Small Reactors, Big Grid
pseudozach@bitcoin
−6.6%
since Oct 1
The idea
I believe small modular reactors are moving from pilots to real orders, as rising electricity demand pushes utilities and data center owners toward nuclear again. Rather than betting on one design, I spread this across four layers: the fuel chain and enrichment bottleneck, the companies building reactor components, established nuclear operators as ballast, and the pure-play reactor designers for upside. I keep a small cash buffer and plan to hold for years, expecting to revisit if the fuel supply chain or licensing pace stalls out.
What it owns
- Every reactor needs uranium fuel, and most small designs require enriched fuel that only a handful of companies in the Western world can supply. · Centrus EnergyIt is the only US producer of the enriched uranium fuel most new small reactors require, making it a critical link if the buildout scales., CamecoIt is the largest Western uranium miner, so any nuclear expansion including small reactors drives demand for its fuel., Sprott Uranium Miners ETFIt holds a broad basket of uranium miners, removing the need to pick a single company and capturing sector growth as reactor demand pushes fuel prices up., Uranium Energy CorpIt mines uranium domestically, earning more as US uranium demand and prices rise alongside new reactor orders., Energy FuelsIt runs the only conventional uranium mill in the US, which becomes a bottleneck if domestic fuel processing must scale with reactor construction.28%
- The companies that make reactor parts and build the plants earn revenue whichever small reactor design succeeds in the market. · BWX TechnologiesIt builds reactor components and produces small reactors for the military, so it earns fees on commercial construction regardless of which design wins in the market., GE VernovaIts small reactor model already has signed utility orders, marking the shift from demonstration plants to actual commercial purchases., Curtiss-WrightIt supplies pumps, valves and controls to nearly every operating nuclear plant, so reactor construction growth across all designs increases its sales., Mirion TechnologiesEvery operating reactor needs its radiation detection equipment, making it a foundational supplier as the fleet of both large and small reactors expands.26%
- Existing nuclear power companies generate steady earnings from their current fleets while new small reactors move toward construction and operation. · Constellation EnergyIt operates the largest US nuclear fleet, providing steady revenue from existing reactors while small reactor projects move toward operation., VistraIt owns nuclear plants and benefits when electricity prices rise, which happens when demand from data centers and other users climbs., Southern CompanyIt recently completed the newest large US reactors, demonstrating capability to build nuclear plants, and provides steady utility earnings while small reactors scale., Talen EnergyIt was early to sign long-term power contracts directly with data centers, the exact customers driving orders for new small reactors.22%
- Companies developing small reactor technology must move from approved designs into actual utility orders and completed plants to validate the shift from prototypes to widespread deployment. · Oklo Inc.It must advance from pilot projects to design approval and operating plants while data center customers continue committing to its power supply., NuScale PowerIt is the only small reactor company with a design already approved by regulators, making utility order growth the direct test of market adoption., Nano Nuclear EnergyIt develops micro-reactors for remote sites and data centers, a riskier but longer-term play that depends on regulatory approval and customer adoption for remote power.15%
- Cash9%