Nuclear Baseload Decade
Desmond Lim@mynameisdesmond
−4.9%
since Sep 30
The idea
I believe nuclear is the only carbon-free power source that can meet round-the-clock demand from electrification and datacenters, so I built exposure across the entire supply chain rather than picking one winner. The core sits in fuel and enrichment plus existing fleet operators, where scarcity and long-term power deals are already real, with equipment and services layered in since those firms get paid regardless of which reactor design wins.
What it owns
- Every reactor on earth needs uranium mined, converted, and enriched, and Western capacity for all three is scarce. · Cameco CorporationIt is the biggest Western source of uranium every reactor needs, with long-term contracts and a stake in Westinghouse., Centrus EnergyIt is the only US company enriching uranium today and new enrichment capacity takes years to build., Uranium Energy CorpIt mines uranium on US soil, which matters if the decade-long rebuild favors domestic supply over imports., NexGen EnergyIt is developing one of the world's largest and lowest-cost uranium mines, positioned to supply new reactor fuel demand as nuclear capacity expands over the next decade., Energy FuelsIt runs the only conventional uranium mill in the US, a piece of the chain that cannot be quickly duplicated., Denison MinesIt is developing a low-cost uranium project that only makes sense in a world where demand grows for years., Uranium Royalty CorpIt collects a cut of production from many mines without operating any, so it is the cleanest way to own the uranium price itself.31%
- The companies running today's reactors earn from carbon-free power that datacenters need right now, not in some future decade. · Constellation EnergyIt runs the biggest US nuclear fleet providing around-the-clock carbon-free power to datacenters and is already signing long power deals with hyperscalers., VistraIt owns nuclear plants plus gas and batteries, earning from baseload scarcity today while the decade plays out., Public Service Enterprise GroupIt owns nuclear plants inside a regulated utility so it earns steady returns while still benefiting if demand keeps growing., Talen EnergyIt sells nuclear power straight to Amazon from its Susquehanna plant, showing where hyperscalers lock in nuclear supply at good prices., Dominion EnergyIt runs nuclear plants in Virginia, the densest datacenter market in the world, so demand growth shows up in its service territory first.30%
- Component makers and engineers get paid on every build and refurbishment, whichever reactor design wins. · BWX TechnologiesIt is the essential maker of naval reactor components and a key supplier for new civilian builds, getting paid whichever reactor design wins., Curtiss-WrightIt sells pumps, valves, and controls into nearly every reactor old and new without needing any single project to succeed., Mirion TechnologiesIt makes the radiation detection gear every nuclear site needs, from mines to new reactors., FluorIt is one of the few contractors that can actually build big nuclear projects and owns a large stake in NuScale.21%
- Small modular reactors are the asymmetric end of the bet, sized so a failure stings but never sinks the take. · GE VernovaIt has the BWRX-300 small reactor already being built in Canada plus a huge existing turbine and grid business that earns today., OkloIt is a pre-revenue bet that advanced small reactors get licensed and sell power to datacenters this decade., NuScale PowerIt is the only small modular reactor design the NRC has approved, a head start that takes competitors years to close.13%
- Cash5%