Last year was a banner year for nuclear energy—deals were signed, dollars were invested, developers were busy. But don’t just take us at our word…Axios called nuclear the “biggest winner” in their 2025 Future of Energy Awards, and the editorial board at the Washington Post listed nuclear energy on their “25 Good Things That Happened in 2025.”
And we didn’t just make the Year in Review lists; nuclear also made the lists forecasting 2026. My particular favorite was TechCrunch’s chat with 12 climate tech investors, where nuclear was a popular mention.
But before we get lost in the new year, let’s break down last quarter.
Trends
Public Dollars: Shortly after the Administration announced an $80 billion deal to build Westinghouse nuclear plants, Secretary Chris Wright stated that nuclear projects would get the most Energy Department loans in order “to get those first plants built.” DOE followed through with loans worth $1 billion and $800 million to Constellation and TVA/Holtec respectively. Then Japan sang a similar tune, with the industry ministry implying they would propose changes to existing law in order to invest public money into their nuclear sector. And if you thought these kinds of deals stopped at the state level, you’d be wrong. Wyoming Gov. Mark Gordon announced $100 million for BWXT’s planned fuel fabrication facility in the state.
Industrial Interest: Data centers and AI take a lot of the spotlight, but growing interest in nuclear came from plenty of other industries. The fourth quarter kicked off with the first-ever comprehensive roadmap for nuclear-powered shipping from Lloyd’s Register, with one of their directors saying the technology could become a “scalable and zero-carbon” option for shipping. There was more chatter around how next-gen nuclear could “improve resilience, emissions, and potentially the economics” of the oil and gas industry—this came after the formation of the Industrial Advanced Nuclear Consortium in Q3, which counts ExxonMobil, Chevron, Shell, and ConocoPhillips as some of the founding members. And on the international front, we saw Sweden’s Industrikraft agree to invest millions into small modular reactors. The group comprises 17 industrial companies such as Volvo Group.
Fundraising Fever: In the span of five weeks, nuclear startups secured more than $1 billion in private investments during the last quarter. It started with $130 million for Valar Atomics, which plans to demonstrate its technology in July later this year. Days later X-energy announced an oversubscribed Series D financing round of $700 million. The next week, Antares closed their Series B round with $96 million. And Last Energy and Radiant Industries closed out the year with $100 million and $300 million funding rounds respectively. Whew!
Announcements
U.S. Developments:
- Rick Perry’s REIT Fermi Surges 55% After $683 Million IPO (Bloomberg)
- The 4 industries Jamie Dimon says JPMorgan will invest billions in to preserve US dominance (Business Insider)
- Radiant to locate microreactor factory in Tennessee (World Nuclear News)
- Nuclear Startup Deep Fission Has 12.5 GW Pipeline, CEO Says (Bloomberg)
- Amazon shares a ‘first look’ at new nuclear facility (The Verge)
- Utah counties submitting sites for nuclear reactors (Deseret News)
- The Natrium® Project Receives First NRC-Issued Environmental Impact Statement for a Commercial Advanced Nuclear Power Plant
- Power Developer One Nuclear to Go Public in US Via SPAC Deal (Bloomberg)
- SC’s state utility enters negotiations on deal to restart failed nuclear project (South Carolina Daily Gazette)
- Google to Buy Power From NextEra Nuclear Plant Being Revived (Bloomberg)
- Largest US public power supplier leads push for small reactors (Reuters)
- Terrestrial Energy Inc. Begins Trading on the Nasdaq Stock Market
- Illinois fully lifts decades-long nuclear moratorium in an important step toward securing clean, reliable, affordable grid (Clean Air Task Force)
- Constellation considering doubling Calvert Cliffs nuclear capacity (World Nuclear News)
- Utah Gov. Spencer Cox announces site for nuclear power plant (Deseret News)
- Valar Atomics Says It’s the First Nuclear Startup to Achieve Criticality (WIRED)
- Army announces next steps on Janus Program for next-generation nuclear energy
- Idaho Seeks Private Investment In Nuclear Energy Supply Chain Ventures (Forbes)
- Centrus Energy Announces Uplisting to the New York Stock Exchange
- TerraPower’s Kemmerer Nuclear Plant Clears Key Regulatory Hurdle A Month Early (Cowboy State Daily)
- Breakthrough: Idaho Lab Produces World’s First Molten Salt Fuel For Nuclear Reactors (Cowboy State Daily)
- Nuclear Startup Announces Kansas Site for Mile-Deep Reactor Pilot (POWER Magazine)
- Energy Department Announces $11 Million in Awards to Develop HALEU Transportation Packages
- Operating licenses for Browns Ferry Nuclear Plant renewed for 20 years (WHNT News19)
- Constellation Energy secures 20-year license extensions for two nuclear plants (Reuters)
- Duke Energy submits early site permit application for potential new nuclear development in North Carolina
International Developments:
- Turkey may work jointly with US, S.Korea for its second nuclear power plant, minister says (Reuters)
- India’s push to join the nuclear power club (Financial Times)
- Japan’s New Leader to Make Nuclear Center of Energy Strategy (Bloomberg)
- Slovak leader announces a deal with US on a new nuclear reactor (AP News)
- Swedish consortium to explore construction of Sweden's first nuclear powered data center in Nyköping (Data Center Dynamics)
- European Nuclear-Fuel Maker Boosts Expansion on Russian Phaseout (Bloomberg)
- Bill Gates-backed TerraPower seeks UK approval for nuclear reactor design (Reuters)
- Owners of Spain's Almaraz nuclear plant seek extension through mid-2030 (Reuters)
- South Africa extends licence of nuclear power plant’s second unit by 20 years (CNBC)
- Korean reactor cleared for extended operation (World Nuclear News)
- Czech Republic plans $19 billion nuclear expansion to double output and end fossil fuel reliance (AP News)
- UK Clears Bond-Market Path for Nuclear to Be Treated as ‘Green’ (Bloomberg)
- Equinix signs up for power from first Stellaria reactor (World Nuclear News)
- Taiwan May Restart Nuclear Power Plant in 2028, Minister Says (Bloomberg)
- Poland to Start Work on First Nuclear Plant After EU Nod (Bloomberg)
- Bruce Power announces the issue of an additional $950 million in Green Bonds as it powers Ontario’s clean energy future
- Korean floating SMR design certified (World Nuclear News)
Commentary
- The Future of Energy Is Subatomic (Bill Gates)
- Nuclear in my backyard? More of America, and the market, seems OK with it (CNBC)
- Opinion | Nuclear power is back in a big way and there’s money to be made (The Telegraph)
- Nuclear Fission Investment Surges in 2025 (Net Zero Insights)
- Economists say nuclear power might lower Ohio energy costs (Ohio Capital Journal)
- Three CEOs who see opportunities in nuclear waste (Axios)
- Rockefeller Foundation Report Finds Nuclear Energy Could Deliver up to 30% Electricity Generation for Emerging Economies
- Nuclear Fission Shows Continuing Popularity (With VCs, At Least) (CrunchBase)
- Report outlines economic benefits from US plant completion (World Nuclear News)
- Nuclear Stocks’ $566 Billion Rally Is Far From Over, Funds Say (Bloomberg)
See you shortly for our Q1 installment—any predictions for what we’ll see?
