies an Amazon data-centre campus beside it.

• Mar 2024 - Sold Cumulus datacenter campus to $AMZN AWS for $650M cash; signed behind-the-meter PPA to supply up to 960MW initially, escalating to 1.92GW over 10 years
• Apr 2025 - FERC rejected the ISA amendment for the AWS co-location structure (2-1 vote), creating ~12-month overhang
• Mar 2026 - FERC approved revised settlement framework allowing co-located load to ramp; restored full economic path for the AWS deal
• 2024-2026 - ~$3B+ cumulative buyback authorization; share count reduced ~10% from IPO base
• Susquehanna NRC operating licenses extended through 2042 (Unit 1) and 2044 (Unit 2)

Uranium Energy Corp: US in-situ recovery uranium producer with hubs in Texas and Wyoming, plus a physical uranium inventory.

• 2024-12: Sold 300,000 lbs U3O8 to US DOE Strategic Uranium Reserve at ~$70/lb.
• 2025-08: Restarted production at Christensen Ranch (Wyoming) ISR hub - first yellowcake drums shipped to ConverDyn.
• 2024-11: Acquired Rio Tinto's Roughrider uranium project (Athabasca Basin, Canada) for $150M - adds conventional resource optionality.
• 2022-2024: Built ~1.36M lb physical U3O8 inventory via spot purchases at $40-50/lb cost basis.
• 2025: Hobson (TX) central processing facility on care-and-maintenance pending Burke Hollow + Goliad satellite restart approvals.

Energy Fuels: US uranium producer around the White Mesa Mill in Utah, which also separates rare earths.

• 2022-2025: Multi-year uranium sales contracts with undisclosed US nuclear utilities at above-spot fixed prices; contract book provides revenue visibility through 2030
• 2023: US Department of Energy Uranium Reserve purchase - UUUU among initial domestic suppliers selected for strategic stockpile
• 2023-2024: Rare-earth carbonate supply agreement with Neo Performance Materials for processing of White Mesa REE product
• 2024: Expanded REE processing at White Mesa following receipt of monazite sand feed from third-party sources (Chemours, Donald rare-earth project)
• 2025 : $700M of 0.75% Convertible Senior Notes due 2031-11-01 (49.1672 shares per $1,000, about $20.34 a share)
• 2026-01-21 : agreement to acquire Australian Strategic Materials (0.053 Energy Fuels share plus A$0.13 cash per ASM share)
• 2026-06-23 : agreement to acquire Vacuumschmelze (Germany, magnets) for about $718.0M cash plus 65.85M new shares, about $1.9B implied equity value; closing expected as early as Q1 2027, subject to regulatory and exchange approvals
• Q2 2026 (to 2026-06-30) : revenue $25.1M (Q2 2025: $4.2M); 310,000 lb of uranium sold at an average $80.48/lb; costs applicable to revenue $10.7M; net loss $33.6M including $10.7M of transaction and integration costs; cash $58.4M plus $903.2M of marketable securities; working capital about $996M (10-Q filed 2026-08-05)
• 2026 guidance : uranium sales of 1.5M to 2.0M lb
• 2026-08-28 : ASM acquisition completed, about $243.4M ($217.2M in shares, $26.2M in cash); 14,808,572 new shares issued (8-K filed 2026-08-28)
• Projects (2026-06-30) : Donald (Australia) JV interest 12.7%, fully permitted, no final investment decision; Vara Mada (Madagascar) and Bahia (Brazil) in permitting or exploration
• Share count : 249,965,000 shares on the 10-Q cover (2026-07-31), plus 14,808,572 issued for ASM

Vistra: one of the largest US nuclear fleets (Comanche Peak plus the Energy Harbor plants), selling power to data centres.

• 2026-01-09 - 20-year PPAs with Meta for 2,609 MW of carbon-free nuclear from the PJM fleet: 1,268 MW Perry and 908 MW Davis-Besse operating (2,176 MW), plus uprates of 213 MW Perry, 80 MW Davis-Besse and 140 MW Beaver Valley (433 MW)
• Delivery schedule - part of the operating volume from late 2026, full operating delivery by year-end 2027; uprate volumes from 2031, full by year-end 2034. Largest nuclear uprates supported by a corporate customer in the US
• 2026-06-11 - Helix Digital Infrastructure launched by KKR with the Kuwait Investment Authority and NVIDIA, more than $10B of long-duration capital commitments, led by former AWS CEO Adam Selipsky. Vistra named preferred power provider
• Cogentrix acquisition - 10 gas-fired plants, about 5.5 GW, $4B, lifting the portfolio toward ~50 GW across 18 states
• Nuclear fleet - 6,448 MW: Comanche Peak (TX) plus the four former Energy Harbor reactors (Perry, Davis-Besse, Beaver Valley 1 and 2) in OH and PA. Second-largest competitive nuclear fleet in the US
• Retail - TXU Energy and Dynegy serve about 5M customers, matching wholesale length against a retail book
• Q2 2026 (reported 2026-08-07) - adjusted EBITDA $1.767B, up 30% year over year; FY2026 guidance reaffirmed at $6.8B to $7.6B adjusted EBITDA