Cameco sees path to build up to 20 AP1000 reactors in US

On its Q1 2026 earnings call, Cameco told investors it sees a realistic near-term path for up to 20 Westinghouse AP1000 reactors to start construction in the United States. The projection is linked to an $80 billion strategic partnership announced last October involving the U.S. government and Brookfield Asset Management. Cameco holds a 49% stake in Westinghouse; Brookfield owns 51%.

Company executives outlined a roll-out that would place AP1000 units at multiple U.S. sites. Individual unit starts would follow licensing, permitting and contracting milestones. Timelines will depend on regulatory approvals, customer commitments, financing arrangements and supplier ramp-up.

Each AP1000 reactor has roughly 1,100 megawatts of electrical capacity, a level commonly estimated to serve about 800,000 homes. The design is intended to provide steady, low-carbon baseload power and can be used for industrial customers and large data centers.

The expected build-out would create orders for suppliers already qualified to support the AP1000 design. BWX Technologies has a memorandum of understanding to supply major components including steam generators. Curtiss-Wright supplies reactor coolant pumps, valves and control instrumentation. Mirion Technologies provides radiation monitoring and protection systems and has expanded its capabilities through recent acquisitions. Fluor is positioned to offer engineering, procurement and construction services and project management. Flowserve supplies specialized pumps and flow-control equipment for auxiliary and safety systems.

Industry cost estimates from the World Nuclear Association attribute about half of typical reactor construction expense to labor-engineering, construction and project management-and roughly a quarter to equipment such as vessels, heat exchangers, valves and instrumentation. That cost profile points to sustained demand for engineering firms, EPC contractors and equipment manufacturers if projects proceed.

For investors seeking diversified exposure to companies in the AP1000 supply chain, the VettaFi Nuclear Renaissance Index (NUKZX) tracks firms across the nuclear value chain and is the underlying benchmark for the Range Nuclear Renaissance Index ETF (NUKZ). Cameco’s 49% ownership in Westinghouse positions the company to participate in manufacturing, licensing and service contracts associated with any U.S. AP1000 program.