U.S. boosts nuclear power with $17.5 bn loan program and SMR investment push

The Trump administration announced a $17.5 billion loan program to accelerate construction of ten new large nuclear reactors, targeting start of construction by 2030 and operation in the mid‑2030s. Energy Secretary Chris Wright said the funding responds to growing electricity demand from data centers, utilities and the broader power market, and the reactors will use Westinghouse’s AP1000 design.

Bank of America’s research highlights a broader $10 trillion nuclear opportunity driven by higher grid load, especially from AI‑driven data centers. The report points to small modular reactor (SMR) firms NuScale and Oklo as leading innovators. NuScale is pursuing a 6 GW utility‑scale SMR project for the Tennessee Valley Authority, while Oklo has secured a 1.2 GW SMR deal to supply power to Meta’s AI data centers. Both companies tout SMRs for their affordability, safety, modularity, smaller footprint and reduced carbon emissions.