Advanced fast-reactor developer (Oklo) — build-own-operate microreactors for data-center power; first reactor critical Aug 2026
AI exposure 85% — derived from reported segment revenue, not asserted.
Energy Supply & Critical Minerals → Small Modular Reactors (SMRs) · figures rebased to Q2 2026, reported 2026-08-07
Aurora powerhouses (build-own-operate power) + fuel recycling/fabrication + radioisotopes… is 100% of revenue, so Small Modular Reactors (SMRs) is effectively the whole company rather than one leg of it.
Oklo (first revenue $1.21M in Q2 2026) — advanced fast-reactor developer now organized around three lines: Power (Aurora powerhouses, build-own-operate — sells electricity, not reactors), Fuel (recycling + fabrication at Oak Ridge; Centrus HALEU LOI from 2029; Standard Nuclear recycled-material MOU) and Isotopes (Atomic Alchemy; the Groves reactor reached first criticality Aug 5, 2026 in under 11 months from greenfield). Critically, Aurora-INL runs on the DOE Reactor Pilot Program AUTHORIZATION pathway, not an NRC combined licence application: DOE has granted an INL site use permit, approved…
Moat. No longer a licensing option. Groves reached first criticality on Aug 5, 2026 — about eleven months from greenfield, with inherent self-shutdown through thermal expansion demonstrated — and Aurora-INL runs on the DOE Reactor Pilot Program authorization pathway, NOT an NRC combined licence application. DOE has granted an INL site use permit, approved the Nuclear Safety Design Agreement and the Preliminary Documented Safety Analysis, and allocated five metric tons of HALEU from recovered uranium; what remains is final-DSA approval plus a readiness review, for a startup targeted late 2027-2028.…
Bottleneck / pricing power. Still no delivered-power pricing. Q2's $1.21M of first-ever revenue is isotope and services work, not electricity, and the first recurring isotope stream is guided to early 2027 from the Idaho Radiochemistry Laboratory rather than from Groves. What changed is that counterparties now fund the build ahead of it: Meta prepays for power under the 1.2GW Pike County, Ohio agreement and Equinix has $25M down against 500MW. That is scarcity pricing without a delivered kilowatt-hour — real evidence of demand, but the ~14GW book behind it remains overwhelmingly non-binding.
Role in the AI stack. The advanced fission layer — one reactor critical and first revenue booked, but commercial power is still 2028+.
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