--- title: "Nuclear 13Fs: BWX Technologies, NuScale, Centrus, Cameco" type: learn slug: nuclear-13f-bwx-smr-leu-decoder canonical_url: https://13finsight.com/learn/nuclear-13f-bwx-smr-leu-decoder published_at: 2026-05-16T11:33:03.734Z updated_at: 2026-05-16T11:33:06.325Z author: Sarah Mitchell author_title: Education Editor author_url: https://13finsight.com/authors/sarah-mitchell word_count: 458 locale: en source: 13F Insight --- # Nuclear 13Fs: BWX Technologies, NuScale, Centrus, Cameco > BWX Technologies, NuScale Power, Centrus Energy, Cameco, plus emerging Oklo anchor US-traded nuclear 13F positioning. Multi-decade Naval reactor work, emerging small modular reactor deployment, uranium fuel cycle, plus AI data center power demand drive distinctive institutional patterns. US-traded nuclear equities form a distinctive emerging-energy-infrastructure corner of institutional 13F positioning. BWX Technologies (BWXT), NuScale Power (SMR), Centrus Energy (LEU), Cameco (CCJ), plus emerging Oklo (OKLO) anchor the cohort. Multi-decade Naval reactor work, emerging small modular reactor (SMR) deployment, uranium fuel cycle dynamics, plus AI data center power demand drive distinctive institutional patterns. Reading nuclear 13F positioning requires understanding the SMR-emergence framework plus the multi-year uranium-and-AI cycle dynamics.The nuclear business modelNuclear faces four primary economic drivers:Naval reactor work. Multi-decade US Navy nuclear reactor work (aircraft carriers, submarines) drives BWX Technologies foundational revenue. Multi-decade Virginia-class plus Columbia-class submarine production drives multi-year visibility.Small modular reactor deployment. Multi-year emerging SMR deployment (NuScale plus emerging Oklo plus emerging Holtec plus emerging Westinghouse-AP300 plus emerging) drives multi-decade nuclear renaissance thesis.Uranium fuel cycle. Multi-year emerging US plus emerging Western uranium production plus enrichment (Centrus Energy plus emerging Cameco) addresses Russian fuel dependency. Multi-year emerging HALEU (high-assay low-enriched uranium) production drives SMR fuel supply.AI data center power demand. Multi-year emerging AI data center power demand drives multi-year emerging dedicated nuclear-for-data-center contracts (Microsoft-Constellation Three Mile Island restart, Amazon-Talen Susquehanna, plus emerging emerging SMR-for-data-center).Major US-traded nuclear namesBWX Technologies (BWXT)Largest US nuclear engineering with multi-decade US Navy reactor work plus emerging SMR plus emerging medical isotopes. Multi-year emerging emerging Lynchburg Virginia plus emerging Cambridge Ohio operations expansion.NuScale Power (SMR)Small modular reactor leader with multi-year emerging US NRC certified design plus emerging emerging deployment. Multi-year emerging customer pipeline plus emerging Utah project cancellation 2024 plus emerging operational scaling.Centrus Energy (LEU)US-domestic uranium enrichment plus emerging emerging HALEU production. Multi-decade gaseous diffusion plus emerging centrifuge technology. Multi-year emerging Department of Energy HALEU demonstration contract.Cameco (CCJ)Canadian-headquartered uranium producer plus enrichment plus emerging emerging Westinghouse Electric Company (49% stake). Multi-year emerging uranium price cycle plus emerging Westinghouse SMR development.Oklo (OKLO)Emerging fast reactor SMR developer plus emerging emerging US NRC application. Multi-year emerging emerging fast reactor development plus emerging emerging customer interest. Multi-year speculative positioning.How institutional managers position around nuclearThree patterns:Pattern 1: Naval-reactor concentrationBWXT-concentrated active manager positions reflect Naval reactor multi-decade franchise plus emerging SMR thesis.Pattern 2: SMR-deployment positioningSMR-concentrated growth manager positions reflect emerging SMR deployment thesis.Pattern 3: Uranium-cycle positioningCCJ-concentrated active manager positions reflect uranium cycle plus emerging Westinghouse Electric Company plus emerging SMR positioning.How to read nuclear 13F positioningThree rules:Rule 1: Identify segment exposureNaval reactors vs SMR vs uranium fuel cycle have distinct dynamics.Rule 2: Watch SMR deployment milestonesMulti-year SMR deployment drives valuation step changes.Rule 3: Cross-check AI data center contractsMulti-year emerging AI data center nuclear contracts drive emerging revenue.What nuclear positioning signalsNaval-reactor conviction. Concentrated BWXT positions signal Naval reactor franchise thesis.SMR-deployment conviction. Concentrated SMR positions signal emerging SMR deployment thesis.Uranium-cycle conviction. Concentrated CCJ positions signal uranium cycle plus Westinghouse thesis.For real-time tracking of nuclear 13F activity, see the institutional signals feed. ## FAQ ### What are the major US-traded nuclear companies? Five major US-traded nuclear: (1) BWX Technologies (BWXT) — largest US nuclear engineering with Navy reactors plus emerging SMR plus medical isotopes; (2) NuScale Power (SMR) — small modular reactor leader with NRC-certified design; (3) Centrus Energy (LEU) — US-domestic uranium enrichment plus HALEU; (4) Cameco (CCJ) — Canadian uranium producer plus Westinghouse Electric 49% stake; (5) Oklo (OKLO) — emerging fast reactor SMR developer. ### How does Naval reactor work drive BWX? Multi-decade US Navy nuclear reactor work drives BWX Technologies foundational revenue. BWXT operates only US Navy nuclear reactor manufacturer (sole-source provider) for aircraft carriers (Ford-class) plus submarines (Virginia-class, Columbia-class). Multi-decade Columbia-class submarine production (12 vessels through 2040+) plus multi-decade Virginia-class continuing production drives multi-year visibility. Reading Navy procurement drives institutional positioning. ### What is the small modular reactor opportunity? Multi-year emerging small modular reactor (SMR) deployment drives multi-decade nuclear renaissance thesis. SMRs (typically 50-300 MW per unit versus 1,000+ MW traditional reactors) enable smaller deployment plus emerging factory manufacturing plus emerging shorter construction. NuScale (NRC-certified design 2023) plus Oklo plus Holtec plus Westinghouse AP300 plus GE Hitachi BWRX-300 compete for emerging customer deployment. Reading SMR milestones drives positioning. ### How does AI data center demand drive nuclear? Multi-year emerging AI data center power demand drives multi-year emerging dedicated nuclear-for-data-center contracts: Microsoft-Constellation Three Mile Island restart (2028 restart targeted), Amazon-Talen Susquehanna direct PPA, plus emerging Google-Kairos Power SMR partnership. Multi-year emerging emerging dedicated nuclear-for-AI capacity (5-10 GW emerging through 2030) drives nuclear thesis. Reading hyperscaler nuclear contracts drives positioning. ### What is HALEU production? High-assay low-enriched uranium (HALEU, enriched to 5-20% U-235) provides fuel for next-generation reactors plus SMRs. Multi-year emerging US-domestic HALEU production at Centrus Energy (American Centrifuge Plant Piketon Ohio) plus emerging emerging US Department of Energy HALEU production demonstration contracts addresses Russian fuel dependency. Multi-year emerging HALEU supply scaling drives SMR fuel availability. Reading HALEU production milestones drives positioning. ### What signals nuclear cycle inflections? Four signals: (1) major SMR deployment milestones plus NRC certifications; (2) AI data center nuclear contract announcements; (3) Navy submarine plus carrier procurement plus emerging recompetes; (4) uranium pricing plus emerging Western fuel cycle independence. Concentrated 13F changes around these signals reveal manager cycle reading. --- Source: 13F Insight — https://13finsight.com/learn/nuclear-13f-bwx-smr-leu-decoder Author: Sarah Mitchell — https://13finsight.com/authors/sarah-mitchell Last updated: 2026-05-16T11:33:06.325Z