Our thesis
Draft. Core thesis to be written: nuclear baseload re-rating driven by AI compute demand, SMR economics, uranium fuel-cycle tightness, and grid reliability becoming a national-security problem.
Sub-themes we track
SMR (Small Modular Reactors)
NuScale, X-energy (private), TerraPower (private). First commercial deployments late 2020s.
Uranium fuel cycle
Cameco, enrichment capacity, HALEU supply.
Nuclear baseload utilities
Constellation, Vistra — already re-rated; question is duration.
Grid build-out
Transmission, interconnect queues, the unsexy infrastructure.
Indicators we monitor
- •AI hyperscaler PPAs with nuclear utilities
- •NRC licensing milestones
- •Uranium spot + term price
- •Power-purchase agreement disclosures
In coverage
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