Another Day, Another SMR Startup Goes Public

Hadron Energy’s IPO exposes the silliness in the SMR sector. Plus, a 30% discount on subscriptions until June 9.

Sam Gibson is the 25-year-old CEO of Hadron Energy, which went public on May 26. Gibson’s stake in the startup is currently worth $118 million. Credit: Sam Gibson/X.

The SMR market isn’t just crowded, it’s overcrowded. As we’ve shown in SMR Intelligence US, there are now 42 companies trying to develop and commercialize small modular reactors in the United States. Dozens of foreign companies are trying to do the same thing.

But markets are brutally efficient. They always separate the weak players from the strong ones. And over the past two weeks, it has become clear that an increasing number of SMR contenders are desperate for capital. In fact, they’re so desperate that they are going public in the hope that doing so will help them stave off bankruptcy. These companies are accessing public markets because nuclear energy is suddenly cool again, and many startups are touting their reactors as a way to help meet the soaring power demand coming from AI and data centers.

In this, SMR Intelligence Update #7, we look at recent announcements from three SMR hopefuls, including Hadron Energy, which went public last week, Deep Fission, which has filed an S-1, and Paris-based SMR company Newcleo, which reached an agreement to list on the Nasdaq stock exchange through a merger ​and will begin trading in the second half of this year.

Counting these new entrants, there will soon be nine pure-play SMR companies trading on US exchanges. Here’s an unsentimental look at the newest additions.