Chris Levesque, with extensive experience in the nuclear sector as a Navy submarine operator and a commercial nuclear executive, transitioned to TerraPower—Bill Gates’ innovative startup—a decade ago. It was there that he encountered a radical shift in perspective, recognizing the stagnation that had plagued the nuclear industry for years. Levesque noted that the established nuclear sector, long overcautious due to a rich history of safety concerns and costly overruns, had developed a culture that discouraged innovation. “We were rewarded for doing everything the same way it was done last time, maybe 1% better,” he observed, emphasizing the need for a shift in how the industry approaches development.
The sluggish pace of nuclear expansion can be exemplified by the Vogtle project in Georgia, which took 15 years and cost over $35 billion—far exceeding initial estimates. This has not fostered enthusiasm for nuclear projects. However, as the demand for power surges, especially from data-hungry AI applications, industry insiders see a resurgence in nuclear’s relevance, potentially setting the stage for what Energy Secretary Chris Wright describes as “the next American nuclear renaissance.”
Recent collaborations highlight this renewed interest. In January, Meta announced partnerships with TerraPower and Oklo to develop approximately 4 gigawatts of small modular reactors (SMRs), sufficient to power nearly 3 million homes. These projects aim to provide clean energy for Meta’s planned AI mega campus in Ohio, reflecting a strategic shift among tech companies toward nuclear solutions. Analyst Dan Ives remarked that this collaboration is only the beginning, predicting widespread nuclear investments from other major tech firms.
SMRs, which can be built in as little as three years versus the ten years typically needed for larger reactors, present a flexible and quicker solution for a growing energy demand. Jacob DeWitte, CEO of Oklo, noted that the hyperscalers, or companies operating large-scale data centers, recognize the serious challenges of meeting their energy needs and have begun to explore nuclear as a viable option.
The rise of SMRs is also significant in the context of the energy market dynamics. While natural gas has dominated the power generation sector, the volatility in gas prices and backlog of orders for gas turbines has driven hyperscalers to reconsider their long-term energy strategies. While wind and solar have seen their share of growth, the impending expiration of federal subsidies presents a challenge, reigniting interest in nuclear energy as a reliable and low-emission alternative.
TerraPower is currently developing its first SMR plant in Wyoming, scheduled for completion in 2030, with power generation beginning in 2031. The deal with Meta contains plans for additional modular reactors, indicating strong demand and a concerted effort to scale operations quickly. Levesque described the Meta agreement as pivotal for their growth trajectory, hoping to have multiple plants in construction by the time the Wyoming plant goes operational.
Oklo, founded in 2013, is also set to start construction on its first reactors in Ohio, with a timeline that aims to have them online by 2030. Their partnership with the Department of Energy will allow them to leverage pilot projects to refine their nuclear technologies. The potential of advanced nuclear reactor concepts, such as sodium-cooled reactors, could allow for lighter, more efficient designs compared to conventional methods.
There is a developing conversation about fuel sustainability as well. The enriched uranium market is currently dominated by Russia, and both TerraPower and Oklo are actively exploring options for uranium recycling to increase the sustainability of nuclear energy. Oklo’s planned $1.7 billion recycling facility in Tennessee aims to address the concerns of fuel shortages and enhance the economical viability of nuclear power over the long term.
Despite some promising developments, the path forward is not without challenges. The renewed push for nuclear energy has sparked concerns among safety advocates. While the Biden administration aims to boost nuclear capacity significantly by 2050, critics worry that the accelerated regulatory process might compromise safety standards established post-disasters like Chernobyl and Fukushima. The Union of Concerned Scientists has voiced strong apprehension over the loosening of regulatory oversight, favoring a rapid expansion of nuclear capabilities.
Nevertheless, several new initiatives throughout the industry indicate a cautious optimism about nuclear power’s renaissance. Projects from companies such as Antares Nuclear and Natura Resources reflect a commitment to developing small-scale, innovative reactor designs that proponents claim will be safer and more efficient.
Technical advancements in nuclear power, combined with the parallel growth in AI and technology energy demands, seem poised to reshape the energy landscape in the coming years. The interplay between innovation, regulatory frameworks, and strategic partnerships will determine how quickly and effectively the nuclear sector can adapt to meet the growing appetite for clean, reliable energy.
