As artificial intelligence, cloud computing, and electrification drive unprecedented demand for power, the old playbook of relying solely on renewables and natural gas is proving insufficient.
In response, tech giants are turning toward nuclear, not cautiously, but with bold, multibillion-dollar commitments that could reshape the energy landscape for decades to come.
This isn’t the slow-moving nuclear industry of the past. Deals are being signed, supply chains are being built, and microreactors are moving from concept to test phase at a pace few would have predicted even five years ago.
The question is no longer whether nuclear energy will play a role in the digital economy, but how quickly it can be scaled to meet the insatiable demand of AI and beyond.
Reactor Development
Amazon, X-energy, and Korean Partners Push $50B Deployment Drive
Amazon has joined forces with X-energy, Korea Hydro & Nuclear Power (KHNP), and Doosan Enerbility to accelerate deployment of the Xe-100 advanced high-temperature gas-cooled reactor across the U.S. [1] The Xe-100, an 80 MWe modular design, has been under development for more than a decade, but this new partnership marks its largest commercial push yet. The group is expected to mobilize more than $50 billion in capital over the coming decade to fund construction, supply chain expansion, and fuel production [1].
A critical piece of the plan is supply chain resilience: the Xe-100 requires TRISO fuel and high-quality graphite moderators, both of which face capacity constraints. To support this, Doosan will expand forging operations in South Korea while KHNP leverages its global nuclear expertise to secure uranium supply lines. For Amazon, the partnership is framed as an answer to the massive energy demands of AI and cloud services. By some estimates, U.S. data centers could consume nearly 9% of total electricity by 2030 [1].
Google, Kairos Power, and TVA Set Timeline for Hermes 2
Following their August announcement, Google, Kairos, and the Tennessee Valley Authority confirmed that engineering work is progressing on Hermes 2, Kairos’ 50 MWe molten salt reactor project in Oak Ridge, Tennessee. Hermes 2 will initially consist of two demonstration units [2]. The TVA will purchase power directly, while Google will acquire “clean attributes” tied to the output as part of its net-zero carbon strategy.
The project builds on a 2024 framework between Google and Kairos that outlined plans to scale to 500 MW by 2035. In addition to demonstrating molten salt reactor viability, Hermes 2 is being closely watched as a model for three-way partnerships between reactor developers, utilities, and large corporate buyers. Such structures could become the standard for tech companies seeking reliable, carbon-free baseload power in the AI era [2].
Radiant Prepares Kaleidos Microreactor for INL Test
Radiant, a California-based startup, announced it remains on track to test its 1 MWe Kaleidos microreactor at Idaho National Laboratory (INL) in 2026. Kaleidos is a high-temperature gas-cooled reactor originally derived from Project Pele, the Department of Defense initiative to design portable power reactors. Radiant has branded itself as the first company to secure a DOE HALEU fuel contract under the new distribution program, giving it a first-mover advantage in a crowded microreactor field.
The company has also secured early customer interest from the U.S. Air Force, which is evaluating Kaleidos as a potential on-base energy source to reduce dependence on fragile external grids. If successful at INL, Radiant could become the first microreactor firm to transition from prototype to commercial deployment [3].
Fuel and Supply Chain
DOE Expands HALEU Distribution
The U.S. Department of Energy has awarded three new allocations of high-assay low-enriched uranium (HALEU) to Antares Nuclear, Standard Nuclear, and Natura Resources. Antares is unique in pursuing a kilowatt-class design intended for remote and off-grid use, and it remains the only known U.S. program aiming for that small capacity. Standard Nuclear is focused on building commercial TRISO fuel production capabilities, which would support multiple advanced reactor designs. Natura is progressing a molten salt research reactor at Abilene Christian University, one of the first university-led reactor projects in decades.
DOE officials emphasized that these allocations represent only the beginning of a broader effort to scale a domestic HALEU supply chain. A secure HALEU pipeline is essential for nearly all advanced reactor developers, and the lack of enrichment capacity has been identified as the single greatest bottleneck for deployment [4].
Enriched Uranium Imports from Russia Rise Despite Sanctions
Despite public pledges to phase out Russian uranium, recent trade data showed that U.S. imports of enriched uranium product (EUP) from Russia rose nearly 50% in the first half of 2025 [5]. EUP is a technical category that includes enriched UF6 and separative work units (SWUs), both of which are critical for reactor fuel. The increase underscores how dependent the U.S. remains on Russian material despite political pressure to decouple.
For utilities, the imports reflect a lack of alternative sources at scale. For Russia, it highlights how energy exports remain an indispensable revenue stream. Centrus Energy, which brokers EUP contracts, continues to serve as a key intermediary in this complex arrangement. The situation underscores the urgency of new domestic enrichment capacity from firms like BWX Technologies and Global Laser Enrichment [5].
Policy and Regulation
NRC Efficiency Gains Under ADVANCE Act
The Nuclear Regulatory Commission (NRC) reported meaningful progress under the ADVANCE Act, cutting licensing review times by up to 47%. Examples include reducing the Edwin I. Hatch Nuclear Plant license renewal review to 12 months and completing a Framatome fuel amendment in just nine months. The NRC credited new data-driven project management tools, AI systems like Microsoft Copilot Chat, and standardized acceptance reviews across business lines for the efficiency gains.
These changes may seem technical, but they carry significant implications: developers have long pointed to the unpredictability of licensing reviews as a deterrent to investment. If these accelerated timelines hold, investor confidence in nuclear deployment schedules could improve substantially, especially for advanced designs requiring multi-phase approvals [6].
Entergy Eyes New Build in Mississippi
Entergy has begun consultations with regulators to extend its Early Site Permit at the Grand Gulf site in Mississippi. Originally granted in 2007 for a planned GE boiling water reactor, the permit was left unused after the financial crisis derailed the project. This new activity suggests Entergy is again preparing for a large-scale build.
The company has not disclosed which design it is considering, but industry analysts believe it is most likely the AP1000, given Westinghouse and Cameco’s renewed interest in U.S. projects. Grand Gulf already hosts the largest single U.S. reactor at 1,433 MWe, making it an ideal candidate for expansion. If realized, it would be one of the first gigawatt-scale new builds since the Vogtle 3 and 4 units in Georgia [7].
International Outlook
Race to Develop Lunar Reactors Heats Up
The U.S., Russia, and China are all accelerating efforts to design small nuclear reactors for lunar applications, targeting the 100 kWe range. Katy Huff, former Assistant Secretary for Nuclear Energy at the DOE, noted that the technical hurdles, thermal regulation, fuel handling in low gravity, and long-duration reliability, are surmountable with current technologies [8].
The U.S. field is crowded with contenders: Lockheed Martin and BWX Technologies, Westinghouse with Aerojet Rocketdyne, and X-energy with Boeing. Antares Nuclear may also have an advantage, given that its current kilowatt-class designs align closely with NASA’s specifications. While lunar deployment remains speculative, the broader significance is that these designs can be adapted to extreme terrestrial environments, providing valuable testbeds for modular power systems on Earth [8].
A New Nuclear Consortium Gains Momentum
In addition to the corporate and government partnerships already underway, a newly announced consortium is pushing for expanded nuclear deployment across multiple U.S. states. The group, which includes leading utilities, engineering firms, and advanced reactor developers, has committed to streamlining siting and licensing while pooling capital to support a fleet-based deployment model. This represents a shift away from one-off demonstration projects toward coordinated, regional buildouts designed to lower costs and accelerate timelines [9]. Moreover, the U.S. Department of Energy has formally established a Defense Production Act (DPA) Consortium—inviting voluntary agreements with domestic industry across mining, milling, conversion, enrichment, and fuel fabrication—to shore up supply chain capacity and reduce reliance on foreign enriched uranium sources [10].
Closing Thoughts
From corporate power purchase agreements to lunar prototypes, nuclear energy is increasingly positioned as the cornerstone of both industrial expansion and strategic security. Tech giants are no longer waiting for government policy to catch up. They are writing the checks and shaping the partnerships themselves.
The nuclear industry has always been a long game, but with AI, defense, and geopolitical competition accelerating demand, the timeline for deployment is shortening fast. The next decade may determine not just whether nuclear regains relevance, but whether it becomes the backbone of global energy security.
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.
Several of the companies highlighted in The Nuclear Review also appear in the NUKZ ETF. These include (percentages as of 9/2/2025):
- Cameco Corp – 10.23% of the portfolio
- Centrus Energy Corp (Class A) – 3.79%
- Lockheed Martin Corp – 2.00%
- BWX Technologies Inc – 1.82%
- Doosan Co Ltd – 1.19%
Sources:
[1] The Nuclear Review. “Tech Giants Take Big Steps Towards Nuclear Energy Development.” The Nuclear Review, 29 Aug. 2025, https://nuclearreview.substack.com/p/tech-giants-take-big-steps-towards-de6.
[2] The Nuclear Review. “Tech Giants Take Big Steps Towards Nuclear Energy Development.” The Nuclear Review, 29 Aug. 2025, https://nuclearreview.substack.com/p/tech-giants-take-big-steps-towards-de6.
[3] The Nuclear Review. “Tech Giants Take Big Steps Towards Nuclear Energy Development.” The Nuclear Review, 29 Aug. 2025, https://nuclearreview.substack.com/p/tech-giants-take-big-steps-towards-de6.
[4] The Nuclear Review. “Tech Giants Take Big Steps Towards Nuclear Energy Development.” The Nuclear Review, 29 Aug. 2025, https://nuclearreview.substack.com/p/tech-giants-take-big-steps-towards-de6.
[5] The Nuclear Review. “Tech Giants Take Big Steps Towards Nuclear Energy Development.” The Nuclear Review, 29 Aug. 2025, https://nuclearreview.substack.com/p/tech-giants-take-big-steps-towards-de6.
[6] The Nuclear Review. “Tech Giants Take Big Steps Towards Nuclear Energy Development.” The Nuclear Review, 29 Aug. 2025, https://nuclearreview.substack.com/p/tech-giants-take-big-steps-towards-de6.
[7] The Nuclear Review. “Tech Giants Take Big Steps Towards Nuclear Energy Development.” The Nuclear Review, 29 Aug. 2025, https://nuclearreview.substack.com/p/tech-giants-take-big-steps-towards-de6.
[8] The Nuclear Review. “Tech Giants Take Big Steps Towards Nuclear Energy Development.” The Nuclear Review, 29 Aug. 2025, https://nuclearreview.substack.com/p/tech-giants-take-big-steps-towards-de6.
[9] The Nuclear Review. “NR-13: A Nuclear Consortium to Push Forward Advanced Reactors.” The Nuclear Review, 31 Aug. 2025, https://nuclearreview.substack.com/p/nr-13-a-nuclear-consortium-to-push
[10] U.S. Department of Energy. “Energy Department to Establish New Consortium for Nuclear Fuel Supply Chain.” Office of Nuclear Energy, 22 Aug. 2025, https://www.energy.gov/ne/articles/energy-department-establish-new-consortium-nuclear-fuel-supply-chain
Risk Disclosures:
Carefully consider the Fund's investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund's full or summary prospectus, which may be obtained by visiting www.rangeetfs.com/nukz. Read it carefully before investing or sending money.
Investing involves risk, including possible loss of principal. There is no guarantee the Funds will achieve their stated investment objectives.
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.
Because the Fund is new, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.
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