What it holds
Nuclear Fleet Build follows the money through the Nuclear and uranium bill of materials: the parts it takes to build it, and the companies that earn their revenue supplying them. Each company is read from its own reports, so a holding reflects what it actually sells into the theme, not what it says about it.
| Part | What it covers |
|---|---|
| Uranium Mining & Milling | uranium mining milling, uranium exploration development |
| Conversion | uranium conversion |
| Enrichment (LEU, LEU+ and HALEU) | uranium enrichment swu, haleu production, enrichment technology licensing |
| Fuel Fabrication & Cladding | fuel assembly fabrication, triso advanced fuels, zirconium cladding alloys |
| Reactor Technology Vendors & Design Licensing | reactor design licensing, smr advanced reactor developers |
| Nuclear EPC, Architect-Engineering & Construction | architecture engineering services, nuclear epc construction, nuclear module fabrication |
| Civil & Structural Materials | ready mix concrete, cement, construction aggregates, rebar, steel framing structural, containment liner steel plate |
| Nuclear Island Heavy Components | reactor pressure vessels, steam generators, reactor coolant pumps, reactor internals crdm, nuclear heavy forgings |
| Turbine Island | nuclear steam turbines, turbine generators large, condensers feedwater heat exchangers |
| Safety-Grade Valves, Pumps, Piping & Plant Mechanical Systems | nuclear valves actuators, nuclear auxiliary pumps, nuclear piping supports, nuclear hvac filtration, nuclear cranes handling |
| Instrumentation & Control, Radiation Monitoring & Plant Cybersecurity | nuclear digital ic, neutron incore instrumentation, radiation detection dosimetry, plant simulators training software, plc controllers, ot ICs security |
| Plant Electrical Systems | transformers, switchgear, critical power batteries, UPS systems, emergency diesel generators, nuclear qualified cable |
| Nuclear Plant Owner-Operators | nuclear power generation, nuclear owner operator smr |
| Outage, Maintenance, Inspection & Life-Extension Services | nuclear outage services, nuclear inspection ndt, life extension uprate engineering |
| Spent Fuel Storage & Radioactive Material Transport | spent fuel dry storage casks, radioactive material transport |
| Radioactive Waste Processing, Disposal & Recycling | radioactive waste processing, llw disposal sites, spent fuel reprocessing recycling, geological repository services |
| Commercial Reactor Decommissioning | nuclear decommissioning |
How it breaks down
- United States60%
- Canada16%
- South Korea8%
- Hong Kong8%
- Australia8%
- Large cap ($10bn to $200bn)40%
- Mid cap ($2bn to $10bn)26%
- Small cap (under $2bn)34%
Shares of the strategy as of the data date.
Largest companies
| Company | Listing | Market value |
|---|---|---|
| Perma Fix Environmental Services | PESI.XNAS | $290 million |
| Cameco | CCO.TO | $36 billion |
| Centrus Energy | LEU.XNYS | $2 billion |
| BWX Technologies | BWXT.XNYS | $12 billion |
| Talen Energy | TLN.XNAS | $17 billion |
| Mirion Technologies | MIR.XNYS | $4 billion |
| Nuscale Power | SMR.XNYS | $2 billion |
| Constellation Energy | CEG.XNAS | $91 billion |
| Kepco Plant S& | 051600.KO | $1 billion |
| 1164.Hk | 1164.HK | $2 billion |
| AtkinsRealis Group | ATRL.TO | $10 billion |
| SILEX Systems | SLX.AU | $691 million |
| Uranium Energy | UEC.XNYS | $4 billion |
| Terrestrial Energy | IMSR.XNAS | $355 million |
Questions
- What is Nuclear Fleet Build?
- Everything it takes to build, fuel and run the world's nuclear fleet: the fuel cycle, reactor vendors and builders, components, operators, services and waste.
- What does Nuclear Fleet Build hold?
- Listed companies that earn their revenue from the parts it takes to build Nuclear Power: Build, Fuel and Run the Fleet: Uranium Mining & Milling, Conversion, Enrichment (LEU, LEU+ and HALEU), Fuel Fabrication & Cladding, Reactor Technology Vendors & Design Licensing, Nuclear EPC, Architect-Engineering & Construction. 14 companies as of 2026-10-28.
- What is not in Nuclear Fleet Build?
- Replacement steam generators and vessel heads as hardware: Nuclear Island Heavy Components, not Outage, Maintenance, Inspection & Life-Extension Services; installation and removal labor: Outage, Maintenance, Inspection & Life-Extension Services Digital I&C hardware, software and engineering: Instrumentation & Control, Radiation Monitoring & Plant Cybersecurity, not Outage, Maintenance, Inspection & Life-Extension Services; field installation labor during outages: Outage, Maintenance, Inspection & Life-Extension Services Return on capital, financing and owner's costs: Nuclear Plant Owner-Operators, not Nuclear EPC, Architect-Engineering & Construction or any equipment bucket
Sources
Every part of the bill of materials is researched from published industry sources, and every company from its own annual reports and exchange data. Nothing is estimated that cannot be sourced.
Industry research: cnpce.ne.anl.gov/necost.pdf · gain.inl.gov/content/uploads/4/2024/11/INL-RPT-23-72972-Lite · image-ppubs.uspto.gov/dirsearch-public/print/downloadPdf/677 · inis.iaea.org/records/zfa5t-t9n42 · sai.inl.gov/content/uploads/29/2024/11/2020_module_b.pdf · web.mit.edu/kshirvan/www/research/ANP193%20TR%20CANES.pdf · web.mit.edu/kshirvan/www/research/ANP201%20TR%20CANES.pdf · world-nuclear.org/images/articles/economicsnp.pdf · world-nuclear.org/information-library/economic-aspects/econo · world-nuclear.org/information-library/nuclear-fuel-cycle/con · belfercenter.org/publication/economics-reprocessing-vs-direc · cameco.com/invest/markets/uranium-price · eia.gov/analysis/studies/powerplants/capitalcost/pdf/capital · iea.org/reports/projected-costs-of-generating-electricity-20 · nei.org/getContentAsset/47fa8caa-9b0d-4029-932c-07f902e82f4f · nei.org/resources/fact-sheets/decommissioning-nuclear-power- · nrc.gov/docs/ML0931/ML093160835.pdf · nrc.gov/docs/ML1002/ML100200460.pdf · nrc.gov/reading-rm/doc-collections/fact-sheets/decommissioni · oecd-nea.org/ndd/reports/efc/EFC-complete.pdf
What it is not
Where an item could belong to two parts, these rules decide which owns it; items outside every part are not counted.
- Replacement steam generators and vessel heads as hardware: Nuclear Island Heavy Components, not Outage, Maintenance, Inspection & Life-Extension Services; installation and removal labor: Outage, Maintenance, Inspection & Life-Extension Services
- Digital I&C hardware, software and engineering: Instrumentation & Control, Radiation Monitoring & Plant Cybersecurity, not Outage, Maintenance, Inspection & Life-Extension Services; field installation labor during outages: Outage, Maintenance, Inspection & Life-Extension Services
- Return on capital, financing and owner's costs: Nuclear Plant Owner-Operators, not Nuclear EPC, Architect-Engineering & Construction or any equipment bucket
- Decommissioning waste processing, packaging and disposal: Radioactive Waste Processing, Disposal & Recycling, not Commercial Reactor Decommissioning; dismantling and demolition labor: Commercial Reactor Decommissioning
- Convention: new-build installation labor and erection: Nuclear EPC, Architect-Engineering & Construction, not equipment buckets b4 to b8; installation during operating plant outages: Outage, Maintenance, Inspection & Life-Extension Services
- Convention: fuel cost counted once at each stage's own sale value, with the owner's fuel purchases excluded from Nuclear Plant Owner-Operators and waste fund fees excluded from Spent Fuel Storage & Radioactive Material Transport
- Owner's engineer and A/E services purchased for new build: Nuclear EPC, Architect-Engineering & Construction, not Nuclear Plant Owner-Operators
- SMR developer design IP, licensing and technology fees: Reactor Technology Vendors & Design Licensing, not Nuclear Plant Owner-Operators; electricity sale and plant operation: Nuclear Plant Owner-Operators
- Reactor coolant pumps and primary piping: Nuclear Island Heavy Components, not Safety-Grade Valves, Pumps, Piping & Plant Mechanical Systems
- Deconversion of enriched and depleted product: Enrichment (LEU, LEU+ and HALEU), not Conversion or Fuel Fabrication & Cladding; UF6 to UO2 powder at fabricators: Fuel Fabrication & Cladding
- Natural UO2 powder for PHWR fuel: Conversion, not Fuel Fabrication & Cladding; pellets and bundles: Fuel Fabrication & Cladding
- HALEU enrichment: Enrichment (LEU, LEU+ and HALEU), not Fuel Fabrication & Cladding; TRISO kernels and compacts: Fuel Fabrication & Cladding
- Cask systems, re-racking and loading campaigns: Spent Fuel Storage & Radioactive Material Transport, not Outage, Maintenance, Inspection & Life-Extension Services
- Containment liner plate and structural steel as material: Civil & Structural Materials, not Nuclear EPC, Architect-Engineering & Construction; module assembly and erection: Nuclear EPC, Architect-Engineering & Construction
- NSSS engineering and design certification: Reactor Technology Vendors & Design Licensing, not Nuclear EPC, Architect-Engineering & Construction; balance of plant A/E design: Nuclear EPC, Architect-Engineering & Construction
- Refueling and fuel handling machines: Nuclear Island Heavy Components, not Safety-Grade Valves, Pumps, Piping & Plant Mechanical Systems; polar cranes: Safety-Grade Valves, Pumps, Piping & Plant Mechanical Systems
- Control rod drive mechanisms: Nuclear Island Heavy Components, not Instrumentation & Control, Radiation Monitoring & Plant Cybersecurity; incore neutron detectors: Instrumentation & Control, Radiation Monitoring & Plant Cybersecurity
- High-level waste conditioning and repository services: Radioactive Waste Processing, Disposal & Recycling, not Spent Fuel Storage & Radioactive Material Transport; shipping logistics: Spent Fuel Storage & Radioactive Material Transport
- Dry storage casks and ISFSI hardware: Spent Fuel Storage & Radioactive Material Transport, not Commercial Reactor Decommissioning
- Nuclear-qualified cable, batteries, UPS and EDGs: Plant Electrical Systems, not Instrumentation & Control, Radiation Monitoring & Plant Cybersecurity
- Main generator up to its terminals: Turbine Island, not Plant Electrical Systems; isophase bus and step-up transformers: Plant Electrical Systems
- Condensers, feedwater heaters and moisture separator reheaters: Turbine Island, not Nuclear Island Heavy Components or Safety-Grade Valves, Pumps, Piping & Plant Mechanical Systems
- Simulator hardware and software: Instrumentation & Control, Radiation Monitoring & Plant Cybersecurity, not Nuclear Plant Owner-Operators; operator training staff cost: Nuclear Plant Owner-Operators
- Radiation detectors and dosimetry products: Instrumentation & Control, Radiation Monitoring & Plant Cybersecurity, not Nuclear Plant Owner-Operators; outage health physics contract labor: Outage, Maintenance, Inspection & Life-Extension Services
Not investment advice. Figures are dated and sourced; ThematIQ does not estimate figures it cannot source.