US Signs Off on Up to $17.5B in Conditional Loans to Back 10 New Nuclear Reactors

The US government is offering up to $17.5 billion in conditional loan support for the construction of 10 new nuclear reactors across five projects, the Department of Energy said on June 23. The plan represents the most forceful federal push for nuclear power in decades. Each project is slated to build two Westinghouse-designed AP1000 reactors, with construction expected to begin by 2030. DOE officials emphasized that the AP1000 is a proven, large-scale design, making it a practical choice for a fast ramp. Energy Secretary Chris Wright said the structure is designed to be low-risk for taxpayers, calling it central to “unleashing the next American nuclear renaissance.” Because the loans are conditional, funding is released only when projects meet specific milestones, an approach aimed at avoiding the cost overruns seen in prior builds such as the Vogtle expansion in Georgia. A major focus is securing long-lead-time components in the nuclear supply chain—parts that take years to produce, including reactor pressure vessels and steam generators. With much of that manufacturing having moved offshore over the past two decades, rebuilding domestic capacity is positioned as a key parallel objective. The program follows executive orders issued by Trump in 2025 that sought to streamline nuclear permitting and shorten regulatory timelines that previously stretched new reactor development over multiple decades. The announcement is also drawing attention from energy-intensive industries like crypto mining. Nuclear plants deliver carbon-free baseload power around the clock, typically with capacity factors above 90%. TeraWulf runs a Bitcoin mining facility powered by the Nautilus Cryptomine at the Susquehanna nuclear plant in Pennsylvania, and Marathon Digital and other large miners have explored similar arrangements. With Bitcoin's April 2024 halving reducing block rewards to 3.125 BTC, electricity costs have become an even larger share of operating expenses. The US currently operates about 93 commercial reactors. Adding 10 would expand the fleet by roughly 11%. For investors, the implications extend beyond utilities. Microsoft, Amazon, and Google have signed or explored nuclear power agreements tied to data center demand. Another angle is the nuclear supply chain: manufacturers of reactor components, enrichment service providers, and uranium fuel suppliers could see sustained demand if conditional financing translates into active construction. Uranium spot prices remain elevated versus historical norms, and a credible commitment to build 10 additional reactors could further tighten the supply-demand balance for nuclear fuel.