The U.S. is leading SMR Projects Globally

Small Modular Reactors (SMRs) are reshaping the nuclear energy landscape with their compact size (typically up to 300 MWe per unit, versus 1,000–1,400 MWe for traditional large reactors), factory-built modular designs, enhanced safety features, and faster deployment potential. These attributes make SMRs ideal for powering data centers, remote communities, industrial sites, and replacing retiring coal or gas plants—delivering reliable, carbon-free baseload power where large reactors are impractical.

Recent data confirms the United States is surging ahead globally in SMR development. According to an analysis published on July 2, 2026, the U.S. has 28 SMR siting announcements—more than the next four countries combined (Canada with 9, the UK with 7, and Russia and China tied lower). This leadership stems from data compiled by Visual Capitalist in partnership with the National Public Utilities Council, drawing from the OECD Nuclear Energy Agency (NEA) Small Modular Reactor Digital Dashboard.

Within the U.S., national laboratories lead with 7 siting announcements, followed by a three-way tie among utilities, universities, and SMR developers (5 each). Only 78 of the NEA’s 129 tracked global SMR designs are publicly reported in the dashboard, underscoring active innovation.

This momentum aligns with broader trends: hyperscalers (Microsoft, Google, Amazon, Meta) are signing deals for SMR-powered data centers to meet surging AI-driven electricity demand, while DOE programs provide funding and fast-track pathways. Globally, the pipeline exceeds 22 GW of announced projects (as of earlier 2024 data, with growth since), but the U.S. holds the largest share in announced capacity and development activity.

Why SMRs Matter for Investors and Consumers

SMRs offer factory fabrication, standardized designs, and passive safety systems that reduce construction timelines (potentially 3–5 years vs. 7–10+ for large reactors) and costs through learning curves and economies of scale. They enable flexible siting, co-location with end-users, and applications beyond electricity (process heat, desalination, hydrogen).

For investors: Exposure to SMR developers, suppliers, and utilities offers growth in the clean energy and nuclear renaissance. Public companies provide liquidity; private ones with strong backers (tech giants, DOE funding, Bill Gates) signal high-upside potential amid policy support.

For consumers: Successful deployment could increase energy abundance, support grid reliability, lower long-term electricity costs through competition, create high-skill jobs, and accelerate decarbonization. SMRs help power the AI boom cleanly, stabilize prices by reducing fossil fuel dependence, and enable energy access in underserved areas. Risks include regulatory delays, first-of-a-kind costs, and supply chain hurdles—though U.S. leadership aims to mitigate these.

Top 10 SMR Companies/Developers to Watch

Here’s a curated breakout of leading U.S.-focused or U.S.-based players (prioritizing advancement stage, licensing progress, major partnerships/funding, and investment visibility as of mid-2026). These stand out from dozens of active developers for their potential impact.

1. NuScale Power Corporation (NYSE: SMR) VOYGR light-water SMR (77 MWe modules). First U.S. SMR design with full NRC Standard Design Certification. Multiple utility and international projects. Strongest near-term licensing edge; scalable for utilities and data centers.
2. Oklo Inc. (NYSE: OKLO) Aurora sodium-cooled fast reactor (15–100+ MWe). First reactor under construction at Idaho National Lab. Backed by Sam Altman; data center and military deals (e.g., Air Force pilot). Public pure-play with fast-track hype and recycled fuel angle.
3. Kairos Power KP-FHR fluoride salt-cooled high-temperature reactor (Hermes demo). Test reactors under construction in Tennessee—the first Gen IV to receive U.S. NRC construction license in decades. Google partnership for multiple SMRs. Advanced non-light-water tech with strong execution momentum.
4. TerraPower Natrium sodium-cooled fast reactor (345 MWe). Demonstration project under construction in Kemmerer, Wyoming (with PacifiCorp). Bill Gates-backed; DOE Advanced Reactor Demonstration Program support. Focus on coal-plant replacement and grid-scale clean power.
5. X-energy Xe-100 high-temperature gas-cooled pebble-bed reactor (80 MWe). NRC construction permit application with Dow Chemical for industrial decarbonization. Amazon investment/stake. High-temperature output suits process heat and data centers.
6. Holtec International SMR-300 light-water reactor (300 MWe). Construction permit application for two units at the Palisades site (Michigan); DOE funding support. Established nuclear player with manufacturing capabilities and international ambitions (UK interest).
7. GE Hitachi Nuclear Energy (part of GE Vernova, NYSE: GEV)
   BWRX-300 boiling water reactor (300 MWe). Construction underway at Darlington, Canada (North America’s first commercial SMR project). Proven BWR heritage; U.S. utility interest (e.g., TVA mentions). Broad industrial backing via GE Vernova.
8. Westinghouse Electric Company AP300 (300 MWe PWR, based on AP1000) and eVinci microreactor (up to 5 MWe). Detailed design and pre-licensing stages; strong global experience. Versatile for grid and remote/micro applications.
9. BWX Technologies, Inc. (NYSE: BWXT)
   Key supplier of SMR components, fuel, and advanced reactor tech. Involved in multiple designs and DOE/military programs. Public company with defense nuclear expertise and steady revenue base—lower-risk way to gain SMR exposure.
10. NANO Nuclear Energy Inc. (NASDAQ: NNE) or Last Energy (emerging) NANO focuses on portable microreactors (Zeus, Odin) with fuel fabrication and services; public micro-play. Last Energy’s PWR-20 microreactor targets rapid, standardized deployment. Both benefit from DOE pilot programs and microreactor demand (remote, military, data edge). Executives from Nano Nuclear have been on the Energy News Beat Podcast with Stu Turley several times and have enjoyed their insights.

Honorable mentions: Radiant Industries (Kaleidos micro HTGR, test reactor underway), Aalo Atomics, and others in DOE’s Energy Reactor Pilot Program (fast-track testing outside labs).

Outlook and Risks

The U.S. lead in sitings, licensing milestones (e.g., NuScale, Kairos), and private-public partnerships positions it to deploy first-of-a-kind SMRs in the late 2020s to early 2030s. World Nuclear Association’s SMR Global Project Tracker shows dozens of projects worldwide advancing.

Consumer benefits could materialize as more reliable, affordable clean power supports economic growth and tech infrastructure. Investors should watch licensing timelines, fuel supply (HALEU), cost reductions via modularity, and offtake agreements with data centers/utilities.Risks remain: regulatory uncertainty, capital intensity, public perception, and competition from established players (Russia/China lead in actual operating SMRs). Diversified exposure (developers + suppliers + utilities like Constellation Energy) is prudent.The U.S. is not just leading in announcements—it’s building the ecosystem for scalable nuclear innovation. For the Energy News Beat Channel audience, this represents a pivotal chapter in America’s energy dominance and the global clean energy transition.

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