Advanced Nuclear Companies: Funding & Expected Commercial Operation (ECO) Timelines

Small Modular and advanced nuclear reactors have received significant attention over the last few years. The U.S. government has invested billions in these technologies and their fuel. Congress has instructed the Nuclear Regulatory Commission to streamline the evaluation of their safety, which is acting on this instruction. And Big Tech hyperscalers have looked to them as a solution for their high-intensity AI datacenter energy needs. However, as this infographic indicates, the capital that has been raised for these technologies to date pales in comparison with the scale of financing that will be needed to build even one, no less a fleet, of any of these reactors. With the exception of NuScale Power’s VOYGR, none of the listed reactors has been approved by the NRC. So, any ECO date before the early-mid 2030’s is unlikely.

While smaller reactors are touted as being cheaper to build and operate, a first-of-its-kind of any of these reactors will cost at a minimum $5-10 billion and certainly much more for a small fleet. As the “Spotlight” of PGS’ News and Views indicates, the Trump administration is shifting the focus of the government from small reactor R&D to deployment. But to achieve that goal, the private financial markets, the U.S. government, allied nations, or likely all, will have to deliver billions more dollars for small reactor deployment. The list of the 11 Big Wins in the administration’s first 100 days is welcome and important. But as this infographic clearly underscores, it is insufficient to achieve the goal of nuclear energy dominance that the administration desires.

Ken Luongo, President, Partnership for Global Security

Jocelyn Livier, Della Ratta Fellow, Partnership for Global Security

Articles

May 9, 2025