Which 4 SMR companies have expanded their capital base in the first half of 2025?

The small modular reactor (SMR) market is experiencing unprecedented momentum in early 2025, fueled by record-breaking capital inflows and growing investor confidence. Valued at $5.81 billion in 2024, the global SMR market is projected to reach $5.96 billion by the end of 2025. This growth trajectory is expected to continue, with market value forecasted to climb to $8.37 billion by 2032 at a CAGR of 4.98%. Data from CB Insights and Pitchbook shows that over the past eight years, just four companies—X-Energy, TerraPower, NuScale Power, and Newcleo—captured nearly 92% of the total $3.2 billion in equity funding directed toward SMR-focused firms. In the first half of 2025 alone, these companies have significantly expanded their capital base through a mix of strategic investments, government support, and institutional backing, reinforcing their leadership in advancing next-generation nuclear technologies. Here is a snapshot of their latest financial achievements and the broader investment surge shaping the future of the SMR sector.

X-Energy

X-Energy has emerged as a leader in the SMR space, particularly due to its significant direct investment from tech giants. The company's Xe-100 reactor technology has attracted substantial capital, reflecting confidence in its potential to meet future energy demands. X-Energy successfully raised $700 million in its most recent financing round, led by Amazon, with additional capital from prominent investors including Citadel founder Ken Griffin, Ares Management, Segra Capital Management, Jane Street Capital, and the University of Michigan. This investment is a testament to the growing interest from the private sector, especially the technology industry, in advanced nuclear solutions.

Amazon's investment is particularly noteworthy as it directly finances the construction of reactors, rather than merely agreeing to purchase power from them. This strategic partnership will finance four Xe-100 reactors in Washington state, with operations anticipated to begin in the early 2030s. X-Energy is also collaborating with Dow Inc. to deploy four reactors at Dow's manufacturing facility in Seadrift, Texas. The company has also been awarded up to $1.2 billion from the Department of Energy to support the development and deployment of its technology. As of 2025, X-Energy's equity funding stands at $1.1 billion.

TerraPower

TerraPower, co-founded by Bill Gates, continues to be a prominent player in the SMR landscape, attracting considerable investment and engaging in strategic partnerships. The company's financial activities in 2025 highlight its ongoing efforts to advance its Natrium reactor technology and secure its supply chain. While a significant $830 million funding round was secured in 2022, 2025 has seen continued financial momentum through strategic agreements and government backing. Notably, TerraPower is set to receive $2 billion from the Department of Energy for its Wyoming project, an investment that TerraPower has committed to matching dollar for dollar. This substantial government support underscores the strategic importance of TerraPower's initiatives in the national energy landscape. 

In January 2025, TerraPower announced a deal with Sabey Data Centers to explore deployment opportunities for its Natrium reactors in the Rocky Mountain region and Texas, indicating a growing interest from the data center industry in SMRs as a reliable power source. Further momentum came in March 2025, when HD Hyundai formalized a strategic partnership with TerraPower to build large-scale manufacturing capacity for Natrium reactors. This collaboration aims to industrialize the SMR sector by incorporating advanced manufacturing techniques capable of supporting serial production- an essential step for bringing SMRs to market at scale. TerraPower's equity funding as of 2025 is reported to be $880 million. The company aims to start dispatching power by the end of 2030 and expects the Nuclear Regulatory Commission to issue a construction permit in December 2026.

Newcleo

Newcleo, a newcomer in the nuclear reactor sector established in 2021 and headquartered in Paris, is rapidly gaining traction for its innovative technology. The company focuses on lead-cooled fast reactors (LFRs), which utilize molten lead as a coolant—offering promising safety and efficiency advantages.

In February, Newcleo initiated the land acquisition process for its first LFR project in France, with the goal of commissioning the demonstrator reactor by 2031. This project is set to validate the feasibility of their SMR design and has already earned strong public support in France and broader Europe. Newcleo is also one of only two Advanced Modular Reactor (AMR) initiatives selected by the European Industrial Alliance on Small Modular Reactors—a significant endorsement of its potential.

Further boosting its profile, the Italian government is considering a strategic investment of up to $216.52 million through one or more state-controlled entities. This move aligns with Italy’s broader ambitions to reintroduce nuclear energy into its power mix. Newcleo’s mission extends beyond innovation—it aims to develop reactors that can operate on reprocessed nuclear waste, reducing both the cost and complexity of waste management. As of 2025, the company has raised $585 million in equity funding.

NuScale Power 

NuScale Power has demonstrated strong financial performance and investor confidence in early 2025, marked by significant liquidity and a notable increase in stock value. At the end of March, NuScale reported cash, cash equivalents, and short-term investments totaling $521.4 million. The company successfully raised $102.4 million in gross proceeds by selling 4.5 million shares through its At-The-Market (ATM) program during the first quarter of 2025. NuScale's stock experienced a remarkable 33% increase in 2025, significantly outperforming the S&P 500's 0.6% decline as of May 23, 2025. This surge was further fueled by a major revenue beat and cost reductions reported in its Q1 2025 earnings, which saw the stock soar by 21.64% on May 13, 2025. The company's quarterly revenue for Q1 2025 reached $13.4 million, substantially exceeding expectations. 

In December 2024, NuScale also saw approximately 97% of its outstanding Warrants exercised, resulting in $227.7 million in cash proceeds. NuScale's confidence in securing a firm customer order by the end of 2025 has led to investments in long-lead materials for the manufacturing of twelve modules. It is the only near-term deployable SMR company with U.S. Nuclear Regulatory Commission (NRC) design approval.  NuScale Power's total equity funding as of 2025 is reported to be $468.7 million. 

Moving Ahead: What to Expect?

Looking ahead to the second half of 2025, the surge in SMR investments is poised to intersect with one of the decade’s most pressing energy challenges: the exponential rise in power demand driven by artificial intelligence and data centers. As AI models grow more complex and data infrastructure expands globally, the need for stable, scalable, and carbon-free energy sources has become urgent. This is precisely where SMRs are gaining strategic relevance. Tech giants such as Amazon, Microsoft, and Alphabet are not only funding SMR developers but are actively positioning nuclear energy as a core component of their long-term sustainability and operational resilience strategies. The latter half of the year is expected to bring increased corporate involvement, more direct investments from the technology sector, and new partnership models between nuclear developers and hyperscale digital infrastructure providers. With SMRs uniquely capable of offering consistent, off-grid power with a small land footprint, they are increasingly seen not just as energy assets—but as enablers of the next wave of digital transformation.