Data centers are power-hungry beasts, and the industry’s rapid expansion is bumping up against the physical limits of the grid. A wave of venture capital and corporate investment is flooding into nuclear startups developing small modular reactors, or SMRs. They’re smaller, theoretically cheaper, and designed to be manufactured in factories rather than built on-site over decades.
The money trail from chips to reactors
X-energy raised over $500 million in 2024 with backing from Amazon’s Climate Pledge Fund, then followed that up with an additional $700 million in late 2025. That’s $1.2 billion flowing into a single nuclear startup in roughly 18 months.
TerraPower, the nuclear venture co-founded by Bill Gates, secured $650 million in a round that included NVentures, the venture arm of NVIDIA.
Oklo, backed by OpenAI CEO Sam Altman, reached an agreement with Meta to develop a 1.2 GW campus in Ohio and is set to list on the NYSE.
