SMR & Advanced Reactor Developers

All 17 credible SMR and advanced-reactor developers building civilian commercial-power designs, filterable by technology family and country. Funding is cumulative.

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)

Updated at 2026-05-17

SMR + Advanced Reactor Funding Per Kilowatt-Design

Cumulative public + private funding divided by intended FOAK nameplate output ($/kW-design). A capital-intensity gauge, not lifetime construction cost. Click a column to sort.

Developer	Design	Target MWe	Cumulative Funding ($M)	Public Share %	$/kW-design ↑	Design Type
Westinghouse (private)	AP300	300	$150	0%	$500	LWR-SMR
NuScale (SMR)	VOYGR (BWR-based)	924	$600	65%	$649	LWR-SMR
GE Vernova (GEV)	BWRX-300	300	$250	20%	$833	LWR-SMR
Rolls-Royce SMR (RR.L)	Rolls-Royce SMR	470	$700	60%	$1,489	LWR-SMR
Holtec International (private)	SMR-300	300	$600	75%	$2,000	LWR-SMR
Last Energy (private)	PWR-20	20	$60	0%	$3,000	LWR-microreactor
Oklo (OKLO)	Aurora (microreactor)	75	$350	15%	$4,667	Sodium-cooled microreactor
NANO Nuclear (NNE)	ZEUS + Odin + KRONOS	5	$35	0%	$7,000	LWR-microreactor
TerraPower (private)	Natrium (Na-cooled)	345	$2,500	80%	$7,246	Sodium-cooled
Kairos Power (private)	Hermes + KP-FHR	140	$1,100	65%	$7,857	Fluoride-salt (FHR)
BWX Technologies (BWXT)	BANR + Pele microreactor	50	$400	85%	$8,000	HTGR microreactor
X-energy (private)	Xe-100 (HTGR)	80	$2,400	75%	$30,000	High-temp gas (HTGR)

Updated at 2026-05-28

NRC Licensing Pipeline

Where each developer sits in the NRC licensing pipeline, least to most mature. NuScale leads on design certification; Kairos Hermes holds the first non-LWR construction permit.

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

Updated at 2026-05-17

Advanced Reactor Funding by Year

Annual capital into US SMR and advanced-reactor developers, 2020-2025, split by public, VC, post-IPO, and strategic hyperscaler funding.

Updated at 2026-05-17

DOE Civilian Advanced-Nuclear Awards

Top DOE civilian advanced-nuclear awards, 2020-2026, across ARDP, NRIC, GAIN, the HALEU Consortium, Civil Nuclear Credit, and LPO loan guarantees. 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

Updated at 2026-05-17

Microreactor Landscape

Civilian sub-50 MWe microreactor designs by fuel, cooling, target customer, and first-of-a-kind year. Defense-only programs are out of scope.

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)

Updated at 2026-05-17

First-of-a-Kind Commercial Operation Timeline

First-of-a-kind commercial-operation timeline for all 17 SMR and advanced-reactor developers, sorted by company-stated FOAK year. Disputed badges flag timelines that independent assessors contest.

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)

Updated at 2026-05-17

SMR & Advanced Reactor Developers

SMR + Advanced Reactor Funding Per Kilowatt-Design

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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