Trump's May 2025 executive order targets 400 GW nuclear capacity by 2050. Constellation Energy, NuScale Power, and Cameco are the primary beneficiaries. Here's the policy, exposure, and risks.
The White House set a new target for U.S. nuclear capacity in May 2025. Donald Trump signed an executive order directing the country to reach 400 gigawatts of nuclear power by 2050. The existing fleet produces roughly 100 GW.
Regulatory streamlining and expanded loan guarantees are the order's main mechanisms. A separate provision directs the Nuclear Regulatory Commission to accelerate the licensing process for advanced reactors. The order also creates a working group to coordinate site selection for new plants, including potential locations for small modular reactors on retired coal plant sites.
Constellation Energy is the most direct beneficiary among public companies. The operator already has agreements with Meta Platforms and Walmart to supply nuclear power to their operations. Constellation received a $1 billion loan from the U.S. government tied to its nuclear ambitions. The company is evaluating the restart of shuttered reactors and the extension of licenses for plants that had been scheduled for retirement. The executive order explicitly supports license extensions and restarts.
NuScale Power designs small modular reactors. The NRC recently approved a higher-capacity version of NuScale's reactor design, increasing the power output per module. NuScale is working with the Tennessee Valley Authority and a Romanian utility on potential first deployments. The company has not yet sold a commercial reactor. It is a pre-revenue startup with operating losses. The order includes a provision for accelerated licensing of advanced reactor designs.
Cameco supplies the fuel. The company produces uranium and owns a 49% stake in Westinghouse, a major nuclear services provider. More nuclear capacity means more uranium demand. Cameco controls a large share of the global uranium supply chain. The order includes plans to expand domestic uranium enrichment and conversion capacity.
Brookfield Renewable Partners owns a minority stake in Westinghouse alongside Cameco. The partnership gives Brookfield exposure to the nuclear services market without direct construction risk. Brookfield's diversified clean energy portfolio includes hydro, wind, and solar. The stock yields about 4.8%.
Meta Platforms and Walmart are not nuclear companies. Their power purchase agreements with Constellation tie them to the nuclear buildout. Both companies have committed to 24/7 carbon-free energy targets. Nuclear provides the baseload power that renewables cannot. AlphaScala rates Meta at 65 and Walmart at 55 on its Alpha Score scale.
The 400 GW target is a policy goal. Reaching it would require building roughly 300 GW of new capacity over 25 years. That pace is ambitious for an industry that has not built a new large-scale reactor in decades. The Vogtle plant in Georgia, the only new reactor built recently, came online years behind schedule and billions over budget.
Small modular reactors promise lower costs. That promise remains untested. No commercial SMR has been built anywhere in the world.
Regulatory approvals remain a bottleneck. The NRC's licensing process for advanced reactors is still being tested. The order directs the commission to streamline the process. Changes to the regulatory framework take time and can face legal challenges.
Financing is another constraint. New nuclear plants require billions in upfront capital. The order expands loan guarantees. The Department of Energy has limited capacity. Private investors may be reluctant without a track record of successful construction.
Public acceptance is a wildcard. Nuclear power polls well nationally. Local opposition to specific plants can delay or kill projects. The order includes a provision for community engagement.
NuScale's path to profitability is the most uncertain. The company has no revenue from reactor sales. Its cash burn rate is high. The stock price is volatile. The executive order improves the regulatory outlook. It does not solve the company's need for a first customer.
Constellation Energy faces a different challenge. Its existing fleet is profitable. Restarts and license extensions are expensive and time-consuming. The $1 billion loan will not cover the full cost of restarting a reactor. The company will need to see a clear return before committing capital.
Cameco's risk is commodity price exposure. Uranium prices are cyclical. A downturn could offset the volume benefit from new nuclear capacity. The company's earnings are sensitive to spot prices.
The next markers to track are the Department of Energy's loan guarantee announcements and the NRC's progress on licensing timeline changes. Constellation Energy's next earnings call will include updates on its restart studies. NuScale Power's next regulatory milestone is the final design certification for its higher-capacity reactor. Cameco will report its quarterly uranium sales volumes in its next earnings release.
The Department of Energy is expected to announce initial loan guarantee decisions within months. The NRC must report on licensing timeline changes by a deadline set in the order.
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