The United States and gambling investors on unproven nuclear technology, warned experts

The US government and investors have a $ 9 billion gambling on small nuclear reactors to provide a mutation of artificial intelligence and low emissions – but experts warn that technology may be very expensive.

The data collected by FT shows that since 2019, government agencies, including energy and defense departments, have committed more than $ 6 billion for small standard reactors (SMRS) through prizes, loans and cost sharing agreements.

The private investment has also increased, as more than $ 3 billion was raised in the same time frame.

This technology is a single solution to energy needs in data centers by providing clean, reliable and cheap electricity to companies to train and operate artificial intelligence models. Investor enthusiasm raised stock prices and evaluating companies that do not contain few returns or non -operating projects.

“There is a lot of encouragement, but the amount of capital you need to cross the finish line is huge,” said Chris Jadomsky, head of nuclear research in Bloombergnev, who estimates the energy center in the data center.

“What I see is happening with SMRS and data centers reminds me of the internet boom and a bust in the early first decade of the twentieth century.”

Small normative reactors generate up to 300 megawatts of energy each – a small part of about 1000 megawatts produced by reactors in facilities such as Georgia Voget, the largest in the country.

But the questions that remain about whether technology can produce electricity that costs competitive with larger nuclear factories, renewable energy and natural gas.

Previous efforts to build SMR projects in the United States have been afflicted with delay and costs.

In 2023, Nuscale – approved by American organizers – was forced to cancel a project after the costs were inflated more than 120 percent. The three SMRS operating all over the world, which is located in Russia and China, exceeded the original costs by 300 to 400 percent.

SMR Energy Cost estimates from SMR – the energy cost that should be imposed on the project to break even – which independent analysts and companies themselves are very different.

According to data from Wood Mackeenzie, by 2030, SMRS must generate energy at a price of $ 182 per MW compared to $ 133 per hour of traditional nuclear power.

Natural gas is expected to sit at a price of $ 126 per hour of megat, while the wild winds and solar energy, supported by the battery, are expected to be less expensive.

According to OKLO, the SMR developer with the support of Sam German and Energy Minister Chris Wright will generate energy technology for $ 90 per MB watch, while Nuscale says that the energy cost is $ 64 per MB watch.

Some nuclear engineers say large reactors are cheaper in construction, citing the greatest need for steel, concrete, safety systems, cooling pipes and sensors required to obtain multiple smaller units.

“There are many companies that think if Henry Ford goes and create a collection line, everything will be cheap,” said Nick Turan, an engineer, nuclear consultant and advisor. “There are huge savings of size neglect.”

The supply chain saneants are largely weighing the reactor costs.

Most SMRS is designed to use low -lying uranium, which is thick fuel, which is used in large reactors. Since Russia is dominated by its production, and there is only one factory in the United States licensed to produce it widely, companies depend on government stocks.

“We need to build a supply chain,” said Dembele Josai, head of sustainability and sustainability stock research at Bank of America.

However, defenders say the SMRS cost will track down over time.

“Any factory will be the first difficult economy,” said Simon Airlash, CEO of Effrestrial Energy, who says the cost of its power is $ 69 per hour. “But from there we roll.”

The SMRS low -safety requirement allows the cost saving. He said: “If you start young, you suffer from essential safety, you can use it to make it simpler and spread a lot faster.”

Others point out that despite its supply extension, uranium prices are less volatile than natural gas.

“You get a more stable price and a 60-year-old forecast for a nuclear factory,” said X-Energy CEO J Clay.

SMR companies have increasingly signing power supply offers with facilities and technology companies, with more than 32 GB of obligations since 2023.

Some deals, like one between Google and KirosA reactor developer, that the latter provides 500 megawatts by 2035, binding agreements, but most of them are exploratory agreements.

David Brown, Wood Mackeenzie’s energy transmission manager, says that non -binding deals are “an important step forward.”

“It is a great vote of confidence in the sector and shows that there is a way to commercial feasibility.”