SMR & Advanced Reactor Developers

All 17 credible SMR + advanced reactor developers building civilian commercial-power designs. Filterable by technology family (PWR / BWR / HTGR / SFR / MSR / LFR / Microreactor) and country. Funding is cumulative across DOE cost-share, private VC, IPO / SPAC, and strategic equity. Excludes DoD-only programs and naval propulsion. Source: NRC docket, DOE ARDP, Third Way Advanced Nuclear Map.

Technology:

Country:

Company	Ticker	Country	Design	Tech	MWe	NRC Status	FOAK Target	Funding ($M)▼	Key Backers
TerraPower	private	United States	Natrium (sodium fast + molten-salt energy storage)	SFR	345	construction permit	2030-2031	4,750	Bill Gates (personal + Cascade Investment), NEA, ARCH Venture Partners, GE Hitachi Nuclear (Natrium JV), PacifiCorp (utility partner), DOE ARDP, SK Inc
Holtec International	private	United States	SMR-300	PWR	300	pre-application	2030	1,840	DOE LPO, Hyundai Engineering & Construction, Mitsubishi Electric Power Products
X-energy	private	United States	Xe-100 (4-pack 320 MWe standard plant)	HTGR	80	pre-application	early 2030s	1,820	Amazon (lead Series C-1), DOE ARDP (~$1.2B+ cost-share), Energy Northwest, Dow Chemical, Ares Management, KGHM (Poland strategic), Ontario Power Generation
Kairos Power	private	United States	KP-FHR (Hermes demo 35 MWth; KP-X commercial 140 MWe)	FHR	140	construction permit	2030 (first commercial KP-X)	920	Google (corporate offtake + equity), DOE ARDP, Bechtel (EPC partner), Materion (Flibe salt supplier), Fluor Corp
Oklo	OKLO	United States	Aurora Powerhouse (15 MWe initial; 50/75 MWe upgrades)	LFR	15	pre-application	2027-2028 (Oklo claim); independently 2029-2030+	920	Sam Altman (former chair, recused as of 2024), Peter Thiel / Mithril, DCVC, ARCH Venture, AltC, public market
NuScale Power	SMR	United States	VOYGR (4/6/12-pack)	PWR	77	design cert	post-2030	850	Fluor Corp, DOE (UAMPS cost-share previously ~$1.4B authorized; UAMPS cancelled Nov 8, 2023), Doosan, JGC, IHI
Rolls-Royce SMR	RYCEY (Rolls-Royce Holdings)	United Kingdom	Rolls-Royce SMR	PWR	470	none	2032-2033	670	Rolls-Royce Holdings, BNF Resources, Constellation Energy (formerly Exelon Generation), Qatar Investment Authority, UK Treasury / Great British Nuclear
Standard Nuclear (former USNC commercial assets)	private	United States / Canada	MMR (Micro Modular Reactor, 5 MWe)	HTGR	5	construction permit	2028-2030 (revised post bankruptcy)	220	Ontario Power Generation (Global First Power JV partner), DOE ARDP (TRISO + FCM fuel), Korea Hydro Nuclear Power, Hyundai E&C, Mitsubishi (legacy)
NANO Nuclear Energy	NNE	United States	Zeus (5 MWe solid-core, KRONOS commercial pilot); ODIN (gas-cooled microreactor)	Microreactor	5	pre-application	2031+ (company aspiration)	165	Public retail (IPO), GEM Global Yield, Yvan Adam, Jay Yu (chairman); HEU.IQ acquisition Apr 2024
BWXT Advanced Technologies	BWXT	United States	BANR (BWXT Advanced Nuclear Reactor, civilian)	HTGR	17	pre-application	post-2032 (BANR civilian path); near-term BWXT revenue is TRISO fuel supply to other developers	106	BWXT Inc, DOE ARDP, TRISO fuel customer base (X-energy, USNC, Kairos)
Radiant Nuclear	private	United States	Kaleidos (portable microreactor)	Microreactor	1.2	pre-application	2028 (civilian commercial); 2026 DOME fueled test	100	Founders Fund, Decisive Point, Union Square Ventures, Tribe Capital
Last Energy	private	United States (Washington DC HQ)	PWR-20	PWR	20	none	2026 (company claim, widely disputed)	65	Energy Impact Partners, Gigascale Capital, Bill Lee (founder)
Aalo Atomics	private	United States	Aalo-1 (XMR, ARC-100 derivative)	SFR	10	pre-application	2030-2031 (company target); independently 2032+	55	Valor Equity Partners, Hitachi Ventures, Harpoon Ventures, DOE GAIN voucher
Antares Industries	private	United States	Antares microreactor (civilian remote-power configuration)	Microreactor	1.5	pre-application	2030+ (civilian commercial path)	25	Andreessen Horowitz, Trousdale Ventures, Founders Fund
GE Vernova Hitachi Nuclear Energy	GEV	United States	BWRX-300	BWR	300	pre-application	2029-2030	n/a	GE Vernova, Hitachi, Ontario Power Generation, Tennessee Valley Authority, Synthos Green Energy (Poland), Fermi Energia (Estonia)
Westinghouse Electric	private	United States	AP300	PWR	300	pre-application	2032-2033	n/a	Cameco Corp, Brookfield Renewable Partners, Brookfield Asset Management
X-energy KGHM Poland	KGH.WA (KGHM Polska Miedz)	Poland	Xe-100 (4-pack 320 MWe deployment)	HTGR	80	none	2035+ (post 2030 slipped from original 2029 target)	n/a	KGHM Polska Miedz SA, X-energy (technology), Polish government (regulatory)

17 of 17 credible SMR and advanced reactor developers building civilian commercial-power designs. One row per design / deployment path (X-energy appears twice: US Xe-100 and KGHM Poland deployment). Excludes DoD-only programs (Project Pele) and naval propulsion. MWe is single-unit net output. Funding is cumulative dollar funding including DOE cost-share, private equity, IPO / SPAC proceeds, and strategic equity. Sources: NRC Design Certifications and Approvals, NRC New Reactor Pre-Application Activities, DOE Advanced Reactor Demonstration Program, Third Way Advanced Nuclear Map, NEI Advanced Reactor Tracker.

NRC Licensing Pipeline

Where each developer sits in the NRC pipeline. NuScale was first US SMR to achieve design certification (50 MWe Jan 2023); the 77 MWe variant is in standard design approval. Kairos Hermes received the first non-LWR construction permit (Dec 2023). The ADVANCE Act 2024 modifies pipeline structure via NRC Part 53 risk-informed framework. Source: NRC docket page.

pre-application

10 developers

Holtec International

SMR-300

Westinghouse Electric

AP300

Rolls-Royce SMR

Rolls-Royce SMR 470 MWe

Oklo

Aurora Powerhouse

Last Energy

PWR-20

Aalo Atomics

Aalo-1 / Aalo-X test article

Radiant Nuclear

Kaleidos

BWXT Advanced Technologies

BANR (civilian)

Antares Industries

Antares microreactor (civilian)

X-energy KGHM Poland

Xe-100 Polish deployment

topical report

0 developers

none

design cert / SDA

1 developer

NuScale Power

VOYGR 77 MWe

COL submittal

3 developers

GE Vernova Hitachi Nuclear Energy

BWRX-300

TerraPower

Natrium

X-energy

Xe-100 (Dow Seadrift)

COL granted

0 developers

none

construction permit

3 developers

Kairos Power

KP-FHR (Hermes demo)

NANO Nuclear Energy

KRONOS MMR

Standard Nuclear (former USNC commercial assets)

MMR

operational

0 developers

none

Each developer placed at its current NRC pipeline stage. Stages run left to right from least to most mature. NuScale was first US SMR to achieve design certification (50 MWe, Jan 2023); the 77 MWe variant is in standard design approval. Kairos Hermes received the first non-LWR construction permit (Dec 2023). The ADVANCE Act 2024 modifies the pipeline structure via NRC Part 53 risk-informed framework. Source: NRC docket page, NRC pre-application activities tracker.

Advanced Reactor Funding by Year

Annual capital flowing into US SMR and advanced reactor developers 2020-2025: public (DOE ARDP / NRIC / LPO), private VC, post-IPO / SPAC equity, and strategic hyperscaler equity. The 2024 spike reflects Amazon X-energy Series C-1, Equinix Oklo MoU, and Google Kairos PPA. Source: DOE press, Crunchbase, PitchBook.

Annual capital flowing into US advanced reactor + SMR developers 2020-2025 in $M. The 2020 baseline reflects DOE ARDP awards (TerraPower $1.99B + X-energy $1.23B kickoff). 2024 shows the hyperscaler-strategic spike (Amazon X-energy Series C-1, Equinix Oklo MoU, Google Kairos PPA). Sources: DOE ARDP and LPO press, company filings, Crunchbase, PitchBook.

DOE Civilian Advanced-Nuclear Awards

Top 20 DOE awards 2020-2026: ARDP demonstration + risk-reduction (TerraPower $2B, X-energy $1.2B+), NRIC, GAIN voucher, HALEU Consortium ($700M Jan 2024), Civil Nuclear Credit, LPO conditional loan guarantees (Holtec Palisades $1.52B). Project Pele (BWXT DoD microreactor) is excluded by scope: this sector tracks civilian power only.

Filtered awards

of 20 tracked

Total ($M)

$9,540

across visible rows

Scope

Civilian only

Project Pele (DoD) excluded

Program:

Date	Awardee	Program	$M▼	Purpose
2020-10-13	TerraPower	ARDP demonstration	1,989	Cost-share for Natrium reactor demonstration (Kemmerer Wyoming FOAK)
2024-09-30	Holtec International	LPO loan guarantee (closed Sep 2024)	1,520	Palisades 800 MW restart + SMR-300 site preparation, Covert Township, Michigan
2020-10-13	X-energy	ARDP demonstration	1,230	Cost-share for Xe-100 reactor demonstration (Dow Seadrift + Energy Northwest)
2024-03-22	Pacific Gas & Electric / Diablo Canyon	Civil Nuclear Credit / LPO	1,100	Diablo Canyon continued operation through 2030 (state-mandated extension)
2022-11-21	Diablo Canyon Power Plant	DOE Civil Nuclear Credit Program (first round)	1,100	First Civil Nuclear Credit award to PG&E to support Diablo Canyon continued operation
2025-11-18	Constellation Energy	LPO loan (closed)	1,000	Three Mile Island Unit 1 / Crane Clean Energy Center restart financing support, Londonderry Township PA
2020-12-16	Kairos Power	ARDP risk-reduction	303	KP-FHR demonstration risk-reduction; Hermes demonstration cost-share
2024-01-09	Urenco USA	HALEU Consortium	175	HALEU enrichment capacity expansion Eunice New Mexico (target 2027-2028)
2024-01-09	Orano USA	HALEU Consortium	175	HALEU enrichment proposal Tennessee or Kentucky (siting TBD; ~10 MTU per year target)
2024-01-09	BWXT Advanced Technologies	HALEU Consortium / Production task order	175	HALEU downblending from existing US HEU stockpile at BWXT Lynchburg Virginia
2024-01-09	Centrus Energy	HALEU Consortium / DOE LEU+ Procurement	150	Centrus Piketon AC100M HALEU cascade Phase 1 production contract (10 yr indefinite delivery / indefinite quantity ~$2B+ ceiling; initial obligation $150M; first 20 kg delivered Oct 2023)
2020-12-16	Holtec International	ARDP risk-reduction	147	Holtec SMR-160 risk-reduction (predecessor of SMR-300)
2020-12-16	Southern Company Services	ARDP risk-reduction	147	MCFR (Molten Chloride Fast Reactor) integrated effects test cost-share with TerraPower
2020-12-16	BWXT Advanced Technologies	ARDP risk-reduction	106	BANR (BWXT Advanced Nuclear Reactor) civilian SMR design
2020-12-16	Westinghouse	ARDP risk-reduction	99	eVinci microreactor design and analysis tools
2024-01-09	ASP Isotopes	HALEU Consortium	75	HALEU laser-based enrichment R&D and commercial scale-up
2024-04-22	NuScale Power	GAIN voucher + DOE site use coordination	15	VOYGR 77 MWe variant licensing support; partial offset of NRC fees
2024-02-21	Radiant Nuclear	NRIC DOME microreactor test bed	12	DOME (Demonstration of Microreactor Experiments) test bed selection at INL for Kaleidos fueled-experiment 2026 demonstration
2024-02-21	Westinghouse	NRIC DOME microreactor test bed	12	DOME selection for eVinci microreactor fueled-experiment INL
2023-08-15	Aalo Atomics	DOE GAIN voucher + INL site use	10	Aalo-X non-nuclear test article INL site preparation; engineering services voucher

Top DOE civilian advanced-nuclear awards 2020-2026: ARDP demonstration + risk-reduction, NRIC, GAIN voucher, HALEU Consortium, Civil Nuclear Credit, LPO conditional loan guarantees. Project Pele (BWXT DoD microreactor) is excluded by scope: this sector tracks civilian commercial nuclear power only. Sources: DOE Office of Nuclear Energy + LPO press releases.

Microreactor Landscape

Civilian sub-50 MWe microreactor designs targeting remote industrial, data center, Arctic / process-heat, or distributed utility-grid customers. HALEU is the dominant fuel form. DoD-only programs (Project Pele) and military variants are out of scope; for dual-use developers (Radiant, Antares, Oklo) only the civilian-power application path is shown.

Civilian power scope: sub-50 MWe civilian microreactor designs only. DoD-only programs (Project Pele BWXT, Antares defense variants) are out of scope. For dual-use developers (Radiant, Antares, Oklo), only the civilian-power application path is shown.

Company / Model	MWe	Fuel	Cooling	Civilian target customer	FOAK	Demo site
Aalo Atomics Aalo-1 (XMR, ARC-100 derivative)	10	HALEU (UN+U-Zr metal)	liquid metal (sodium)	data center campus, utility grid (factory-built modular for hyperscaler data center sites)	2030-2031 (company); 2032+ (independent)	Idaho National Laboratory (Aalo-X non-nuclear test article 2026); Texas commercial campus pending site selection
Antares Industries Antares microreactor (civilian remote-power configuration)	1.5	HALEU TRISO	gas (helium)	remote industrial, process heat, off-grid utility	2030+ (civilian path)	civilian site TBD
Radiant Nuclear Kaleidos (portable microreactor)	1.2	HALEU TRISO	gas (helium)	remote industrial, mining, off-grid utility, Arctic / remote-community power	2028 (civilian commercial); 2026 DOE DOME fueled test	Idaho National Laboratory DOME test bed (fueled experiment 2026)
Standard Nuclear (former USNC) MMR (Micro Modular Reactor)	5	HALEU TRISO + FCM (Fully Ceramic Microencapsulated)	gas (helium)	process heat, utility grid (single-unit + multi-unit), university research	2028-2030 (revised post USNC Oct 2024 Chapter 11)	Chalk River Laboratories Ontario (Global First Power JV with OPG); University of Illinois MMR proposal pending
Westinghouse eVinci microreactor	5	HALEU TRISO	heat pipe (sodium-potassium)	remote industrial, process heat, university research, mining	2029-2030 (post DOE DOME demonstration 2027-2028)	Idaho National Laboratory DOME test bed (selected Feb 2024)
NANO Nuclear Energy Zeus (solid-core); ODIN (gas-cooled); KRONOS MMR pilot	5	HALEU TRISO	heat pipe (Zeus) / gas (ODIN) / FHR (KRONOS pilot)	remote industrial, process heat, university campus (KRONOS pilot UIUC); aspirational data-center deployments	2031+ (company aspiration; no NRC construction permit yet)	University of Illinois Urbana-Champaign (KRONOS pilot MoU Jul 2024); site TBD for Zeus / ODIN
Kairos Power Hermes demo (35 MWth, ~10 MWe equivalent)	10	HALEU TRISO (Flibe-cooled FHR fuel)	molten salt (Flibe, fluoride-lithium-beryllium)	utility grid (commercial path is KP-X 140 MWe under Google master PPA; Hermes is a low-power demo path)	2027 (Hermes 1 fuel load); 2030 (first commercial KP-X 140 MWe outside the microreactor class)	Oak Ridge, Tennessee (East Tennessee Technology Park)
Oklo Aurora Powerhouse (15 MWe initial)	15	HALEU metal fuel (U-10Zr alloy)	liquid metal (sodium pool)	utility grid, data center campus, remote industrial; commercial customer letters of intent total ~14 GWe (Equinix 500 MW MoU, Switch 12 GW MoU, Diamondback Energy, Wyoming Hyperscale)	2027-2028 (Oklo claim); 2029-2030+ (independent analyst consensus)	Idaho National Laboratory (DOE site use permit)

Civilian sub-50 MWe microreactor designs targeting remote industrial, data center, Arctic / process-heat, or distributed utility-grid customers. HALEU (5-19.75% U-235) is the dominant fuel form; cooling design varies (heat pipe, gas, liquid metal, molten salt). FOAK timelines are aspirational; bracketed values are independent-assessor estimates. Sources: company filings, NRC pre-application docket, DOE Demonstration Programs.

First-of-a-Kind Commercial Operation Timeline

FOAK timeline for all 17 developers, sorted by company-stated FOAK year. Disputed badge flags developers whose stated timelines diverge materially from independent assessor estimates (Last Energy 2025-2026 commercial claims, Oklo 2027-2028, NANO Nuclear near-term timelines). Source: company filings + NRC docket events + Third Way analyst notes.

regulatory milestone

construction

operational / FOAK

disputed independent assessment differs from company target

Developer

2025

2028

2031

2034

2037

2040

GE Vernova Hitachi Nuclear Energy

BWRX-300

Last Energydisputed

PWR-20

Kairos Power

KP-FHR (Hermes demo)

Oklodisputed

Aurora Powerhouse

Holtec International

SMR-300

TerraPower

Natrium

Standard Nuclear (former USNC commercial assets)

MMR

X-energy

Xe-100 (Dow Seadrift)

NuScale Power

VOYGR 77 MWe

Westinghouse Electric

AP300

Rolls-Royce SMR

Rolls-Royce SMR 470 MWe

Aalo Atomics

Aalo-1 / Aalo-X test article

Radiant Nuclear

Kaleidos

NANO Nuclear Energydisputed

KRONOS MMR

X-energy KGHM Poland

Xe-100 Polish deployment

BWXT Advanced Technologies

BANR (civilian)

Antares Industries

Antares microreactor (civilian)

First-of-a-kind (FOAK) commercial-operation timeline for all 17 SMR + advanced reactor developers, sorted by company-stated FOAK year. Each marker is a milestone (regulatory, construction, or operational). Disputed badge flags developers whose stated timelines diverge materially from independent-assessor estimates (e.g., Last Energy's 2025-2026 commercial claims, Oklo's 2027-2028 FOAK, NANO Nuclear's near-term timelines). Source: company filings + NRC docket events + Third Way Advanced Nuclear Map analyst notes.

SMR & Advanced Reactor Developers

NRC Licensing Pipeline

Advanced Reactor Funding by Year

DOE Civilian Advanced-Nuclear Awards

Microreactor Landscape

First-of-a-Kind Commercial Operation Timeline

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