Nuclear Baseload Power
Tim Gonzalez@timgonz10
−8.0%
since Oct 10
The idea
I believe nuclear becomes the backbone of carbon-free power as AI data centers strain the grid. The core sits in today's reactor owners already signing long-term supply deals with tech companies, paired with new small reactor developers as the longer-term payoff, bridged by the companies building reactors and their parts. A smaller slice covers what nuclear can't deliver yet: enriched fuel and the gas and grid equipment filling the near-term gap.
What it owns
- Companies operating nuclear plants are signing long-term power contracts with technology companies, creating immediate revenue from existing assets. · Constellation EnergyIt operates the largest US nuclear fleet and is already supplying power to technology companies under long-term contracts that fund reactor upgrades., Vistra CorpIt owns both nuclear plants generating current power sales and gas plants covering near-term demand, giving it exposure to both sides of the transition., Talen EnergyIt operates a nuclear plant designed to sell power directly to data centers, embodying the core dynamic of the take., Public Service Enterprise GroupIt operates nuclear plants in a regulated utility structure, providing stable cash flow from existing reactors alongside opportunities to sell more output to large power users.34%
- Small modular reactor companies are positioned to build new plants in the next decade if they progress toward regulatory approval and secure customer commitments. · Oklo Inc.It is developing small modular reactors for deployment in the next decade and must maintain progress toward regulatory licensing and customer orders., NuScale PowerIt holds the first regulatory approval for a small reactor design and must convert that approval into actual construction orders., NANO Nuclear EnergyIt is developing very small reactors for single sites and must meet its stated timeline for building its first reactor while maintaining customer conversations.20%
- Specialized suppliers of reactor components, safety equipment and control systems benefit from both extended operation of existing plants and construction of new ones. · BWX TechnologiesIt supplies reactor components and nuclear fuel to both existing and new reactors, positioning it to benefit from increased commercial nuclear orders., Curtiss-WrightIt supplies critical pumps and control systems for both existing and new reactor designs and must sustain nuclear business growth through a leadership transition., Mirion TechnologiesIt manufactures radiation detection and safety equipment required by every operating reactor, benefiting as more reactors run longer.14%
- Gas turbines and electrical infrastructure companies supply the power and distribution systems data centers need while new nuclear capacity is being built. · GE VernovaIt manufactures gas turbines covering most data center power needs during the near term and also develops small reactor technology., EatonIt manufactures electrical equipment that distributes power into data centers regardless of whether that power comes from nuclear or gas sources., HubbellIt produces grid hardware utilities need to build and upgrade transmission infrastructure carrying new nuclear and gas power to data centers.12%
- Enriched uranium producers face strong demand from new reactor designs, making fuel supply a critical constraint on the industry's growth. · Centrus EnergyIt is one of few US producers of enriched uranium fuel required by new small reactor designs and recently secured supply contracts., CamecoIt mines uranium for reactor fuel and holds a stake in a major reactor designer, gaining from both fuel demand and new plant construction.10%
- Cash10%