Full-Stack Nuclear Comeback
Razvan Gabriel@razgraf
−13.0%
since Oct 7
The idea
I believe nuclear is moving back to the center of the grid as hyperscalers lock up reactor capacity for AI data centers, so I built a take across the whole stack for the next five years or so. The core sits in utilities running the existing reactor fleet under long-term power deals, plus uranium miners and fuel processors feeding a fleet that's expanding rather than shrinking.
What it owns
- Utilities running reactors today are signing long-term power deals with tech giants, turning existing nuclear capacity into contracted revenue without needing new construction. · Constellation EnergyIt operates the largest reactor fleet in the US, positioning it as the primary supplier when hyperscalers seek long-term nuclear power contracts., VistraIt supplies nuclear power to major data center operators and has secured a confirmed government-backed power deal, earning money today from reactors already running., Talen EnergyIt sells nuclear power directly to major data center operators, proving that AI-driven power demand is pulling existing reactors back to center of the grid., Public Service Enterprise GroupIt operates nuclear reactors in a power-hungry region where existing plants are increasingly valued as long-lived assets rather than retirement candidates.27%
- Every reactor restart, life extension and new build requires fuel, and Western uranium supply has tightened after years of underinvestment in new mines and production. · CamecoIt is the largest Western uranium miner, so growing reactor restarts and new builds drive higher fuel sales and prices across its portfolio., Centrus EnergyIt produces advanced fuel needed for new reactor designs, filling a supply gap in the Western fuel chain if small modular reactors are built at scale., Uranium Energy CorpIt produces uranium domestically at a time when governments and utilities prioritize Western fuel supply for a growing fleet of American reactors., NexGen EnergyIt is developing one of the largest new uranium mines globally, positioned to supply fuel if nuclear generation capacity expands significantly., Energy FuelsIt mines and mills uranium domestically, covering more of the fuel supply chain and benefiting from strategic emphasis on American fuel security as the fleet expands., Denison MinesIt is developing a low-cost uranium mine that wins on growing fuel demand with higher leverage to rising prices but depends on the project advancing toward production.26%
- Component makers and service providers get paid on every restart, upgrade and new build regardless of which reactor design ultimately prevails. · GE VernovaIt has a small modular reactor under construction and gets paid on equipment and services for new builds and upgrades regardless of which design wins., BWX TechnologiesIt manufactures reactor components and earns revenue immediately from restarts, uprates and new builds rather than waiting for unproven designs to reach production., Curtiss-WrightIt supplies critical hardware and components used in every reactor regardless of age or design, so rising construction and maintenance spending directly increases its sales., Mirion TechnologiesIt manufactures radiation measurement and monitoring equipment that every reactor must purchase, benefiting from every additional operating unit regardless of builder or design.24%
- Small-reactor developers offer concentrated upside if their designs move from certification to commercial operation, sized as a contained slice because none yet runs at scale. · OkloIt develops advanced fast reactors with backing from major tech companies, offering high upside if its designs move from engineering to licensed, operating hardware., NuScale PowerIt holds the only certified small modular reactor design in the US, but the position depends on that certification translating into actual customer orders and construction., Nano Nuclear EnergyIt develops microreactors for remote locations beyond the reach of the traditional grid, the smallest and highest-risk bet that depends on this new product category gaining real adoption.13%
- Cash10%