The Nuclear Energy Playbook: Full Value Chain Edition -
From uranium in the ground → enriched fuel → reactor technology → operating plants
AI needs 24/7 clean baseload power. There’s only one answer at scale.
Nuclear.
LAYER 1 — THE ROYALTY PLAY
$UROY — Uranium Royalty Corp.
The only pure-play uranium royalty company on NASDAQ. Think of this as the Franco-Nevada of nuclear. UROY holds cornerstone royalties on some of the world’s most significant low-cost uranium operations, including the McArthur River Mine and Cigar Lake Mine in Canada’s Athabasca Basin. 
The Big Move: UROY agreed to acquire Sweetwater Royalties for ~$1.1B, creating a new US-listed company to capitalize on growing demand for nuclear fuel.  The combination creates a cash-flowing royalty leader with one of the largest private land and mineral-rights positions in the United States, with dominant holdings in Wyoming’s Green River Basin. Management expects the deal to be significantly accretive to NAV, cash flow, and earnings. 
LAYER 2 — THE FUEL TECHNOLOGY INNOVATOR
$LTBR — Lightbridge Corporation
The sleeper in the nuclear stack. Lightbridge develops next-generation metallic nuclear fuel that runs approximately 1,000°C cooler than standard fuel, significantly enhancing the economics and safety of nuclear power. Four large US electric utilities that generate about half of US nuclear power already advise Lightbridge on fuel development and deployment. 
2026 Catalysts:
→ European Patent Office issued a Notice of Allowance covering Multi-Zone Fuel Element and additive manufacturing (3D printing) method — expanding global patent protection 
→ Lightbridge partnered with Studsvik Scandpower to develop software for modeling Lightbridge Fuel — a critical step toward commercial reactor deployment 
→ Total assets $218.9M vs total liabilities of just $1.3M — nearly debt-free
LAYER 3 — THE ENRICHMENT MONOPOLY
$LEU — Centrus Energy
The most critical chokepoint in the entire nuclear value chain. As the sole US NRC-licensed producer of HALEU — the advanced nuclear fuel required by most next-generation reactor designs — Centrus holds a unique and critical position. The company characterizes itself as the “only HALEU enricher in the Western World.” 
2026 Setup:
→ Centrus has a $3.1B LEU backlog reflecting contracts through 2040 — plus HALEU supply agreements with Oklo, TerraPower, and X-Energy 
→ HALEU market opportunity estimated at $2.8B by 2030, growing to $8B by 2035 
→ Palantir ($PLTR) partnership announced for AI-driven enrichment operations
→ Geiger Brothers selected as construction contractor for multi-billion dollar Ohio capacity expansion
→ DOE HALEU contract extended through June 2026 with 8 more years of options
LAYER 4 — THE ATHABASCA DEVELOPER
$DNN — Denison Mines
The highest-quality uranium development asset in the world, sitting in Saskatchewan’s Athabasca Basin. Denison received regulatory approval to commence construction at its Phoenix in-situ recovery (ISR) asset in February 2026. With development expected to take approximately two years, Denison estimates uranium production will begin in mid-2028. 
→ Phoenix ISR: one of the highest-grade uranium deposits globally
→ Also holds physical uranium inventory as a price leverage tool
→ ISR mining = lower cost, lower environmental footprint vs. conventional mining
→ Production timeline now clear with regulatory approval in hand
LAYER 5 — THE MICROREACTOR DISRUPTORS
$OKLO — Meta 1.2GW deal, NRC Aurora approval, Idaho deployment 2027
$NNE — KRONOS NRC permit filed, space nuclear mandate tailwind
$SMR — OG SMR design, hunting for first commercial contract
LAYER 6 — THE BLUE-CHIP ANCHOR
$CEG — Constellation Energy
Down ~20% YTD. $5B buyback authorized. Data center PPAs haven’t been priced in yet. The most asymmetric risk/reward in the large-cap nuclear space right now.
Not a Financial advice
