Matthew Tuttle
CEO & CIO of Tuttle Capital Management, Publisher of Daily H.E.A.T.
Centrus Energy controls the real chokepoint in the nuclear trade, HALEU fuel, which next-generation reactors need and almost no one produces domestically. Its new $900 million fixed-price Department of Energy contract, up to $1.07B with options, to expand domestic HALEU production matters more than uranium spot prices. Per @EmmanuelInvest, Centrus plans to move its HALEU cascade to commercial operation, targeting 12 metric tons a year, supporting a $2.4B LEU backlog. x.comÂ
Nuclear fuel conversion and enrichment remain a conviction trade, but one for the back half of the decade. AI power demand is decadal, yet the binding bottleneck today isn't uranium or SMRs; it is gas turbine lead times of five-plus years and grid interconnect queues. Turbines and high-voltage transformers are where the buildout binds now, so the constraint chain should be watched before leaning on nuclear names such as Centrus Energy. x.comÂ
Centrus Energy benefits from nuclear's role as the only carbon-free baseload source that can meet AI's power needs, as the only US-owned company licensed to enrich uranium at commercial scale. It raised 2026 revenue guidance to $450-500 million, holds a $3.9 billion backlog through 2040, and won a $900 million DOE task order for commercial-scale HALEU, the fuel next-generation reactors need but almost no one can make. Its Oak Ridge expansion is advancing with $560 million committed. x.comÂ
Centrus Energy has an effective war chest of $2.8 billion inside a $3.2 billion market cap: $1.9 billion of unrestricted cash plus a $900 million HALEU award. It is still the only US company that can enrich uranium into HALEU, faces zero domestic competition and carries a $3.9 billion backlog. x.comÂ
Centrus Energy's HALEU bottleneck trade is real but not ready yet, with regulatory headwinds still the big gate. Most leading advanced reactor designs, from Oklo, Kairos, TerraPower and X-energy, need HALEU, and with Russia out Centrus is the only Western company that can make it at scale. Q1 revenue of $76.7M beat, but the buildout squeezed margins; management raised full-year guidance to $450-500M and cited the Oak Ridge centrifuge ramp, a Palantir partnership and a $3.9B backlog. x.comÂ
Centrus is building the West's replacement HALEU supply, since none exists at commercial scale and the Prohibiting Russian Uranium Imports Act cut off the old source in August 2024. It produces HALEU in Piketon, Ohio, and DOE's $900M contract, up to $1.07B with options, funds 12 tonnes a year with new cascades around 2029. It has $474M of TTM revenue, 36x forward earnings and net cash, though the build burns money. The risk is SMRs slipping and Piketon scaling before binding orders. x.comÂ
Centrus Energy's $9 billion DOE HALEU contract, up to $10.7 billion with options, gives it capital certainty to expand its Piketon, Ohio plant. As the only U.S. firm with a full NRC commercial HALEU license, it supplies fuel every domestic SMR developer will need. A U.S. ban on Russian uranium imports by 2028 adds inelastic replacement demand, behind a $39 billion backlog. Its addition to the S&P SmallCap 600 should also bring forced buying from passive funds. x.comÂ
HALEU is the binding constraint on the entire advanced-reactor buildout and the West is structurally short of it, so Centrus Energy and ASP Isotopes are two ways to own that chokepoint. Centrus is the only US enricher that has actually delivered first-of-a-kind HALEU, over 920 kg under its DOE contract, now extended through 2026 with options for eight more years, and it is profitable at about a $3 billion market cap. ASP Isotopes is the laser-enrichment challenger scaling behind it. x.comÂ
Centrus Energy's nuclear-fuel case is stronger than ever, and its chart is turning up. It has industry and government support for its Piketon facility, HALEU will be indispensable in the nuclear renaissance, and despite plenty of competition it has a significant lead toward production. On the daily chart, the head-and-shoulders looks failed, as a falling wedge nears breakout with a possible double bottom; a close above $192.46 would confirm, while a close below about $142 would be a warning. … Show more
Cameco is a slightly steadier 5-10 year nuclear holding than Centrus Energy because its earnings are more stable across the whole value chain, while Centrus could still return more if SMRs and HALEU grow faster than expected. Cameco owns top uranium mines, long-term contracts, fuel services, Westinghouse and GLE laser enrichment; Westinghouse is already contributing, with AP1000, AP300 and maintenance work potentially growing through 2027-2029. Valuation is high; actual contracts will decide. … Show more
Centrus Energy is the only US-owned HALEU producer and the sole domestic fuel source for small modular reactors powering AI data centers. The sector is hated but the fundamentals are untouched, making it a patient accumulation play. Technically, it shows a compression setup, a green SuperTrend cloud and an approaching bullish weekly 20/50 EMA cross. x.comÂ
The suppliers beneath the big nuclear deals going to Constellation Energy and Vistra get paid while the utilities get the headlines. GE Vernova supplies nuclear equipment, turbines and grid gear; Cameco uranium, fuel and Westinghouse technology; Centrus US enrichment and HALEU for the coming SMR boom; BWX Technologies nuclear components and reactor manufacturing. Oklo is an SMR developer and future fuel customer, while Fluor and Quanta Services add construction and power-infrastructure exposure. … Show more
