Why the Atom’s Second Act Is Accelerating

The phrase “nuclear renaissance” has been circulating for two decades. But until recently, it felt more like aspiration than reality. Today, the convergence of surging electricity demand, geopolitical pressure, and advancing reactor technology has changed the conversation. As The Nuclear Review put it in a recent post:

This is not the beginning of a renaissance, it is the middle of one. [1]

“The Reactors are Coming”

In NR-12: The Reactors Are Coming, the Nuclear Review notes that what once seemed like distant plans is now becoming concrete. Dozens of small modular reactor (SMR) projects are moving forward globally, and the industry is shifting its language from “if” to “when.” The newsletter emphasizes that the critical difference this time is speed,

The next wave of nuclear will not be built one at a time, it will be manufactured, assembled, and deployed in parallel. [2]

Deployment Timeline: SMRs This Decade

Below is a snapshot of when leading developers are targeting their first small modular reactors to come online. [2]

This timeline highlights that commercialization is no longer theoretical. Oklo is aiming for a 2027 launch, followed by X-energy and GE Hitachi’s BWRX-300 in 2028. NuScale and TerraPower are expected to follow in 2029 and 2030. The fact that multiple developers are converging on late-decade deployments marks a sharp break from the past, when nuclear projects often stretched into multi-decade timelines. Instead of bespoke, one-off builds, these designs are intended to be manufactured in factories, shipped in modules, and installed in parallel across multiple sites. That clustering signals a new phase: nuclear moving from one-at-a-time experiments to repeatable, scalable production that can begin to reshape the grid in meaningful ways.

The SMR Race Heats Up

Robert Bryce, in his analysis of the global SMR market, highlights that the field is consolidating. While dozens of designs exist on paper, only a handful are close to commercialization. He points to Oklo, backed by Sam Altman, as an example of a company moving beyond concept into regulatory approvals and financing. [3] This narrowing is good for investors and policymakers alike. It reduces uncertainty, directs capital toward credible players, and helps regulators focus resources where they matter most.

Bryce warns, however, that while enthusiasm is high, execution risk remains. Cost overruns and regulatory hurdles could still derail the build-out if governments fail to streamline processes. Still, the tone is markedly different from just a few years ago.

The SMR race isn’t theoretical anymore. It’s a race with real money, real deadlines, and real stakes. [3]

Policy Tailwinds

Momentum is being reinforced by government support. The U.S. Department of Energy recently selected 11 advanced reactor projects for a pilot program intended to demonstrate small test reactors within a year. [4] The program highlights a shift away from bespoke mega-projects toward modular, repeatable units. In parallel, bipartisan support for the ADVANCE Act is streamlining licensing and providing early-stage funding for advanced reactor developers. [4]

This is not just a U.S. story. From South Korea’s rapid nuclear expansion to the EU’s reclassification of nuclear as sustainable finance, the policy environment is aligning more closely with the scale of the challenge.

Capital is Paying Attention

Markets are following the policy lead. Morgan Stanley projects more than $2.2 trillion in global nuclear investment by 2050, fueled in part by the electricity needs of AI and data centers. [5] Analysts are increasingly highlighting utilities like Talen Energy, PSEG, and Vistra, companies positioned to secure long-term nuclear contracts with industrial and tech-sector buyers. The message is clear: nuclear isn’t just an energy story; it’s an investment thesis.

Why This Time Feels Different

Several factors distinguish today’s momentum from earlier “false starts” in nuclear:

• Scalability: SMRs can be factory-built and installed more quickly than traditional gigawatt-scale reactors [2][3]
• Policy Alignment: From DOE pilots to the ADVANCE Act, governments are clearing long-standing barriers [4]
• Investor Confidence: With institutional capital flowing into nuclear-linked utilities and developers, markets are signaling real confidence [5]
• Cultural Shift: Public opinion in the U.S. has swung in favor of nuclear, with support climbing from 43% to 60% in recent years [6]

On The Horizon

Challenges remain, supply chains, financing, and waste storage, but technology, policy, and capital are more aligned than in decades. As The Nuclear Review noted,

The reactors are not coming someday. They are coming now. [2]

The nuclear renaissance is here. The only question is how fast it can scale.

How May Investors Gain Exposure to Companies in the Nuclear Power Industry?

The Range Nuclear Renaissance Index ETF (NUKZ) seeks to track the performance, before fees and expenses, of the Range Nuclear Renaissance Index. The index aims to track the performance of a portfolio of stocks that are involved in the nuclear fuel and energy industry.

See www.rangeetfs.com/nukz for a full list of positions. Holdings subject to change.

Oklo, Nuscale, Talen Energy Corp. and Vistra Corp. make up 3.61%, 3.04%, 2.10% and 2.65% respectively of NUKZ as of 8/15/2025

Sources

[1] Nuclear Review, State of the Nuclear Renaissance (Substack, 2025)

[2] Nuclear Review, NR-12: The Reactors Are Coming (Substack, 2025)

[3] Robert Bryce, The SMR Race Is Narrowing Fast (Substack, 2025)

[4] Reuters, US selects 11 projects for program to fast-track small nuclear test reactors (2025)

[5] Investopedia, Three Stocks Morgan Stanley Recommends for Playing the Nuclear Renaissance (2025)

[6] Wall Street Journal, Nuclear power is having a pop-culture moment (2025)

Risk Disclosures:

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