# 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.

Theme: Nuclear and uranium (Energy and resources). Page: https://thematiq.io/themes/nuclear-and-uranium/nuclear-fleet-build/

## Key facts

- **The build: 17** parts in the Nuclear Power: Build, Fuel and Run the Fleet bill of materials, each traced to the companies that supply it (ThematIQ research)
- **The companies: 14** companies worth $184 billion, earning on average 66% of their revenue here (Annual reports and exchange data, 2026-10-28)

## What it holds

Listed companies that earn their revenue supplying these parts of the Nuclear Power: Build, Fuel and Run the Fleet bill of materials, each read from its own reports.

| Part | 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 |

## 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 |

By listing country: United States 60%, Canada 16%, South Korea 8%, Hong Kong 8%, Australia 8%.

### 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

## What it is not

- 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

Data as of 2026-10-28. Source: ThematIQ (industry research, company filings, exchange data), ETFIQ (fund counts), and the publishers linked above. Not investment advice.