Investors have taken notice of the eye-popping federal commitments to new nuclear capacity in the U.S. in recent months. Headlines have focused on massive reactor-deployment partnerships and loan authority in the hundreds of billions. While reactor developers certainly stand to benefit, a closer look reveals that the majority of this capital will flow through the broader nuclear value chain to fuel suppliers, component manufacturers, construction firms, and service providers. Diversified exposure across the full supply chain often captures more of the upside than any single reactor play alone.

The $80 billion Westinghouse partnership.

In late October 2025, the U.S. government entered a strategic partnership with Brookfield Asset Management (BAM) and Cameco Corporation (CCJ) to accelerate deployment of Westinghouse’s AP1000 reactor. At the center of the deal is $80 billion for constructing 10 reactors across the U.S. The government committed to arranging financing, streamlining permitting, and supporting long-lead procurement. CCJ, which owns 49% of Westinghouse alongside Brookfield’s 51% stake, brings not only reactor expertise but also critical fuel supply capabilities to the table.

The announcement was celebrated as a win for Westinghouse and its owners, but it should be understood that the majority of this funding will be spent long before a single watt is generated from any of these new reactors. Some of the components of the new plants will require significant lead time with fabrication and forging. Site evaluation and preparation will take months or years as well. 

The $40 billion U.S.-Japan SMR initiative.

More recently, President Trump and Japanese Prime Minister Sanae Takaichi announced up to $40 billion in joint investment for GE Vernova (GEV) and Hitachi to deploy BWRX-300 small modular reactors in Tennessee and Alabama. The deal is part of a larger bilateral energy package and underscores growing international collaboration on advanced nuclear energy.

Like the Westinghouse partnership, the capital commitment extends well beyond the SMR vendor. GE Vernova’s role as reactor designer is important, but the project will require extensive supply-chain support: specialized forgings, valves, pumps, instrumentation, and construction services. Early procurement of long-lead items and fuel will represent meaningful revenue streams for companies positioned across the value chain.

Hundreds of billions more through the Office of Energy Dominance Financing.

Last year, Energy Secretary Chris Wright highlighted the Department of Energy’s Loan Programs Office, now the Office of Energy Dominance Financing (EDF), as the largest single source of federal financing for new nuclear. The EDF carries hundreds of billions in lending authority through loan guarantees and direct loans. These are financing vehicles specifically designed to help projects that struggle to secure traditional bank loans. Secretary Wright stated plainly that “by far the biggest use of those dollars will be for nuclear power plants to get those first plants built.”

This office has already deployed several billions in funding to support the nuclear power plant restart in Michigan, the restart of the Three Mile Island facility, and the uprating of existing nuclear plants owned by Southern Company. 

Where is the money going? 

The vast majority of the funding will be spent on the fuel and supply chain:

• Uranium must be mined, processed, and fabricated for new fuel. 
• Front-end engineering studies must be conducted and evaluated. 
• Site preparation and construction will require significant amounts of concrete, steel, time and effort. 
• Tens of billions of dollars will be spent on systems and equipment for the new reactors, including instrumentation, piping, pumps, valves, and control systems. 

Investors can expect to see a similar list of companies for the development of almost any reactor plant in the U.S.:

• Mining companies such as Uranium Energy Corp. (UEC)
• Engineering firms such as Fluor (FLR) and Ameresco (AMRC)
• Equipment manufacturers such as Mirion Technologies (MIR), Curtiss-Wright (CW), BWX Technologies (BWXT), and Flowserve (FLS)

CCJ, GEV, BWXT, FLR, AMRC, UEC, MIR, CW, BWXT, and FLS are all constituents of the VettaFi Nuclear Renaissance Index (NUKZX) as shown below. NUKZX includes companies across the nuclear value chain, from fuel to utilities. NUKZX is the underlying index for the Range Nuclear Renaissance Index ETF (NUKZ).

This article was originally published March 30th, 2026 on ETF Trends.