This page covers public advanced reactor developers: companies trying to turn small modular reactors, microreactors, fuel systems, licensing packages, sites, and customer power agreements into delivered clean-firm electricity. In the nuclear-power chain, this stack sits after fuel supply, reactor equipment, construction, grid connection, and utility recovery. It matters only when a customer announcement becomes a funded project with a regulator-reviewed design, site control, fuel access, credible cost, a delivery date, and financing that does not shift most project value away from common shareholders.
What the stack is: advanced reactors are smaller nuclear plant designs, including small modular reactors, fast-fission powerhouses, and microreactors, paired with licensing, fuel, factory, site, and customer-contract work.
What it does: the stack is supposed to add clean-firm power capacity where existing nuclear fleets, gas plants, renewables, batteries, and transmission cannot meet large-load needs quickly enough.
Main pieces: reactor core and vessel, fuel form and enrichment path, balance-of-plant equipment, safety case, NRC or DOE review path, site permits, interconnection, construction plan, customer power contract, and project capital.
Where it sits: physically at a host site such as a data-center campus, industrial site, utility site, DOE site, or university research site; operationally before the customer gets electricity and before the developer earns recurring power or service revenue.
How the theme uses it: advanced reactors are the long-duration option on nuclear demand. They extend the nuclear-power theme only if load growth turns into customer-backed first projects rather than press releases and memoranda.
Terms used below: SMR means small modular reactor; NRC means Nuclear Regulatory Commission; HALEU means high-assay low-enriched uranium; PPA means power purchase agreement; first-of-a-kind cost means the cost of building the first commercial unit before repeat manufacturing lowers expense.
Report boundary: durable company research for OKLO, SMR, and NNE has not been filed as local security lanes in this checkout. Direct company claims on this page use SEC filings, NRC pages, DOE pages, and company releases labeled as forward-looking where appropriate. Price and volume context comes from read-only discovery daily_ohlc through 2026-06-12.
Current Setup
Main readCustomer demand is visible, but licensed and funded first projects still control equity value.
OKLO has the clearest customer-funded path, SMR has the strongest public design approval, and NNE remains earlier with KRONOS and logistics optionality.
Theme roleLong-duration clean-firm option
Advanced reactors expand the nuclear map only after customer, regulator, fuel, and financing gates are met.
Positive proofMeta, US460, and KRONOS paths
OKLO has a named large-load customer, SMR has NRC design approval, and NNE has a UIUC research-reactor route.
Main constraintPre-commercial cash flow
All three need revenue, licensing, fuel, project cost, customer deposits, and less dilution before the setup is investable on fundamentals.
1. CustomerBinding PPA or funded order
2. RegulatorNRC or DOE path accepted
3. BuildFuel, site, EPC, cost
4. EconomicsRevenue before dilution
Advanced reactors are the longest-duration route in the nuclear-power theme. The business proof is not a memorandum, a rendering, or a data-center headline. The proof is a binding customer or utility commitment, a project site, an accepted licensing path, fuel procurement, realistic first-of-a-kind cost, manufacturing capacity, and customer or project capital that reduces common-share dilution.
Demand is easier to see than delivery. Data centers and industrial customers want clean firm power, NRC pages show active advanced-reactor engagement, DOE is funding HALEU supply-chain capacity, and corporate customers are willing to discuss nuclear procurement earlier than they did in the last cycle. OKLO's Meta agreement provides a customer-funded mechanism for a 1.2 GW Ohio campus, NuScale's US460 design has NRC standard design approval, and the UIUC KRONOS application gives NNE a visible regulatory path for a research reactor based on its technology.
The public equities still have limited current revenue from reactor deployment. OKLO remains in NRC pre-application activity for Aurora, SMR needs binding module orders and project financing after prior project cancellations and ongoing dilution, and NNE is pre-commercial in reactors despite a large cash balance and the STS logistics acquisition. HALEU availability, NRC review time, site and interconnection readiness, manufacturing qualification, first-unit cost, and equity issuance can absorb the customer-demand story before the companies reach operating cash flow.
Right-rail setup labels use weekly bars aggregated from discovery daily_ohlc through 2026-06-12. Fundamental claims route to official filings, regulator pages, DOE fuel pages, and the parent nuclear-power map because no local OKLO, SMR, or NNE security lanes exist.
Basket
This basket is inherited from the parent nuclear-power value-chain map and ranked by relative value to the node first, direct project-value drivers second, and technical timing third. GEV and BWXT are useful adjacent validators for reactor platforms, nuclear manufacturing, and services, but they are not ranked here because their equity exposure is broader and they already route through reactor equipment or fuel-chain pages.
OKLOOklo Inc.
OKLO belongs here because Aurora is a fast-fission project-development model tied to named large-load customers and future power sales.
Market cap$10.0B
Next earningsNot confirmed
Latest qtr revenue$0.0M
Role in stack
Develops Aurora fast-fission powerhouses and intends to sell electricity under PPAs from company-developed projects. The conversion gate is customer funding, NRC review, site control, fuel procurement, construction, and operating authorization.
Revenue mix
Pre-commercial. The future mix would be power sales, fuel recycling, radioisotopes, and related nuclear technology work if licensed projects are built. Current filings show development spend and interest income rather than reactor revenue.
Latest qtr revenue
Q1 2026 Form 10-Q has no revenue line in the statement of operations; this page treats reported quarterly revenue as $0.0M. The same filing describes future Aurora energy sales under PPAs as the primary business model.
SMRNuScale Power
SMR belongs here because NuScale has the clearest public U.S. design-approval evidence for a light-water small modular reactor.
Market cap$3.42B
Next earningsNot confirmed
Latest qtr revenue$0.565M
Role in stack
Sells a 77 MWe light-water SMR technology package plus engineering, design, licensing, training, testing, fuel support, and lifecycle services. The conversion gate is binding module orders and project finance for customer plants.
Revenue mix
Current revenue is engineering, licensing, and services. Reactor module delivery revenue still depends on firm customer projects, supply-chain readiness, and financing after prior project cancellations.
Latest qtr revenue
Q1 2026 Form 10-Q reported $0.565M of total revenue for the three months ended March 31, 2026, including $0.487M of power plant and NuScale Power Module related services and $0.078M from Energy Exploration Centers.
NNENANO Nuclear Energy
NNE belongs here because KRONOS gives the basket an earlier-stage microreactor path and STS adds nuclear-material logistics exposure.
Market cap$1.21B
Next earningsNot confirmed
Latest qtr revenue$0.0M
Role in stack
Develops the KRONOS microreactor path for research, defense, industrial, and data-center use cases, while STS adds nuclear-material transportation and services optionality. The gate is NRC review, fuel qualification, prototype funding, and customer contracts.
Revenue mix
Reactor operations are pre-commercial. The company has cash and acquired logistics optionality, but the March 2026 quarter does not yet show commercial reactor or logistics revenue in the statement of operations.
Latest qtr revenue
Q1 2026 Form 10-Q states the company has not generated material revenue from inception through March 31, 2026; this page treats latest quarterly revenue as $0.0M.
Basket source note: rankings remain OKLO, SMR, NNE. Earnings dates are marked not confirmed because Nasdaq earnings pages for all three tickers showed no available earnings date when accessed on 2026-06-13. Market caps use discovery 2026-06-12 close prices multiplied by discovery share counts, so they are local-data approximations rather than live exchange market caps.
What Confirms Or Weakens
AreaWhat confirmsWhat weakens or invalidatesWatch next
1Node thesisCustomer to project
What confirms
Customer agreements move into binding PPAs, module orders, deposits, prepayments, site-control documents, interconnection progress, and dated in-service plans with creditworthy counterparties.
What weakens or invalidates
Memoranda expand while cash commitments, site licensing, fuel procurement, customer credit support, and delivery schedules stay vague.
Watch next
OKLO Meta Phase 1
Switch conversion
SMR ENTRA1 terms
NNE KRONOS/UIUC
2Project economicsRevenue and cost
What confirms
Companies disclose credible first-unit capex, power price, module price, customer funding, EPC scope, long-lead orders, and revenue recognition tied to projects.
What weakens or invalidates
Cost estimates rise, customers avoid deposits, debt financing is unavailable, project scope shrinks, or equity issuance funds basic development before project capital arrives.
Watch next
RoPower estimates
Oklo prepayment mechanics
NNE prototype cost
Module purchase orders
3Licensing and regulationNRC and DOE gates
What confirms
NRC activity moves from pre-application to accepted applications, docketed reviews, topical approvals, safety evaluations, construction permits, combined licenses, or operating authorization.
What weakens or invalidates
Reviews remain in pre-application, information gaps expand, dockets are withdrawn, decisions are delayed, or design changes reset the review path.
Watch next
Oklo Aurora topical reports
US460 customer filings
KRONOS schedule letters
4Fuel and supply chainHALEU and fabrication
What confirms
Fuel type, enrichment, fabrication, transportation, and procurement are matched to the reactor design and project schedule. DOE HALEU awards translate into usable supply.
What weakens or invalidates
HALEU, TRISO, metal fuel, fabrication, transportation, or site delivery slips push projects back, or fuel allocations are too small for first deployments.
Watch next
DOE HALEU awards
Oklo fuel for Ohio and INL
NNE fuel qualification
STS transport capability
5Funding and dilutionCapital source
What confirms
Customer prepayments, DOE awards, project finance, partner capital, or nonrecourse structures fund development before new common equity is needed.
What weakens or invalidates
ATM sales, private placements, warrants, or stock-funded acquisitions carry the burn while project cash remains conditional.
Watch next
OKLO liquidity and capex
SMR ATM usage
NNE cash burn
Project capital terms
6Stale conditionRefresh gate
What confirms
Official filings, NRC pages, DOE fuel pages, company releases, and discovery daily OHLC remain current through the latest completed trading session.
What weakens or invalidates
New filings, NRC updates, DOE awards, customer agreements, financing, earnings dates, revenue data, or weekly price levels arrive before this node is refreshed.
Utilities, Energy, and Industrials for rate recovery, fuel-chain, manufacturing, and construction constraints.
Adjacent validators route through BWXT, GEV, and LEU. They are not ranked in this basket because their economics are equipment, services, fuel, or broader power-platform exposures rather than public pure-play developer exposure.
Latest quarterly revenue: OKLO Q1 2026 Form 10-Q has no revenue line in the statement of operations and describes future power sales as the primary business model; SMR Q1 2026 Form 10-Q reports total revenue of $0.565M for the three months ended March 31, 2026; NNE March 2026 Form 10-Q states the company had not generated material revenue through March 31, 2026.
Market caps: local approximation uses discovery 2026-06-12 close multiplied by discovery share count: OKLO $57.49 x 173,919,838 shares = about $10.0B; SMR $9.89 x 346,105,785 shares = about $3.42B; NNE $23.18 x 52,083,194 shares = about $1.21B.
Discovery And Chart Provenance
Right-rail chart metadata uses read-only daily_ohlc from ../discovery/data/discovery.duckdb for OKLO, SMR, and NNE through 2026-06-12.
Weekly OHLC is derived from daily rows by calendar week: first open, maximum high, minimum low, final close, and summed volume. Right-rail setup labels use 20-week EMA, 100-week EMA, recent range highs and lows, and weekly volume context.
OKLO and NNE local trading history starts in May 2024, so their three-year API chart routes have shortened public-company history. SMR has the full three-year visible chart window.
The selected-security right rail uses /api/securities/{ticker}/chart?frequency=weekly&window=3y&as_of=latest. A representative OKLO request returned HTTP 200 on 2026-06-13 with weekly data resolved through 2026-06-12 from reports.weekly_ohlc+discovery.daily_ohlc.
discovery status showed daily bars through 2026-06-12 for OKLO, SMR, and NNE. Per-ticker lineage showed May 2026 adjusted daily backfills, while grouped daily market updates extend the local rows through 2026-06-12.