SMR Commercialization Race: Top 10 Developers Vie for $900 M Grants, 6 GW TVA, and Google Deals (2024 to 2026)

The Small Modular Reactor (SMR) market is undergoing a period of intense acceleration, transitioning from design and research to concrete commercial deployment plans. This shift is primarily fueled by two powerful catalysts: the surging energy demand from AI-driven data centers and substantial government incentives aimed at bolstering clean, reliable baseload power. Tech giants like Meta, Amazon, and Google have entered the fray, signing significant offtake agreements and making direct investments, while governments, particularly in the U.S., are providing critical funding, such as the $900 million solicitation to support SMR deployment. The dominant theme for 2025 is the definitive move from design competitions to site-specific project execution, with a clear separation between developers who have secured commercial partners and those who have not. The competitive landscape is solidifying around a group of developers who have secured not only significant funding but also crucial partnerships with utilities and industrial end-users, setting the stage for first-of-a-kind commercial operations by the end of the decade.

SMR Market Size Forecasts (2024-2035)

The outlook for the SMR market shows significant growth, though forecasts vary among market research firms, reflecting different assumptions about deployment speed and technology adoption rates.

Table: SMR Global Market Forecasts

Top 10 SMR Developers by Commercialization Progress

The race to build the first commercial SMRs is defined by a handful of key indicators: regulatory progress, secured funding, and, most importantly, signed agreements with end-users for specific projects. The following ranking is based on an analysis of these public commercial signals through mid-2026.

1. GE Hitachi Nuclear Energy (GEH)

GEH’s BWRX-300 reactor leverages a proven design foundation, giving it a strong advantage in licensing and customer confidence. Its selection by Ontario Power Generation for the Darlington site, which is preparing for construction, marks the most advanced SMR project in North America. Additional agreements in Poland, the US, and the Czech Republic position GEH as a global frontrunner.

2. Rolls-Royce SMR

Backed by the UK government, Rolls-Royce SMR has a clear path to domestic deployment. The selection as a chosen technology in June 2025 for the UK’s SMR program provides a powerful home-market advantage. The company is progressing through the UK’s Generic Design Assessment (GDA) process and has MOUs with international partners, including in the Czech Republic.

3. X-energy

A recipient of the U.S. Department of Energy’s Advanced Reactor Demonstration Program (ARDP) funding, X-energy is developing its Xe-100 high-temperature gas-cooled reactor. The company’s partnership with Talen Energy to evaluate a gigawatt-scale deployment at its Susquehanna site and its significant offtake agreement with Dow demonstrate strong commercial traction for industrial applications.

4. Nu Scale Power

Nu Scale Power was the first and only SMR design to receive certification from the U.S. Nuclear Regulatory Commission (NRC), giving it a significant regulatory head start. Despite the cancellation of its flagship Carbon Free Power Project, the company remains a key player with multiple active MOUs and a landmark agreement with ENTRA 1 Energy and the Tennessee Valley Authority (TVA) to develop a 6 GW SMR deployment program.

5. Kairos Power

Kairos Power is notable for its fluoride salt-cooled high-temperature reactor (KP-FHR) and its aggressive commercialization strategy targeting industrial and tech customers. The October 2024 partnership with Google to deploy 500 MW of generation is a landmark deal, directly linking advanced nuclear to the power demands of the AI industry.

6. Holtec International

Holtec’s strategy is twofold: develop its SMR-300 reactor and leverage existing nuclear sites. The company is actively pursuing the restart of the Palisades nuclear plant and plans to deploy two SMR-300 units on the site, creating a potential 10 GW energy hub. This dual approach provides a unique path to market.

7. Terra Power

Chaired by Bill Gates, Terra Power is also an ARDP recipient for its Natrium™ reactor, a sodium-cooled fast reactor. The company is developing its first demonstration plant in Kemmerer, Wyoming, with utility partner Pacifi Corp. While facing delays related to fuel supply, its strong financial backing and advanced technology keep it in the top tier.

8. Last Energy

Focusing on a microreactor design and a unique business model of leasing standardized, factory-produced units, Last Energy has gained traction with industrial customers in Europe. It has signed letters of intent for multiple units in Poland and the UK, targeting customers who need smaller-scale, dedicated power sources.

9. Westinghouse Electric Company

Leveraging decades of nuclear experience, Westinghouse entered the SMR race with its AP 300 SMR, a smaller version of its proven AP 1000 reactor. This strategy aims to reduce licensing risk and capitalize on an established supply chain. The company is actively marketing the AP 300 in the UK and Eastern Europe.

10. Doosan Enerbility

While primarily a major component manufacturer and EPC contractor, South Korea’s Doosan Enerbility is a critical enabler of the SMR market and a developer of its own SMR design. The company is a manufacturing partner for Nu Scale and has investments in other developers, placing it at the center of the global SMR supply chain.

SMR Deployment for Data Centers: Kairos Power & Google’s 500 MW Deal

The single greatest demand-side driver for SMRs to emerge in the 2024-2026 period is the explosive growth of AI and the corresponding power requirements for data centers. This has created a new class of motivated, well-capitalized customers outside the traditional utility space, fundamentally changing the commercial landscape for nuclear power.

The AI Data Center Power Crunch

Traditional power grids in key regions are struggling to meet the projected load growth from next-generation data centers. Tech giants like Google, Meta, and Amazon, who have corporate clean energy mandates, see SMRs as a potential solution for 24/7 carbon-free power. Google’s partnership with Kairos Power for a 500 MW deployment and its announcement of a Tennessee site for SMRs in August 2025 are direct responses to this challenge. This trend is creating demand not just for grid-scale power but for dedicated, behind-the-meter generation.

Beyond Utilities: New Industrial Offtakers

The data center industry is joined by other industrial sectors seeking reliable, clean energy. X-energy‘s agreement with Dow to provide process heat and power for a chemical facility is a prime example. This demonstrates the versatility of advanced reactor designs, particularly high-temperature models, to serve applications beyond electricity generation. This diversification of the customer base de-risks the market for developers, as they are no longer solely dependent on slow-moving utility procurement cycles.

SMR Market Set for Exponential Growth: $200M to $17.2B by 2035
The Small Modular Reactor (SMR) market is projected for explosive growth, escalating from an estimated $200 million in 2025 to over $17.2 billion by 2035. This indicates a CAGR exceeding 50% over the decade, marking SMRs as a critical emerging energy sector.

Massive Opportunity in SMRs as Energy Security and Decarbonization Drive Demand
This dramatic market expansion signals a critical window for first-mover advantages. The rapid scale-up underscores growing investor confidence and regulatory support, driven by global demands for decarbonization, energy independence, and stable baseload power beyond traditional nuclear.

(Source: Precedence Research — via Small Modular Reactor Market Size & Share Report 2026-2030)

North America & Europe Lead SMR Deployment as Rolls-Royce Enters UK Build Phase

SMR development is a global phenomenon, but North America and Europe have emerged as the clear leaders in commercial deployment activity. This leadership is built on a foundation of government support, established regulatory frameworks, and urgent energy security needs. The management of the grid to accommodate these new sources will be a significant challenge, requiring advanced tools like Grid CARE AI software.

US Federal Incentives Create Market Pull

The United States is leveraging a combination of funding and policy to accelerate SMR deployment. The DOE’s $900 million funding opportunity announced in March 2025 is designed to bridge the gap between design and construction for a handful of mature designs. This, combined with tax credits from the Inflation Reduction Act, creates a powerful financial incentive for first-of-a-kind projects, attracting both developers and private investment.

UK and Czech Republic Advance Projects

In Europe, the UK has taken a direct role by selecting Rolls-Royce SMR as its domestic champion, creating a streamlined path to construction. Meanwhile, the Czech Republic is advancing plans for SMRs at two sites, with utility ČEZ evaluating proposals from multiple international vendors. These government-led initiatives provide the market certainty needed to move large, capital-intensive projects forward.

From Design to Deployment: Nu Scale Power’s 6 GW TVA Program Signals Scale

The SMR industry is crossing the chasm from theoretical designs to physical projects. This transition tests the maturity of not only the reactor technologies but also the developers’ ability to execute complex, multi-billion-dollar construction projects. The journey is comparable to other clean technologies like the ongoing effort for fuel cell commercialization, which also balances technology readiness with infrastructure and cost challenges.

First-Mover Advantage vs. Design Setbacks

Nu Scale Power’s experience highlights the dual-edged sword of being a first mover. Achieving the first-ever NRC design certification was a landmark victory, but the subsequent cancellation of the Utah-based CFFP project due to rising costs underscores the economic hurdles. However, the lessons learned and the regulatory groundwork laid by Nu Scale benefit the entire industry, and its recent large-scale program announcement with TVA shows it remains a formidable contender.

Diversifying Beyond Light-Water Reactors

While conventional light-water SMRs like those from Nu Scale and GEH are closest to market, significant investment is also flowing into advanced “Generation IV” designs. High-temperature gas reactors from X-energy and molten salt reactors from developers like Kairos Power promise higher efficiencies and new applications. Progress in adjacent fields, such as stellarator fusion concepts being pursued by firms like Thea Energy, shows a broad-based push for advanced nuclear physics in the energy sector, supported by complex simulations from companies like Physics X.

2026 SMR Outlook: First Concrete Pours & Fuel Supply Chain as Critical Path

The most critical strategic indicator for the SMR market in 2026 will be the start of safety-related construction. The first developer to pour concrete for a commercial reactor will send an undeniable signal of market leadership and de-risk the sector for a wave of follow-on investment.

Final Investment Decisions as Key Signal

Watch for Final Investment Decisions (FIDs) on projects like OPG’s Darlington SMR. An FID represents the moment a project moves from paper to reality, locking in financing and major construction contracts. As of mid-2026, several leading projects are approaching this milestone. A successful FID for one project will significantly increase the perceived bankability of others, while a delay or cancellation will have a chilling effect on investor confidence.

The High-Assay Low-Enriched Uranium (HALEU) Bottleneck

The critical path for many advanced reactors is not concrete but fuel. A majority of next-generation designs require High-Assay Low-Enriched Uranium (HALEU), which is not yet produced at commercial scale outside of Russia. While governments are investing to build out a Western supply chain, the timeline is tight. Any delays in HALEU production could re-shuffle the commercialization timeline, potentially giving an advantage to SMRs that run on standard Low-Enriched Uranium (LEU).

The questions your competitors are already asking

This report covers one angle of small modular reactor commercialization. The questions that matter most depend on your work.

• Companies building new nuclear fuel supply chains
• Which data centers are planning to use nuclear power
• US nuclear projects starting construction soon
• Cost to build a small modular reactor

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