Energy transition
2026-04-26
9 minute read
10 sources
Small Modular Reactors in 2026: Order Books, AI Off-take, and the Capex Curve
The first wave of SMR designs has moved from licensing slides to concrete pours and signed power purchase agreements, but the NuScale UAMPS cancellation still anchors investor memory and the load is now hyperscaler, not municipal.
Advanced nuclear is no longer a slide deck category. TerraPower has broken non-nuclear ground at Kemmerer, X-energy has signed a definitive engineering contract with Dow Seadrift, Holtec is preparing the SMR-300 around the Palisades restart, Kairos has the first Hermes test reactor under construction with a Google off-take for 500 megawat...