22 minute read | July.01.2026
Yesterday, the U.S. Department of Energy announced that Deployable Energy's Unity demonstration reactor reached criticality at Idaho National Laboratory, becoming the third advanced reactor authorized by DOE to reach criticality ahead of President Trump's July 4, 2026 deadline. Together with earlier criticality demonstrations by Antares Nuclear and Valar Atomics, the United States has now achieved criticality in three distinct advanced microreactor designs in a single month—a milestone that would have seemed improbable only a year ago. While these remain demonstration-scale microreactors, the achievement marks an important proof point that advanced reactor technologies are moving beyond concept and into deployment.
That milestone reflects a broader transformation underway across the U.S. nuclear industry. Over the past year, progress has accelerated across every major segment of the nuclear value chain. Large reactors are again being planned and financed. Small modular reactors (SMRs) are moving toward commercial deployment. DOE's Reactor Pilot Program and Nuclear Energy Launch Pad are successfully demonstrating advanced microreactor technologies. Government and industry are also rebuilding the domestic nuclear fuel cycle—from uranium conversion and enrichment to HALEU production, fuel fabrication, recycling and transportation—while private capital flows into virtually every segment of the market.
Some of these developments stem directly from the President's four Executive Orders (EOs) issued on May 23, 2025, which elevated new nuclear generation deployment to a national priority. Others have been years in the making but reached critical milestones in today's increasingly favorable policy and market environment. Still others are driven by surging electricity demand from AI, data centers, industrial electrification and national security priorities. Together, these forces are reshaping the legal, regulatory and commercial landscape for nuclear energy and laying the foundation for the first comprehensive expansion of the U.S. nuclear industry in decades.
At the federal level, the nuclear EOs are reshaping how the U.S. Nuclear Regulatory Commission (NRC), Department of Energy (DOE), and Department of War (DOW) regulate, authorize, finance and deploy new nuclear technologies. DOE and DOW are leveraging longstanding statutory authorities in new ways to demonstrate advanced reactor technologies, reduce first-of-a-kind risk, and accelerate commercialization. Meanwhile, private developers, utilities, hyperscalers, industrial companies and investors are forming new partnerships to deploy nuclear generation at a pace not seen in decades. The momentum extends well beyond reactors themselves, with coordinated public and private investment across the fuel cycle and broader nuclear supply chain.
Significant challenges remain. Financing large commercial nuclear projects—particularly first-of-a-kind deployments—remains difficult, and many announced projects have not yet advanced into formal licensing or construction. The industry also continues to grapple with lessons from the last generation of reactor projects, including how to allocate development, construction, financing, regulatory, and supply-chain risks among the many participants involved in multibillion-dollar projects.
But those challenges should not obscure the broader trend. Building hundreds of gigawatts of new nuclear capacity will require sustained regulatory modernization, technological innovation, capital investment and public-private collaboration over many years. One year after the nuclear EOs, however, the direction of travel is unmistakable: the U.S. is simultaneously advancing large reactors, SMRs, microreactors, and the fuel-cycle infrastructure necessary to support them. Below is an overview of the most significant developments over the past year—and what they mean for companies seeking to develop, finance, invest in, or supply the next generation of nuclear projects.
The four nuclear EOs established the policy framework for the Administration's effort to accelerate deployment of new nuclear technologies. Collectively, they directed federal agencies to modernize regulatory processes, leverage existing statutory authorities to deploy advanced reactors, strengthen the domestic nuclear fuel cycle, and expand federal financial and other support for new nuclear projects. Just as importantly, they sent a strong market signal that nuclear energy had become a national priority—helping catalyze new investment, commercial partnerships and project development across the industry.
Although many of the initiatives discussed in this article were already underway, the EOs accelerated existing efforts, aligned agency priorities, and created new opportunities for government-industry collaboration. The result has been a level of nuclear-sector activity not seen in decades.
The following summarizes the four nuclear EOs and how each has contributed to the developments described below.
Executive Order 14300 focused on modernizing the NRC—long viewed by many as one of the principal impediments to the timely deployment of new nuclear technologies. The EO directed the NRC to reform its regulations, policies and organizational processes to facilitate licensing and deployment of advanced nuclear technologies while maintaining its safety and security mission. Among its most significant directives, the EO:
Executive Order 14299 looked beyond the NRC to by leveraging the federal government’s existing authorities to accelerate the deployment of advanced nuclear technologies in furtherance of national security objectives. Recognizing that DOE and DOW possess independent statutory authorities to construct and operate reactors for government purposes, the EO directed those agencies to use their facilities, resources and procurement authorities to demonstrate advanced reactor technologies, strengthen the domestic fuel cycle, and accelerate commercialization. Among its most significant directives, the EO:
Executive Order 14301 focused on DOE's role in accelerating the demonstration of advanced reactor technologies—which we previously highlighted. Recognizing DOE's unique authorities to construct and operate reactors for government purposes, the EO sought to streamline DOE processes and create new pathways for rapid testing of first-of-a-kind technologies. Among its most consequential directives, the EO:
Executive Order 14302 focused on rebuilding the domestic nuclear industrial base and addressing the fuel-cycle, manufacturing and workforce constraints necessary to support large-scale deployment of nuclear energy. Recognizing that reactor deployment depends on far more than reactor technology alone, the EO directed the federal government to strengthen domestic fuel-cycle capabilities, expand manufacturing capacity, increase financing opportunities, and support workforce development. Among its most significant directives, the EO:
One year after issuance of the nuclear EOs, the pace of change across the U.S. nuclear industry has been remarkable. Federal agencies have launched sweeping regulatory reforms, established new pathways for demonstrating advanced reactor technologies, expanded public funding and deployment programs, and accelerated efforts to rebuild the domestic nuclear fuel cycle. At the same time, private industry has responded with substantial new investment, commercial partnerships and project announcements across nearly every segment of the nuclear value chain.
The most significant legacy of the nuclear EOs may be the unprecedented effort to modernize the regulatory framework governing nuclear energy. EO 14300 directed the NRC to undertake a comprehensive review of its regulations, guidance, and licensing processes, and the agency has moved with unusual speed to implement that directive. To date, the NRC has initiated 23 rulemakings tied directly to EO 14300, several of which we have discussed in greater detail. Collectively, these efforts represent one of the most comprehensive regulatory modernization initiatives undertaken by the NRC in decades.
The rulemakings—both proposed and final—span nearly every aspect of NRC regulation, including reactor licensing, environmental review, adjudicatory procedures, radioactive materials regulation, decommissioning, export controls, transportation, security and licensing fees. More importantly, they reflect a broader shift in regulatory philosophy: away from adapting legacy regulatory frameworks developed for large light-water reactors and toward licensing frameworks better suited to advanced reactor technologies and high-volume deployment. For reactor developers, fuel-cycle companies, investors and other industry participants, these proceedings present a rare opportunity to help shape the regulatory framework that will govern the next generation of nuclear projects.
The NRC’s rulemakings include:
Other agencies have also begun revising their regulatory frameworks in response to the nuclear EOs. Notably, pursuant to EO 14299, DOE established a new Categorical Exclusion (CatEx) for the authorization, siting and operation of certain advanced nuclear reactors that do not present significant environmental risks from the release of radioactive or hazardous materials. Combined with DOE’s broader reactor demonstration initiatives, discussed below, this change could significantly accelerate testing and deployment of first-of-a-kind reactor technologies and support their eventual commercial deployment.
The nuclear EOs recognized that first-of-a-kind nuclear projects often face technical, regulatory and financing risks that can be difficult for private capital to bear alone. In response, DOE and DOW have launched initiatives that use existing statutory authorities to demonstrate advanced reactor technologies, expand domestic fuel-cycle capabilities, and accelerate commercialization. Rather than waiting for the commercial market to absorb these risks, the federal government is increasingly using its own facilities, resources, and procurement authorities to help bridge the gap between technology development and private-sector deployment.
These initiatives are helping de-risk advanced nuclear technologies before they enter the commercial market. By demonstrating new reactor designs, expanding fuel-cycle infrastructure, and supporting first-of-a-kind projects, DOE and DOW are creating pathways that can reduce technical uncertainty, inform future NRC licensing efforts, and improve the bankability of commercial projects. Industry has responded quickly, with developers advancing demonstration projects and partnering with the federal government in ways that would have been difficult to imagine only a few years ago.
Financing new nuclear projects remains one of the most significant hurdles to achieving commercial deployment of approximately300 GW of new nuclear power. Fortunately, this is another area where private and public entities are collaborating to get the first few projects off the ground. Some of the more impactful federal funding opportunities for nuclear include:
In addition, new trade deals have involved extensive foreign investment into American nuclear technology, potentially totaling hundreds of billions of dollars. Where these funds will be used remains an open question, but the commitments support the EOs broader goal to support more U.S. nuclear deployment.
The combination of federal and international funding creates a level of financial support for nuclear projects not seen in decades. While significant private capital is also needed to fully deploy new nuclear at scale, these initiatives help de-risk development for private sponsors.
While much attention has focused on the federal government's implementation of the nuclear EOs, the clearest evidence of the industry's transformation may be in the commercial market itself. Over the past year, reactor developers have achieved significant licensing milestones, capital markets have demonstrated renewed confidence in advanced nuclear technologies, technology companies and industrial energy users have fundamentally changed the demand profile for nuclear generation, and entirely new business models have emerged to develop, finance, own and operate nuclear facilities.
Perhaps the most visible commercial milestone has been the acceleration of reactor licensing. TerraPower received its NRC construction permit for the Natrium reactor in Wyoming, representing one of the most significant advanced reactor licensing achievements in decades and demonstrating that the NRC can license advanced non-light-water reactor technologies under existing regulatory frameworks. X-energy continues to make substantial progress through the NRC licensing process for its Xe-100 reactor, with licensing activities advancing on an accelerated schedule in support of deployment at Dow's Seadrift facility.
At the same time, existing large reactor technologies are experiencing renewed momentum. Utilities and developers are again actively evaluating deployment of new AP1000 reactors and other large-scale nuclear projects, while restart projects and power uprates have become central to efforts to rapidly expand reliable, carbon-free generation. For the first time in decades, the U.S. is advancing new large reactors, SMRs, advanced reactors and microreactors simultaneously.
Investor confidence has shifted dramatically over the past year. Public market valuations for advanced nuclear companies have reached levels that would have been difficult to imagine only a few years ago. Companies such as X-energy have entered the public markets with multibillion-dollar valuations, while venture capital, infrastructure funds, private equity, sovereign wealth funds and strategic corporate investors continue to deploy significant capital across the nuclear sector.
Importantly, investment is no longer limited to reactor developers. Capital is flowing across the entire nuclear value chain—including uranium conversion, enrichment, HALEU production, fuel fabrication, advanced fuels, recycling, transportation, isotope production, advanced manufacturing, robotics, digital technologies and supply-chain manufacturing. Investors increasingly recognize that deploying hundreds of gigawatts of nuclear capacity will require rebuilding the entire nuclear ecosystem—not simply manufacturing reactors.
The commercial landscape is changing just as rapidly as the technology. A growing number of new reactor developers, fuel-cycle companies, advanced manufacturing firms, isotope producers, robotics companies, AI-enabled nuclear technology companies and specialized infrastructure developers have entered the market over the past several years.
Even more significant is the changing profile of nuclear customers. Historically, new nuclear plants were developed almost exclusively by regulated electric utilities. Today, hyperscale data center operators, cloud computing companies, artificial intelligence developers, industrial manufacturers, chemical producers, mining companies, and other large energy users increasingly view nuclear generation as a strategic business asset rather than simply another source of electricity.
Driven by unprecedented demand for reliable, around-the-clock, carbon-free power, these customers are reshaping the market. Long-term power purchase agreements (PPAs) remain important, but companies are increasingly pursuing direct equity investments in reactor developers, strategic joint ventures, co-located generation, behind-the-meter configurations, dedicated industrial facilities, and other innovative commercial arrangements designed to secure long-term access to power.
The way nuclear projects are developed is changing just as dramatically.
Historically, regulated utilities developed, financed, owned, and operated nuclear plants, with ratepayers ultimately bearing much of the project risk. Today's projects increasingly distribute those responsibilities among specialized participants.
Independent project developers are emerging to identify sites, assemble land rights, secure permits, negotiate commercial agreements, and coordinate development long before construction begins. Reactor vendors are becoming strategic development partners rather than simply equipment suppliers. Infrastructure funds, pension funds, sovereign investors, export credit agencies, technology companies, industrial customers, and utilities are increasingly investing alongside one another to support deployment.
Rather than relying on a single owner to assume every project risk, emerging nuclear projects increasingly allocate development, licensing, construction, financing, fuel supply, operational, and market risks among multiple sophisticated participants through carefully structured commercial arrangements. New development structures—including developer-led models, special-purpose project companies, customer equity participation, and strategic public-private partnerships—are improving project bankability while creating scalable platforms capable of deploying multiple reactors over time.
As these models continue to evolve, legal and commercial structuring is becoming as important to successful deployment as reactor technology itself. The projects most likely to succeed will not necessarily be those with the best technology alone, but those capable of combining proven technology with financeable commercial structures, creditworthy customers, effective risk allocation and a clear regulatory pathway.
Despite extraordinary commercial momentum, financing remains the industry's defining challenge.
The technology risk associated with advanced reactors continues to decline as projects progress through licensing, demonstration and construction. Regulatory uncertainty is also decreasing as the NRC modernizes its licensing framework and DOE expands opportunities for demonstration and deployment. The remaining challenge is increasingly financial rather than technical.
Successfully financing multibillion-dollar nuclear projects will require continued innovation in project delivery and capital formation. Government loan programs, tax incentives, export credit support, strategic equity investments, customer co-investment, long-term PPAs, public-private partnerships, completion support mechanisms and other innovative risk-sharing structures will likely play an increasingly important role in enabling first-of-a-kind commercial deployments.
Taken together, these developments demonstrate that today's nuclear renaissance is fundamentally different from prior deployment cycles. The industry is no longer centered exclusively on utilities building large reactors under traditional rate-based models. Instead, it is evolving into a diverse commercial ecosystem involving reactor developers, hyperscale technology companies, industrial customers, infrastructure investors, strategic manufacturers, fuel-cycle companies, government partners and specialized project developers. The result is not simply a new generation of reactors—it is a fundamentally new market for developing, financing, deploying and commercializing nuclear energy.
One year after issuance of the nuclear EOs, the U.S. has made meaningful progress toward rebuilding the legal, regulatory, and commercial framework necessary to deploy the next generation of nuclear technologies. The NRC is undertaking one of the most comprehensive regulatory modernization efforts in its history. DOE and DOW are leveraging their statutory authorities to demonstrate advanced reactor technologies, strengthen the domestic fuel cycle and accelerate commercialization. At the same time, private capital, utilities, technology companies and industrial energy users are increasingly aligning behind nuclear as a critical component of the future U.S. energy system.
Considerable work remains. Many announced projects must still navigate licensing, financing, supply-chain development and construction before they become operating facilities. Successfully deploying nuclear at scale will require continued collaboration among government, developers, investors, utilities, manufacturers and technology providers.
Even so, the trajectory is increasingly clear. One year ago, many of the initiatives discussed in this article existed only as policy objectives. Today, agencies are implementing sweeping regulatory reforms, advanced reactors are reaching criticality under new federal programs, fuel-cycle infrastructure is expanding and new commercial partnerships are reshaping the market. Microreactors are being demonstrated under DOE's Reactor Pilot Program and Nuclear Energy Launch Pad, multiple SMR developers are advancing toward commercial deployment, and utilities and developers are actively planning deployment of new large reactors, including AP1000 projects. For the first time in decades, the U.S. is advancing large reactors, SMRs and microreactors simultaneously.
Deployable Energy's Unity reactor is the latest proof point. By becoming the third advanced reactor authorized by DOE to achieve criticality ahead of the President's July 4, 2026 deadline, it validates an ambitious goal established just over a year earlier. While these projects are demonstration-scale microreactors, achieving criticality marks the first successful controlled, self-sustaining nuclear chain reaction and is the defining technical milestone demonstrating that a reactor's core design, fuel and safety systems perform as intended. Reaching that milestone substantially reduces technical uncertainty, validates years of engineering, and represents an important step toward broader commercial deployment. Perhaps most importantly, it shifts the conversation from whether advanced reactor technologies work to how quickly they can be deployed at commercial scale.
For companies seeking to develop, finance, invest in or supply the next generation of nuclear projects, this is a pivotal moment. Whether the opportunity lies in large reactors, SMRs, microreactors, fuel-cycle infrastructure, advanced fuels, or the growing ecosystem of nuclear supply-chain and technology providers, the legal and commercial landscape is evolving rapidly. The rules are changing, new pathways are emerging, and decisions made today will help shape the future of the U.S. nuclear industry for decades to come.