Nuclear Baseload Full Stack
Andrew Razeghi@razeghi
· 1
−3.5%
since Sep 30
The idea
I believe nuclear is the only carbon-free power source that can meet round-the-clock demand from data centers and electrification, and that fuel supply is tighter than the market realizes now that Western buyers have to route around Russian enrichment. This take owns the whole chain: heaviest in uranium miners and fuel cycle names, then utilities already running reactors and signing power deals today, with smaller slices in equipment makers and next-generation SMR developers.
What it owns
- Reactors need fuel, and Western uranium and enrichment supply is short of what existing plants alone will need. · CamecoIt is the biggest Western uranium miner, so if the fuel side is tight, it gets paid first and most when utilities sign long-term contracts at rising prices., Centrus EnergyIt is the only US company enriching uranium, the step where pushing Russia out of the market bites hardest., Uranium Energy CorpIt mines uranium on US soil, which matters if buyers keep paying up for supply that cannot be cut off by politics., NexGen EnergyIt holds the largest undeveloped uranium deposit in the Western Hemisphere, positioned to provide the new supply the market needs as nuclear capacity grows., Energy FuelsIt runs the only conventional uranium mill in the US, a chokepoint if domestic fuel supply stays structurally short., Denison MinesIts Wheeler River project is designed to be one of the lowest-cost uranium mines globally, so it generates cash even if prices remain well above typical mining costs.31%
- Utilities that already own nuclear plants earn more as power prices rise and data centers pay up for reliable electricity. · Constellation EnergyIt owns the biggest US reactor fleet, the purest way to own reactors that already run around the clock today., VistraIt owns reactors plus a large gas fleet, so it wins twice if baseload power gets scarce: nuclear output earns a premium and power prices rise overall., Talen EnergyIt already sells nuclear power straight to a data center campus, the exact deal structure spreading across the industry., Public Service Enterprise GroupIt runs New Jersey reactors inside a regulated utility, earning profitably as long as nuclear plants keep running and local demand grows., Dominion EnergyIt serves northern Virginia, the densest data center market on earth, and owns the reactors feeding it as electricity demand grows.30%
- The firms that make reactor components and build the plants get paid no matter which operator or design wins. · GE VernovaIt sells the turbines and grid equipment every new power plant needs, collecting across the whole electrification wave., Curtiss-WrightIt makes the pumps and valves inside reactors, earning steady revenue from the existing fleet plus upside from every new build., Mirion TechnologiesIt sells radiation detection gear that every reactor, old or new, has to buy, the picks-and-shovels way to get paid whoever builds., FluorIt builds power plants and owns a large stake in NuScale, so it wins both as the contractor and as an SMR shareholder.19%
- Small modular reactors are the long-shot upside if new construction actually happens at scale in the coming decade. · BWX TechnologiesIt is effectively the only maker of US naval reactor components and a key supplier for new civilian builds, so it gets paid whoever builds., OkloIt builds tiny reactors sold as power-by-the-hour to data centers, kept small on purpose so a delay does not sink the take., NuScale PowerIt has the only small modular reactor design approved by US regulators, a real head start if new builds arrive this decade.12%
- Cash8%