The definitive intelligence briefing on the small modular reactor industry — covering deployment milestones, company landscape, reactor designs, HALEU fuel supply, nuclear-for-data-centers deals, regulatory pipeline, public equities, and the 2027 outlook. Compiled by smrintel.com from primary sources including NRC filings, DOE announcements, and company disclosures.
The small modular reactor industry entered 2026 at an inflection point. China's Linglong One is on track to become the world's first land-based commercial SMR, with commercial operation expected in H1 2026. In North America, the BWRX-300 at Darlington became the first SMR under construction, and TerraPower's Natrium plant in Kemmerer, Wyoming secured its NRC construction permit. Big tech companies have collectively committed to over 10 GW of new nuclear capacity, driven by insatiable AI data center power demand. The HALEU fuel supply chain remains the single biggest bottleneck, with domestic production lagging far behind reactor demand.
The race to deploy commercial SMRs is a global competition with China in the lead. The following timeline tracks every operational, under-construction, and near-term reactor project worldwide.
| Reactor | Type | MWe | Location | Status | Target Date |
|---|---|---|---|---|---|
| HTR-PM | HTGR | 210 | Shidaowan, China | OPERATIONAL | 2023 |
| Akademik Lomonosov | PWR | 70 | Pevek, Russia | OPERATIONAL | 2020 |
| Linglong One | PWR | 125 | Hainan, China | TESTING | H1 2026 |
| BWRX-300 | BWR | 300 | Darlington, Canada | CONSTRUCTION | 2029-30 |
| Natrium | SFR | 345 | Kemmerer, Wyoming | CONSTRUCTION | 2030 |
| Hermes | FHR | Demo | Oak Ridge, Tennessee | CONSTRUCTION | 2027 |
| Kaleidos | Micro | 1 | INL, Idaho | PLANNED | Jul 2026 |
| VOYGR | PWR | 462 | Romania | PLANNED | 2030+ |
| RR SMR | PWR | 470 | Wylfa, Wales | PLANNED | 2031 |
| SMR-300 | PWR | 300 | Palisades, Michigan | PLANNED | Early 2030s |
| Aurora | SFR | 15-75 | INL, Idaho | PLANNED | 2028-29 |
The SMR industry is fragmenting across six major reactor types, each with different coolants, fuels, safety profiles, and deployment timelines. Unlike conventional nuclear where PWRs dominate, the advanced reactor landscape features genuine technological diversity. For a detailed comparison of each reactor type, see our SMR Buyer's Guide.
HALEU (High-Assay Low-Enriched Uranium, 5-20% U-235) is the fuel required by most advanced reactor designs, including TerraPower Natrium, X-energy Xe-100, Oklo Aurora, Kairos Hermes, and Radiant Kaleidos. The supply gap between current production and reactor demand is the single biggest risk to the advanced nuclear industry.
AI-driven data center power demand is the single most important demand-side catalyst for the SMR industry. Global data center electricity consumption is projected to reach 1,300 TWh by 2035, and the four largest US tech companies have collectively signed for over 10 GW of new nuclear capacity in the past year.
| Buyer | Supplier | Capacity | Value/Detail | Timeline |
|---|---|---|---|---|
| Microsoft | Constellation (TMI) | 835 MW | ~$16B 20-year PPA | 2027-28 |
| Meta | TerraPower | 2.8 GW + 1.2 GW storage | 8 Natrium plants | 2032-35 |
| Meta | Oklo | 1.2 GW | Aurora campus, Pike County OH | 2030s |
| Kairos Power | 500 MW | First US corporate SMR fleet deal | First unit 2030 | |
| Amazon | X-energy / Energy NW | 960 MW (Phase 1) | Up to 12 Xe-100 reactors | End of decade |
| Radiant | Equinix | 20 MW | 20 Kaleidos microreactors | 2028+ |
| Last Energy | Multiple (Europe/TX) | 80+ units | Half for data centers | 2028+ |
Regulatory approval is the gating factor for every SMR deployment. The NRC has made significant progress with the first SMR design certification and advanced reactor construction permits, but the new Part 53 technology-inclusive framework will not be available for applicants until late 2027.
| Reactor | Developer | NRC Status | Key Date |
|---|---|---|---|
| VOYGR (US460) | NuScale | SDA Approved | May 2025 |
| Hermes | Kairos | CP Issued | Dec 2023 |
| Natrium | TerraPower | CP Issued | 2025 |
| SMR-300 | Holtec | CP App Under Review | Dec 2025 |
| Xe-100 (Dow) | X-energy | CP App Under Review | May 2025 |
| Aurora | Oklo | Pre-Application | COLA 2026 |
| AP300 | Westinghouse | Pre-Application | DC target 2027 |
| eVinci | Westinghouse | Pre-Application | Pre-licensing Oct 2024 |
The nuclear/SMR stock universe has expanded significantly, offering investors exposure across reactor developers, fuel suppliers, uranium miners, and nuclear utilities. Several stocks have seen extraordinary volatility, with Oklo shares rising 700%+ over the past year.
| Ticker | Company | Focus | Market Cap | Key Metric |
|---|---|---|---|---|
| OKLO | Oklo Inc. | SFR Developer | ~$12.9B | Aurora powerhouse, Meta 1.2 GW deal |
| SMR | NuScale Power | PWR SMR Developer | ~$5.3B | Only NRC-certified SMR design |
| NNE | Nano Nuclear | Microreactor | ~$1.2B | KRONOS/ZEUS, $577M cash |
| LTBR | Lightbridge | Advanced Fuel | ~$500M | UZr alloy fuel, 674% stock gain |
| LEU | Centrus Energy | HALEU/Enrichment | ~$3B | Only US HALEU producer, $3.6B backlog |
| CCJ | Cameco | Uranium Mining | ~$25B+ | World's largest public uranium co. |
| UEC | Uranium Energy | Uranium Mining | ~$3B | US ISR operations |
| CEG | Constellation Energy | Nuclear Utility | ~$80B+ | Largest US nuclear fleet, TMI restart |
| GEV | GE Vernova | BWRX-300 Maker | ~$90B | BWRX-300 under construction at Darlington |
| BWX | BWX Technologies | Defense Nuclear | ~$12B | Naval reactors, TRISO, Project Pele |
| Country | Investment | Key Programs | Lead Reactor(s) |
|---|---|---|---|
| United States | $10B+ (DOE) | ARDP, HALEU, Part 53, Gen III+ SMR | Natrium, Xe-100, VOYGR, Aurora, Hermes |
| United Kingdom | Multi-billion | GBE, HALEU Capenhurst, GDA | Rolls-Royce SMR (Wylfa) |
| Canada | CAD $3B+ (OPG) | CNSC VDR, provincial programs | BWRX-300 (Darlington), ARC-100 |
| South Korea | TBD (SMR Act) | SMR Special Act (Feb 2026), NSSC | i-SMR, SMART100 |
| China | State-funded | IAEA firsts, Gen IV demos | Linglong One, HTR-PM (both operational) |
| France | EU + national | Newcleo + EDF programs | Newcleo LFR (Italy PRECURSOR) |
Based on current construction timelines, regulatory trajectories, and published company roadmaps, smrintel.com identifies the following high-probability developments for the next 18 months.
China's ACP100 will become the world's first land-based commercial SMR to enter revenue service, likely in H1 2026, setting the benchmark for the global industry.
With confidential S-1 filed Feb 2026, Palisades restart underway, and DOE backing, Holtec is positioned for the largest nuclear IPO in decades.
Radiant has targeted July 4, 2026 for criticality at the INL DOME test facility. Success would make it the first microreactor to achieve criticality in the US civilian program.
UK Generic Design Assessment Step 3 completion is expected Aug 2026, unlocking construction at Wylfa, Anglesey for the UK's first SMR.
Centrus will begin construction of the 120-centrifuge full-scale HALEU production cascade at Piketon, OH, targeting 6 MTU/year within 42 months.
Additional hyperscalers (Oracle, Apple, or others) will announce nuclear power agreements for data centers, further expanding the 10 GW+ commitment pipeline.
The technology-inclusive, risk-informed regulatory framework for advanced reactors will be finalized, enabling $50M+ in licensing cost savings per applicant.
As of March 2026, three SMR or advanced reactor systems are operational: China's HTR-PM (210 MWe high-temperature gas reactor, commercial since 2023), Russia's Akademik Lomonosov floating nuclear power plant (70 MWe, operational since 2020), and Russia's RITM-200 reactors powering multiple icebreakers. China's Linglong One (125 MWe) is expected to begin commercial operation in H1 2026, making it the world's first land-based commercial SMR. In North America, the BWRX-300 at Darlington, Ontario began construction in May 2025 with completion targeted for 2029-2030.
Total US federal investment in new nuclear exceeds $10 billion since 2020, including $4B+ through the Advanced Reactor Demonstration Program (ARDP) for TerraPower ($2B) and X-energy ($1.2B), $2.7B+ for HALEU enrichment, $400M for Holtec's First Mover Award, and a $1B DOE loan for the Constellation TMI restart. Major private funding rounds in 2025 include X-energy ($700M), Nano Nuclear ($400M), Radiant ($300M+), Newcleo ($125M), Last Energy ($100M), and Blykalla ($50M). Big tech companies have committed to 10 GW+ of new nuclear capacity for data centers.
Key publicly traded SMR and nuclear stocks include: Oklo (OKLO, ~$12.9B market cap, sodium-cooled fast reactor), NuScale Power (SMR, ~$5.3B, only NRC-certified SMR design), Nano Nuclear Energy (NNE, ~$1.2B, microreactor developer), Lightbridge (LTBR, ~$500M, advanced fuel technology), and Centrus Energy (LEU, ~$3B, only US HALEU producer). Nuclear utilities with SMR exposure include Constellation Energy (CEG, ~$80B+) and GE Vernova (GEV, ~$90B, BWRX-300 maker). Holtec International confidentially filed for an IPO in February 2026 targeting a $10B+ valuation.
HALEU (High-Assay Low-Enriched Uranium) is uranium enriched to between 5% and 20% U-235, compared to standard LEU at 3-5%. Most advanced reactor designs — including TerraPower Natrium, X-energy Xe-100, Oklo Aurora, Kairos Hermes, and Radiant Kaleidos — require HALEU fuel. The critical bottleneck is supply: Centrus Energy is the only US HALEU producer with a 16-centrifuge demonstration cascade producing about 900 kg/year, far below the multi-ton demand from planned reactors. The DOE has invested $2.7B+ in domestic enrichment, and Centrus received a $900M task order in January 2026 for a full-scale cascade targeting 6 MTU/year.
Microsoft signed a ~$16B, 20-year PPA for the entire 835 MW output of the Three Mile Island Unit 1 restart (renamed Crane Clean Energy Center). Meta announced deals for up to 6.6 GW of nuclear capacity through TerraPower (8 Natrium plants, 2.8 GW), Oklo (1.2 GW Aurora campus), and utility PPAs. Google signed the first US corporate SMR fleet deal with Kairos Power for 500 MW. Amazon invested in X-energy and plans up to 12 Xe-100 SMRs through Energy Northwest. Total big tech nuclear commitments exceed 10 GW of new capacity.