{
  "report_id": "theme_nuclear_power_node_advanced_reactor_developers_and_smr_optionality",
  "report_type": "theme_value_chain_node",
  "site_path": "themes/nuclear-power/nodes/advanced-reactor-developers-and-smr-optionality/index.html",
  "title": "Advanced Reactor Developers And SMR Optionality",
  "as_of": "2026-06-12",
  "generated_at": "2026-06-12T21:55:49-07:00",
  "node": {
    "slug": "advanced-reactor-developers-and-smr-optionality",
    "order": 7,
    "level": "L3 speculative option node",
    "role": "Tracks public pure-play advanced reactor and SMR developers whose equity value depends on customer funding, NRC progress, fuel access, project cost, manufacturing readiness, and financing.",
    "description": "This node explains the advanced-reactor stack before the equity setup, then ranks the parent-inherited developer basket by relative value to the node first, direct project-value drivers second, and technical timing third. OKLO has the best customer-funded path but no NRC license; SMR has the strongest public design-approval evidence but needs binding project economics; NNE has KRONOS and logistics optionality but remains earlier-stage and more MOU-heavy."
  },
  "ticker_baskets": {
    "core": [
      "OKLO",
      "SMR",
      "NNE"
    ],
    "option": [],
    "watch": []
  },
  "basket_card_metrics": [
    {
      "ticker": "OKLO",
      "rank": 1,
      "market_cap": "$10.0B",
      "market_cap_method": "Discovery 2026-06-12 close of $57.49 multiplied by discovery share_class_shares_outstanding of 173,919,838.",
      "next_earnings": "Not confirmed",
      "next_earnings_source": "Nasdaq OKLO earnings page showed data currently not available when accessed 2026-06-13.",
      "latest_qtr_revenue": "$0.0M",
      "latest_qtr_revenue_period": "Q1 2026, three months ended March 31, 2026",
      "latest_qtr_revenue_source": "OKLO Q1 2026 Form 10-Q statement of operations has no revenue line; filing describes future Aurora power sales under PPAs as the primary business model."
    },
    {
      "ticker": "SMR",
      "rank": 2,
      "market_cap": "$3.42B",
      "market_cap_method": "Discovery 2026-06-12 close of $9.89 multiplied by discovery share_class_shares_outstanding of 346,105,785.",
      "next_earnings": "Not confirmed",
      "next_earnings_source": "Nasdaq SMR earnings page showed data currently not available when accessed 2026-06-13.",
      "latest_qtr_revenue": "$0.565M",
      "latest_qtr_revenue_period": "Q1 2026, three months ended March 31, 2026",
      "latest_qtr_revenue_source": "SMR Q1 2026 Form 10-Q revenue table: $0.487M power plant and NPM related services plus $0.078M Energy Exploration Centers."
    },
    {
      "ticker": "NNE",
      "rank": 3,
      "market_cap": "$1.21B",
      "market_cap_method": "Discovery 2026-06-12 close of $23.18 multiplied by discovery share_class_shares_outstanding of 52,083,194.",
      "next_earnings": "Not confirmed",
      "next_earnings_source": "Nasdaq NNE earnings page showed data currently not available when accessed 2026-06-13.",
      "latest_qtr_revenue": "$0.0M",
      "latest_qtr_revenue_period": "Q1 2026, three months ended March 31, 2026",
      "latest_qtr_revenue_source": "NNE March 2026 Form 10-Q states the company had not generated material revenue from inception through March 31, 2026."
    }
  ],
  "chart_artifacts": [
    {
      "chart_id": "chart-oklo",
      "ticker": "OKLO",
      "source_table": "daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "price_data_as_of": "2026-06-12",
      "visible_years": 3,
      "visible_start_date": "2024-05-10",
      "visible_end_date": "2026-06-12",
      "history_note": "OKLO local trading history starts on 2024-05-10, so the three-year chart route has shortened public-company history.",
      "chart_api_route": "/api/securities/OKLO/chart?frequency=weekly&window=3y&as_of=latest",
      "rendering": "report_api_right_rail",
      "fallback_table": true,
      "source_gap": "No maintained OKLO security lane exists in this checkout."
    },
    {
      "chart_id": "chart-smr",
      "ticker": "SMR",
      "source_table": "daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "price_data_as_of": "2026-06-12",
      "visible_years": 3,
      "visible_start_date": "2023-06-13",
      "visible_end_date": "2026-06-12",
      "chart_api_route": "/api/securities/SMR/chart?frequency=weekly&window=3y&as_of=latest",
      "rendering": "report_api_right_rail",
      "fallback_table": true,
      "source_gap": "No maintained SMR security lane exists in this checkout."
    },
    {
      "chart_id": "chart-nne",
      "ticker": "NNE",
      "source_table": "daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "price_data_as_of": "2026-06-12",
      "visible_years": 3,
      "visible_start_date": "2024-05-08",
      "visible_end_date": "2026-06-12",
      "history_note": "NNE local trading history starts on 2024-05-08, so the three-year chart route has shortened public-company history.",
      "chart_api_route": "/api/securities/NNE/chart?frequency=weekly&window=3y&as_of=latest",
      "rendering": "report_api_right_rail",
      "fallback_table": true,
      "source_gap": "No maintained NNE security lane exists in this checkout."
    }
  ],
  "knowledge_sources": [
    "../../../../../knowledge/wiki/concepts/themes/power-scarcity-and-grid-load.md",
    "../../../../../knowledge/wiki/concepts/themes/ai-capex-cycle.md",
    "../../../../../knowledge/wiki/concepts/risks/energy-inflation-policy-repricing.md",
    "../../../../../knowledge/wiki/lanes/sector/utilities.md",
    "../../../../../knowledge/wiki/lanes/sector/energy.md",
    "../../../../../knowledge/wiki/lanes/sector/industrials.md",
    "../../../../../knowledge/wiki/lanes/security/bwxt.md",
    "../../../../../knowledge/wiki/lanes/security/gev.md",
    "../../../../../knowledge/wiki/lanes/security/leu.md",
    "../../../../../knowledge/wiki/lanes/security/ccj.md",
    "../../../../../knowledge/wiki/lanes/security/uec.md"
  ],
  "external_sources": [
    "https://www.nrc.gov/reactors/new-reactors/advanced",
    "https://www.nrc.gov/reactors/new-reactors/advanced/who-were-working-with/pre-application-activities",
    "https://www.nrc.gov/reactors/new-reactors/advanced/who-were-working-with/applicant-projects",
    "https://www.nrc.gov/reactors/new-reactors/advanced/who-were-working-with/pre-application-activities/okla-aurora-powerhouse",
    "https://oklo.com/newsroom/news-details/2026/Oklo-Meta-Announce-Agreement-in-Support-of-1-2-GW-Nuclear-Energy-Development-in-Southern-Ohio/default.aspx",
    "https://oklo.com/newsroom/news-details/2024/Oklo-and-Switch-Form-Landmark-Strategic-Relationship-to-Deploy-12-Gigawatts-of-Advanced-Nuclear-Power-One-of-the-Largest-Corporate-Clean-Power-Agreements-Ever-Signed/default.aspx",
    "https://www.sec.gov/Archives/edgar/data/1849056/000162828026034095/oklo-20260331.htm",
    "https://www.sec.gov/Archives/edgar/data/1822966/000182296626000054/smr-20260331.htm",
    "https://www.sec.gov/Archives/edgar/data/1923891/000149315226023071/form10-q.htm",
    "https://www.nrc.gov/cdn/doc-collection-news/2025/25-033.pdf",
    "https://www.energy.gov/ne/articles/nrc-approves-nuscale-powers-uprated-small-modular-reactor-design",
    "https://www.nrc.gov/reactors/new-reactors/advanced/who-were-working-with/applicant-projects/kronos",
    "https://www.sec.gov/Archives/edgar/data/1923891/000149315226025709/ex99-1.htm",
    "https://www.energy.gov/ne/haleu-availability-program",
    "https://www.energy.gov/ne/haleu-enrichment-services",
    "https://www.energy.gov/ne/haleu-deconversion-services",
    "https://www.nasdaq.com/market-activity/stocks/oklo/earnings",
    "https://www.nasdaq.com/market-activity/stocks/smr/earnings",
    "https://www.nasdaq.com/market-activity/stocks/nne/earnings"
  ],
  "discovery_sources": [
    {
      "kind": "duckdb_readonly_query",
      "label": "Advanced Reactor Developers And SMR Optionality weekly OHLC and EMA chart inputs",
      "query_ref": "discovery:duckdb:daily_ohlc_weekly_aggregation_20w_100w_ema:advanced-reactor-developers-and-smr-optionality:2026-06-12"
    },
    {
      "kind": "status",
      "label": "Selected local ticker coverage",
      "query_ref": "discovery:status:OKLO|SMR|NNE"
    },
    {
      "kind": "lineage-status",
      "label": "Representative daily_ohlc lineage checks",
      "query_ref": "discovery:lineage-status:daily_ohlc:OKLO|SMR|NNE"
    },
    {
      "kind": "report-api",
      "label": "Selected-security right-rail charts",
      "query_ref": "report-api:/api/securities/{ticker}/chart?frequency=weekly&window=3y&as_of=latest"
    }
  ],
  "links_out": [
    "theme_nuclear_power",
    "theme_power_scarcity_and_grid_load",
    "theme_ai_capex_cycle",
    "risk_energy_inflation_policy_repricing",
    "sector_utilities",
    "sector_energy",
    "sector_industrials",
    "security_bwxt",
    "security_gev",
    "security_leu",
    "security_ccj",
    "security_uec"
  ],
  "freshness": {
    "price_data_as_of": "2026-06-12",
    "daily_ohlc_latest": "2026-06-12",
    "completed_weekly_setup_as_of": "2026-06-12",
    "chart_interval": "weekly",
    "knowledge_reviewed_as_of": "2026-06-12",
    "official_sources_reviewed_as_of": "2026-06-12",
    "earnings_dates_reviewed_as_of": "2026-06-13",
    "report_api_status": "representative_oklo_weekly_chart_route_http_200_2026-06-13",
    "limitations": [
      "OKLO, SMR, and NNE have local market-data and filing coverage but no maintained security lanes in this checkout.",
      "Nasdaq earnings pages showed no available next earnings date for OKLO, SMR, or NNE when accessed on 2026-06-13.",
      "Market-cap tiles are local approximations from discovery close price multiplied by discovery share count, not live exchange market-cap values.",
      "OKLO and NNE have shortened public-company trading histories for a three-year chart route.",
      "Company releases are forward-looking and do not replace licensing, financing, fuel, or construction evidence.",
      "Per-ticker daily_ohlc lineage returned May 2026 backfills, while grouped daily market updates extend local rows through 2026-06-12."
    ]
  },
  "revision": {
    "version": 2,
    "updated_label": "Reformatted node page to visual setup, basket cards, evidence board, and refreshed basket metric provenance",
    "metadata_path": "themes/nuclear-power/nodes/advanced-reactor-developers-and-smr-optionality/report.json",
    "curation_source": "Implementation worker pass using reports-value-chain-node-pages skill, read-only discovery, local knowledge routes, official filings, regulator pages, and Nasdaq earnings pages",
    "merge_decision": "Keep ranked basket narrow at OKLO, SMR, and NNE; preserve broader validators as source routes; defer parent, sitemap, and manifest writes because routing and node counts did not change."
  }
}