The audacious reboot of America’s nuclear energy program

Now, it is home to a group of scientists at Standard Nuclear who are trying—against all odds—to power up America’s next nuclear era.

They are developing meltdown-resistant fuel for a smaller, safer type of nuclear reactor that has become an imperative for meeting modern energy needs, including both strategic and industrial independence from China and the rise of power-hungry artificial intelligence.

So strong was their conviction in the breakthrough that more than 40 employees of the startup’s precursor worked for about eight months with little or no pay. Some sold their homes or downsized, juggling mortgages and daycare expenses, convinced the departure of a single scientist would risk sacrificing their progress.

Building advanced AI systems will take city-sized amounts of power and a low-carbon energy source such as nuclear is the preferred choice. Microsoft, Meta and other tech giants are putting big money into revitalizing reactors that are decades old, and sometimes even being decommissioned. But Big Tech and venture-capital money is also being steered into new modular reactors designed with safety considerations informed by over a half-century of nuclear mishaps.

Billionaire investor Peter Thiel, OpenAI leader Sam Altman and Bill Gates are among the tech titans who have placed their bets. Since 2021, venture capitalists have invested $2.5 billion in U.S. next-generation nuclear technology, according to data firm PitchBook. Most years before that, investment hovered near zero.

“It’s time for nuclear," President Trump said last month at the White House, signing four new executive orders aimed at accelerating nuclear-power deployment.

The Defense Department wants the small reactors to power its ships and bases, and to deploy in the Arctic region and on remote islands in the Pacific. The Pentagon’s Defense Innovation Unit this spring announced eight companies were in line for awards to work with the Army and Air Force to install microreactors on military bases.

This nuclear reboot is risky—previous attempts ended in bitter disappointment with cost overruns or environmental disasters, and billions of dollars lost. Standard Nuclear’s success is hardly guaranteed, nor is that of the dozens of other startups aiming to fill out America’s nuclear-power supply chain.

But to many, the drive to build a new nuclear age in the U.S. seems irreversible.

“I really see it as a very low probability that this is going to go away because I can’t think of an alternative," Kurt Terrani, Standard Nuclear’s chief executive, said. “At some point, we’re going to run out of gas."

The U.S. produces less nuclear power than it did a decade ago. Reactor projects have been plagued by delays, manufacturing mishaps and cost overruns, causing utility companies to backpedal.

U.S. efforts to mine and enrich uranium, the staple fuel ingredient, were long ago abandoned. The country has no significant commercial source of enriched uranium, although new startups are trying to fill the void. Russia controls roughly half of the world’s market for enriched uranium, and about a quarter of America’s.

As the U.S. lagged behind, China emerged as its largest competitor, expected to outproduce the U.S. in the next five years. China right now has 31 reactors under construction—half the global total—and plans to build 40 more in around the next decade, according to the World Nuclear Association.

“We can’t allow ourselves to lose the AI arms race with China. But we need power," Interior Secretary Doug Burgum told tech executives in April. “First we have to win the power race."

The designers of small, modular reactors—known as SMRs—have mostly repackaged old technology into smaller, more efficient designs that most everyone agrees are safe.

Standard Nuclear said it is the largest source of tristructural isotropic—aka “triso"—fuel outside of China, based on its capacity to produce fuel. Triso fuel, in high demand for use in SMRs, is known for its durability and safety: Poppyseed-size pellets of uranium are coated in carbon and silicon carbide to trap nuclear material and prevent leaks.

Ultra Safe Nuclear—the precursor to Standard Nuclear—had been a sprawling enterprise funded largely by a single man, Richard Hollis Helms, a former Central Intelligence Agency operative. After Helms died last year, funding immediately dried up.

The former CEO left and Terrani was put in charge, tasked with laying off almost 300 people. He took care to retain the fuel scientists. Terrani gave weekly updates to his staff, which were mostly: “We have no funds, no cash."

“Every day, you get in your car and go to work knowing you’re not going to get paid," said Terrani, 39.

One manager, Dan Billings, sold the three wooded acres surrounding his home to developers so he could keep working. The buyer began clear-cutting and demolished his kids’ treehouse. The $50,000 from the sale helped pad Billings’s bank account.

“I’m not gonna lie, I refreshed my LinkedIn profile because I didn’t know which way it was going to go," said Billings, 39.

Christmastime brought relief. A group of venture capitalists, led by a former Special Forces officer, invested $42 million to reboot and rebrand the company Standard Nuclear.

The deal marked an extraordinary bet by venture capitalists, who have historically steered clear of heavily regulated enterprises that require huge amounts of capital up front. The lure of AI and heightened competition with China have changed that calculation.

“The investment environment for nuclear is very attractive right now," said Tommy Hendrix, who led the bailout. Hendrix, a venture capitalist at Decisive Point, acknowledged the risk of his bet, but said, “You follow the money, follow where the government is investing."

Standard Nuclear’s fortunes are tied to other companies trying to fill out a fractured supply chain largely dominated by adversaries. Russia’s enriched uranium will become off limits in 2028 when a U.S. ban takes effect. Los Angeles-based General Matter, backed by a fresh $50 million from Thiel’s venture fund, is aiming to replace Russian imports.

The prospective buyers of Standard Nuclear’s fuel have designs for SMRs but none has completed building one—although China has. Critics say they don’t produce enough energy to justify their expense, and that entrepreneurs and investors underestimate the regulatory complexity.

“I don’t think this is an area for the faint of heart, or for the quick buck to get turned," said Ross Fubini, managing partner of XYZ Venture Capital. Fubini looked at around 15 nuclear-sector startups over the past two years, and passed. None showed promise of deploying their technology before running out of money.

Trump’s executive orders seek to slash some red tape and hasten deployment, including by allowing reactors on federal lands, which could result in largely bypassing the U.S. Nuclear Regulatory Commission.

The industry was elated. “It’s a pathway for everything I and others in the industry hope for," said Staff Sheehan, a uranium chemist who co-founded a nuclear-sector startup. The orders triggered a fuel-buying spree—Standard Nuclear is sold out through much of 2027.

Critics argued the administration’s push suggests less independence for the NRC and a more permissive environment for startups without a safety record.

Back in Tennessee, Billings says he has no regrets about working without pay—and even losing the kids’ treehouse.

“I believe that if we can get this technology out to the market, we can solve a lot of energy crises," he said.