Energy
Small Modular and Advanced Reactors: Fuel Demand and the HALEU Supply Constraint
Quantifies the incremental uranium and separative work unit demand from the emerging SMR and advanced reactor order book, with emphasis on HALEU supply constraints and the role of hyperscaler power procurement in accelerating deployment.
$4,20042 pages · PDF · 2.4 MB
Summary
Small modular reactors have moved from concept to order book, pulled forward by technology companies contracting nuclear power for data centers. This report sizes the deployment pipeline, distinguishes the fuel requirements by design, and concentrates on the high-assay low-enriched uranium bottleneck that could gate the whole effort. It frames the incremental uranium and enrichment demand under base, delayed, and accelerated cases.
Updated Dec 2025 · By Mining Terminal Research
What's inside
Table of contents
- 01Executive Summary and Headline Findings
- 02SMR Market Structure: Reactor Families, Fuel Assay, and Developers
- 03Deployment Order Book: Announced Projects, Construction Starts, and Schedules Through 2035
- 04Hyperscaler and Data-Center Demand as a Deployment Catalyst
- 05Fuel Requirements by Design: LEU Versus HALEU Enrichment Grades and SWU Intensities
- 06The HALEU Supply Bottleneck: Centrus, Tenex, and Western Enrichment Capacity
- 07Incremental Uranium and SWU Demand Under Base, Delayed, and Accelerated Scenarios
- 08Cost and Licensing Risk: NRC Permit Timelines and Capital Cost Benchmarks
- 09Policy and Geopolitical Factors: US HALEU Legislation, Russian Exposure, and Allied Fuel Programs
- 10Implications for Uranium Producers, Enrichers, and Converters
- 11Data Sources and Methodology
Charts & data tables
- ↳Small Modular and Advanced Reactors trend dashboard (historical + forward scenarios)
- ↳Contract versus spot price behavior over time
- ↳Producer cash-cost and sustaining-cost ranges
- ↳Utility and industrial procurement cadence
- ↳Project pipeline readiness and commissioning milestones
- ↳Sensitivity matrix: price, cost, and policy variables
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