BloombergNEF forecasts global nuclear capacity will rise 44%, from 372 gigawatts in 2025 to 535 GW by 2036. Seventy-six reactors representing another 83 GW were already under construction during the first half of 2026. Nearly all are conventional large-scale reactors rather than small modular designs [1].

Those figures may tell an encouraging story for nuclear energy. For investors, however, the more important question may be where the money will be spent.

A Reactor Is Much More Than Its Design

Reactor developers and uranium prices tend to attract the headlines. Yet nuclear fuel represents a relatively small portion of a plant’s lifetime cost, while licensing a reactor design accounts for only a fraction of the capital required to build a new facility.

Most of the money goes into turning the design into an operating power plant.

That means major components including reactor vessels and steam generators, as well as minor components such as pumps and valves, and thousands of other systems and parts. It also means engineering, construction, and maintenance.

Nuclear components must meet demanding quality, traceability, and safety requirements. Most suppliers have spent years developing the necessary expertise and certifications, creating meaningful barriers to entry.

That makes the coming expansion less a story about selling reactor blueprints and more a story about rebuilding the industrial base capable of manufacturing and assembling them.

Federal Capital Is Moving Toward the Bottleneck

Two recent U.S. initiatives illustrate the scale of the potential opportunity.

In October 2025, the U.S. government entered a strategic partnership with Brookfield and Cameco supporting at least $80 billion of new Westinghouse reactors across the country [2]. According to the partners, each two-unit AP1000 project can create or sustain approximately 45,000 manufacturing and engineering jobs across 43 states. A national deployment program could create more than 100,000 construction jobs [2].

Then, in June 2026, the Department of Energy’s Office of Energy Dominance Financing issued a $17.5 billion conditional loan commitment for the American Nuclear Supply Chain Loans program [3].

The financing is specifically intended to purchase long-lead components for up to 10 AP1000 reactors at five sites. Westinghouse will work with participating utilities and energy companies to procure equipment at fixed prices, using bulk orders to reduce component costs and support expanded manufacturing capacity. DOE estimates the approach could accelerate reactor deployment by as much as three years.

In other words, the federal government is targeting the constraint that matters most: the ability to manufacture qualified equipment at sufficient scale and deliver it on time.

The $17.5 billion program also gives suppliers something that has often been missing from the U.S. nuclear market: a visible order pipeline. Manufacturers are more likely to expand facilities, train workers, and invest in specialized tooling when they can see demand for multiple reactors rather than a single project.

Where NUKZ May Fit Into the Buildout

This supply-chain emphasis is central to the investment case for the Range Nuclear Renaissance Index ETF (NUKZ).

Cameco (CCJ) (holding as of 7/22/26) provides the fund with exposure to Westinghouse through Cameco’s 49% ownership interest. Cameco may benefit not only from the uranium required to operate new reactors, but also from Westinghouse’s reactor technology, components, services, and fuel-fabrication businesses.

Other NUKZ holdings represent different parts of the industrial ecosystem needed to convert reactor plans into operating assets.

BWX Technologies (BWXT) brings nuclear-qualified manufacturing and fuel capabilities. Flowserve (FLS) supplies flow-control equipment, while Mirion Technologies (MIR) provides radiation detection and monitoring systems (all holdings as of 7/22/26). Engineering and project-services companies such as Fluor (FLR), Jacobs Solutions (J), and Amentum (AMTM) offer capabilities relevant to the design, construction, commissioning, and maintenance of complex nuclear facilities (all holdings as of 7/22/26).

Not every company will participate in every reactor project, and the DOE commitment remains subject to technical, legal, environmental, and financial conditions. Nevertheless, a global fleet growing from isolated projects into repeatable deployment would potentially broaden demand across the nuclear industrial base.

Individual reactor developers may compete over which design wins. Fuel suppliers may compete for a relatively small portion of each plant’s total spending. But every reactor that reaches construction requires an extensive network of manufacturers, engineers, equipment providers, and specialized service companies.

If nuclear power is entering a big decade, much of its economic value may accrue to the companies that physically build it.

Holdings subject to change. To view holdings, click here.

Sources:

1. McCarthy, Dan. 2026. "Nuclear Energy Could Be in for a Big Decade." Canary Media, July 17, 2026.

2. Brookfield Asset Management. 2025. "United States Government, Brookfield and Cameco Announce Transformational Partnership to Deliver Long-term Value Using Westinghouse Nuclear Reactor Technology." Press release, October 28, 2025.

3. U.S. Department of Energy. 2026. "Department of Energy Announces American Nuclear Supply Chain Loans." June 23, 2026.

Disclosures:

Investing involves risk, including possible loss of principal. There is no guarantee the Funds will achieve their stated investment objectives. Carefully consider the investment objectives, risks, charges, and expenses. This and other important information can be found in the Funds' prospectuses, which should be read carefully before investing and can be obtained by visiting www.rangeetfs.com/investor-materials, or by calling 1-800-617-0004.

Investments in the energy industry are subject to significant volatility due to changes in commodity prices. Additional risks include changes in exchange rates, government regulation, world events, economic and political conditions in the countries where energy companies are located or do business, and risks for environmental damage claims.

The Fund is non-diversified. Its concentration in an industry or sector can increase the impact of, and potential losses associated with, the risks from investing in those industries/sectors.

Nuclear companies may be subject to substantial government regulation and contractual fixed pricing, which may increase the cost of doing business and limit the earnings of these companies. A significant portion of revenues of nuclear companies depends on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget constraints may have a material adverse effect on the stock prices of companies in this sub-industry.

International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Investments in smaller companies typically exhibit higher volatility.

The Fund may invest in securities denominated in foreign currencies. Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if currencies of the underlying securities depreciate against the U.S. dollar or if there are delays or limits on repatriation of such currencies. Currency exchange rates can be very volatile and can change quickly and unpredictably.

Diversification may not protect against market risk.

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