A hot streak for nuclear

The past few weeks have been huge for nuclear. Google and TVA signed the first utility PPA for a Gen IV reactor in the US with Kairos, data center giant Equinix signed PPAs with three different advanced nuclear developers (Radiant, ULC-Energy, and Stellaria), and Sweden is betting big on SMRs.

Nuclear momentum is accelerating, with hyperscalers pulling advanced reactors into commercial agreements while governments fast-track pilots, restart legacy units, and continue building conventional fleets. The story is broader than advanced designs: light water reactors remain the main source of new capacity, led by China and other established builders.

Key developments

Google, Kairos Power, and TVA signed the first US Gen IV PPA, with Hermes 2 scheduled to deliver 50MW to data centers by 2030 and a roadmap to 500MW by 2035.
The US Department of Energy launched a pilot program selecting 11 advanced reactors, aiming for at least three test units to reach criticality by mid-2026.
Holtec secured new federal financing to restart the 800MW Palisades plant, while Constellation advanced a restart plan for Three Mile Island.
Centrus raised $650m to expand HALEU enrichment in Ohio, while India announced proposals to end its uranium monopoly and outlined a long-term nuclear roadmap including pilot SMRs in the early 2030s.
China continued its conventional buildout, with Tianwan-8 reaching a major milestone and multiple new light water reactors moving toward commissioning.

Strategic implications

Corporate buyers are now underwriting firm nuclear power, marking a structural change in how projects can be financed. In parallel, governments are reopening or extending existing plants to meet surging demand, a near-term lever that advanced designs cannot yet deliver. The fuel supply chain remains strategically decisive: enrichment capacity is still limited, and while financing momentum is evident, scale-up will take years. India's roadmap signals ambition but remains aspirational until legislation and investment follow. Overall, momentum is positive, but credibility rests on aligning restarts and builds with timely fuel availability and execution at first-of-a-kind projects.

Signposts

In the coming months, watch for:

Early construction milestones at Kairos's Hermes 2 in Tennessee.
DOE progress on siting and scheduling pilot reactors targeted for 2026.
TerraPower's expected license application filing in December, a key test of NRC timelines.
Federal approvals and financial close for the Palisades restart, along with initial steps at Three Mile Island.
India's introduction of uranium mining reform legislation and initial SMR siting announcements.

Outlook

In the near term, restarts, uprates, and conventional light water projects in China and other established markets will deliver the bulk of new nuclear capacity. Over the medium term, advanced reactor pilots and corporate-backed PPAs could broaden the market, provided enrichment, licensing, and construction performance stay on track. Momentum is strong but uneven: traditional builds provide scale today, while advanced designs are beginning to define the next wave.

This analysis was drafted by a prototype of Currence's Signals Summarizer, an AI tool that pulls the most relevant market signals for a sector and surfaces signposts to watch, and reviewed by our team.

To track nuclear restarts, advanced reactor PPAs, and fuel supply, request a 20-minute call with our team.

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