Nuclear Fission

NuScale Power

A

Public (NYSE: SMR)

NuScale Power is a public small modular reactor developer commercializing its NRC-approved 77 MWe NuScale Power Module through ENTRA1-led deployments. In 2025-26 it advanced a nonbinding program with TVA for up to 6 GW of NuScale capacity, secured a Final Investment Decision for the Romanian RoPower project, and launched a strategic petrochemical process-heat partnership with Ebara Elliott Energy. NuScale remains pre-deployment and ended Q1 2026 with about $1B in liquidity and capital resources, with 2026 centered on first-module manufacturing readiness, fuel supply, and converting its development pipeline into binding projects.

Oklo

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Public (NYSE: OKLO)

Oklo is developing fast-fission power plants under its Aurora product line while building a vertically integrated nuclear business around power sales, fuel recycling, and radioisotopes. Aurora units are designed to produce 15-75 MWe and run on fresh, recycled, or down-blended fuel, targeting customers such as data centers, industrial sites, military facilities, utilities, and remote communities. Its first plant, Aurora-INL at Idaho National Laboratory, is advancing under DOE's Reactor Pilot Program — the DOE approved its Preliminary Documented Safety Analysis on June 11, 2026, leaving the final Documented Safety Analysis as the last safety-basis step before authorization. Oklo is deepening vertical integration through the June 2026 acquisition of Oak Ridge precision manufacturer ARMEC and its May 2026 selection for DOE's Surplus Plutonium Utilization Program, while Atomic Alchemy builds U.S. isotope supply, including the Groves test reactor in Texas that is targeting criticality in 2026.

TerraPower

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Active

TerraPower is a nuclear innovation company founded by Bill Gates and focused primarily on the Natrium sodium fast reactor with integrated molten-salt energy storage. In March 2026 the NRC issued Kemmerer Unit 1 the first construction permit for a commercial-scale advanced nuclear plant in the U.S., and on April 23, 2026 TerraPower and contractor Bechtel officially began plant construction in Wyoming, a build expected to mobilize roughly 1,600 workers. In January 2026 TerraPower signed a landmark agreement with Meta to develop up to eight Natrium plants in the U.S., marking a shift from a single demonstration toward a commercial fleet. The company remains pre-revenue, but Natrium has moved from development into full project execution under DOE's ARDP cost-share program.

Kairos Power

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Active

Kairos Power is commercializing its fluoride salt-cooled, high-temperature reactor (KP-FHR), which combines TRISO pebble fuel with FLiBe coolant in a compact, low-pressure design. The company is using an iterative, vertically integrated development model centered on Hermes 1, a 35 MWth demonstration reactor under construction in Oak Ridge, and Hermes 2, an electricity-producing demonstration plant for the TVA grid. In April 2026, Kairos broke ground on Hermes 2, the first deployment under its Google-backed fleet plan totaling up to 500 MWe by 2035.

X-energy

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Public (NASDAQ: XE)

X-energy is an advanced nuclear and fuel company commercializing the 80 MWe Xe-100 reactor and its TRISO-X fuel platform. In April 2026 the company priced an upsized IPO to begin trading on Nasdaq under the ticker XE, raising ~$1.1B in net proceeds, and on June 4 reported its first quarter as a public company with $43M of revenues and grant income, a $166.2M net loss, and roughly $2.05B of liquidity adjusted for IPO proceeds. Operational momentum has also stacked up: TRISO-X holds the first-ever Part 70 HALEU fuel license, the NRC issued a Finding of No Significant Impact for Dow's Seadrift project, and on June 2 X-energy filed the Xe-100 into the UK's Generic Design Assessment toward a planned 6 GW UK build-out with Centrica.

Holtec International

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Active

Holtec International is a vertically integrated nuclear technology and services company whose core businesses include used-fuel storage and transport systems, plant decommissioning, manufacturing, and nuclear project execution. Its flagship growth programs are the restart of the Palisades plant in Michigan, the first U.S. nuclear plant to return from decommissioning to operations status, and the SMR-300 small modular reactor platform, which Holtec is advancing at Palisades and in the UK with EDF. In February 2026 the privately held company confidentially filed for a U.S. IPO, with reporting indicating it is seeking a valuation above $10 billion.