Invest in SMR Companies - February 2026
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TERRAPOWER
Headquarters: Bellevue, Washington, USA
Reactor Technology (plain English): A sodium-cooled fast reactor called Natrium that uses liquid sodium metal to carry heat from the core, enabling high-temperature, high-efficiency power production.
Fuel Type: HALEU (high-assay low-enriched uranium) metallic fuel, specifically a U-10Zr alloy for the Natrium design.
Regulatory Authority: Natrium project progressing through U.S. licensing and permitting processes; project-specific milestones disclosed by the company.
Commercial Counterparties (PPAs / MOUs):
Evergy (1.7 million customers): Memorandum of understanding to explore TerraPower's site and Natrium technology
Meta: Funding deal to support two Natrium reactors
Development Timeline (first reactor):
Groundbreaking for Natrium demonstration: 2024
Nuclear island construction planned: 2026
Commercial operation could start around 2030
NEWCLEO
Headquarters: Italy – ENEA Brasimone site for prototype testing; France – Nogent-sur-Seine for MOX fuel pilot
Reactor Technology (plain English): Lead-cooled fast reactors (LFRs), a Generation IV design that uses natural lead as a liquid metal coolant and can breed new fuel while producing power.
Fuel Type: Mixed oxide (MOX) fuel made of plutonium and uranium oxides.
Regulatory Authority: ASN (French nuclear safety authority): Safety program submitted December 2025; construction application targeted for 2027
Commercial Counterparties (PPAs / MOUs):
Oklo: Strategic partnership on advanced fuel ecosystem / fuel fabrication infrastructure
ENEA (Italy): Host of precursor prototype
Development Timeline (first reactor):
Non-nuclear precursor prototype: Completion end-2026
Construction application: 2027
First reactor operational: 2032
X-ENERGY
Headquarters: Rockville, Maryland, USA
Reactor Technology (plain English): High-temperature gas-cooled pebble-bed reactor (Xe-100) that uses helium gas to remove heat from spherical fuel pebbles, allowing high outlet temperatures suitable for power and industrial heat.
Fuel Type: TRISO-X fuel (HALEU in advanced TRISO particle form).
Regulatory Authority: NRC – new Generation IV design advancing licensing
Commercial Counterparties (PPAs / MOUs):
Amazon: $500M funding round; targeting 5 GW+ SMR deployments for data centers
Centrica (UK): Agreement for 12 SMRs (960 MW) at Hartlepool site
Pentagon/US Air Force: XENITH reactors for military bases
Development Timeline (first reactor): Xe-100 first operation: Late 2020s
KAIROS POWER
Headquarters: Oak Ridge, Tennessee, USA
Reactor Technology (plain English): Fluoride salt-cooled, high-temperature pebble-bed reactor that uses molten fluoride salt to transfer heat from TRISO-fuel pebbles
Fuel Type: TRISO fuel using HALEU embedded in graphite pebbles.
Regulatory Authority: NRC – pre-application activities
Commercial Counterparties (PPAs / MOUs):
TVA: PPA for 50 MW from Hermes 2 plant
Hermes 2 planned with TVA PPA (up to 50 MW) supporting Google data centers.
Development Timeline (first reactor):
Hermes demo: Mid-2026
Hermes 2: December 2027
LAST ENERGY
Headquarters: London, UK
Reactor Technology (plain English): Small modular pressurized water reactor (PWR) using ordinary water as coolant and moderator
Fuel Type: LEU (low-enriched uranium) standard PWR fuel.
Regulatory Authority: UK Office for Nuclear Regulation (ONR) and National Grid Electricity Distribution
Commercial Counterparties (PPAs / MOUs):
UK/Poland partners: PPAs for 34 SMRs (680 MWe)
Texas data centers: Power supply agreement
Development Timeline (first reactor): Prototype demonstrations 2025; commercial operations post-demo
AALO
Headquarters: Austin, Texas, USA
Reactor Technology (plain English): Sodium-cooled modular microreactor using liquid sodium heat transfer
Fuel Type: LEU oxide (UO₂, 5-8% enrichment)
Regulatory Authority: DOE authorization pilot; targeting NRC
Commercial Counterparties (PPAs / MOUs):
Urenco LEU supply contract (publicly announced)
Data centers: GW-scale deployment target
Development Timeline (first reactor):
Aalo-X criticality: July 4, 2026
Data center operation: July 2027
VALAR ATOMICS
Headquarters: Salt Lake City, Utah, USA
Reactor Technology (plain English): High-temperature gas-cooled reactor using helium coolant for off-grid applications
Fuel Type: TRISO (HALEU)
Regulatory Authority: DOE Reactor Pilot Program
Commercial Counterparties (PPAs / MOUs): DOE Pilot Program
Development Timeline (first reactor): Ward 250 criticality: July 4, 2026
RADIANT
Headquarters: El Segundo, California, USA
Reactor Technology (plain English): Portable high-temperature gas-cooled microreactor (Kaleidos)
Fuel Type: TRISO (HALEU)
Regulatory Authority: DOE Reactor Pilot Program
Commercial Counterparties (PPAs / MOUs):
US Air Force: 1 MWe reactor delivery 2028
US Army: Military base reactors
Development Timeline (first reactor): Kaleidos testing Spring 2026; deployments 2028
ANTARES
Headquarters: Torrance, California, USA
Reactor Technology (plain English): High-temperature gas-cooled reactor using helium coolant
Fuel Type: TRISO (HALEU in graphite pebbles)
Regulatory Authority: DOE programs
Commercial Counterparties (PPAs / MOUs):
Defense Innovation Unit: Military base program
INL: $40M+ contracts
Development Timeline (first reactor): Mark-0 criticality 2026; full power 2027
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Disclaimer
Private companies carry inherent risks and may not be suitable for all investors. The information provided in this article is for informational purposes only and should not be construed as investment advice. Always conduct thorough research and seek professional financial guidance before making investment decisions.
