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SpaceX's IPO prospectus identifies a $28.5 trillion（約4600兆円） total addressable market, with more than 90% tied to AI. The company notes that 'energy supply is constrained globally due to the significant increase in demand for, and limited availability of, energy to power AI compute.' Big tech firms including Alphabet are exploring nuclear energy, particularly small modular reactors (SMRs), which require less land and shorter construction periods than conventional nuclear plants.
Why it matters
AI data centers are highly energy-intensive, and traditional power plants take a decade or more to build. SMRs could reshape nuclear power supply chains over the next decade by offering faster deployment, according to a Bank of America report. This matters to investors because tech companies betting on AI growth may need proven, scalable power sources sooner than conventional nuclear can deliver.
What to watch
Two pure-play SMR stocks mentioned are NuScale Power and Oklo. However, neither company has commercialized an SMR system yet, and both face uncertainty: SMRs face cost overruns and delays in demonstration projects, while renewable energy like solar and wind are becoming increasingly cost-competitive. The article cautions that SMR stocks are suited only for long-term investors with high risk tolerance.
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