Energy

World's largest Western-aligned uranium producer + 49% of Westinghouse

Canadian miner with the highest-grade uranium deposits in the world (Cigar Lake, McArthur River). Owns 49% of Westinghouse Electric (joint with Brookfield) — the dominant Western reactor OEM. Three segments: uranium mining, fuel services (conversion + fabrication), and Westinghouse (reactor sales + services). "Tier-1 utility supplier" — meaning every Western nuclear utility has them under long-term contract .

Only US HALEU producer — the bottleneck-of-the-bottleneck

Operates the only commercial HALEU (high-assay low-enriched uranium) production line in the United States — at Piketon, Ohio, under DOE contract. HALEU is required for essentially every advanced reactor design (Oklo, X-energy, TerraPower, etc.). Until Centrus scales, every next-gen reactor is gated on this one facility.

Largest US-based uranium producer — ISR-method low-cost mines

Wyoming and Texas ISR operations producing at low cost. Hub-and-spoke model centralized at Irigaray. "America First" uranium — political tailwind plus contracts with Energy Fuels' partners. Smaller and more leveraged to spot price than CCJ. Higher beta both up and down.

Owns Rook I in Saskatchewan — the largest undeveloped uranium project

No revenue yet. The entire bet is on getting Rook I built on schedule and budget — typical for a junior miner, but at scale (~30M lbs/year potential, vs world annual production of ~150M lbs). If/when it comes online, it's a top-3 uranium producer overnight. Dilution risk between now and then. Highly speculative.

Fast reactor "powerhouse" model — pre-revenue moonshot

Sodium-cooled fast reactor developer targeting 15-75 MW "Aurora powerhouse" units — designed to run on recycled nuclear fuel (its second business). Pre-revenue: Q1 2026 net loss $33M. Sam Altman is chairman, which both helps (network) and hurts (governance concerns). First commercial Aurora targeting 2027-2028 at Idaho National Lab site.

Only NRC-certified SMR design in the US — light-water, modular

Light-water-reactor SMR — the conservative, regulatory-blessed approach. The only design the NRC has fully certified for commercial deployment in the US . Lost the UAMPS Idaho project in 2023, which crushed the stock — but signed Standard Power for 24 modules across two data-center sites and Romania. Closest to "real" of any SMR name. Still pre-revenue from commercial deployment.

US Navy nuclear-component monopoly + SMR fuel fabrication

Old, profitable, government-funded. BWXT is the sole supplier of nuclear propulsion to the US Navy — a contracted, multi-decade business. Building HALEU fuel facilities. Won contract to make TRISO fuel for X-energy. Less explosive upside than Oklo, but actual profits, actual revenue, and bipartisan political support. The "boring uncle" of the SMR thesis — and the one professional managers actually own.

Largest US LNG exporter — Sabine Pass + Corpus Christi terminals

Operates the two largest US LNG export terminals — Sabine Pass (Louisiana, 30 mtpa) and Corpus Christi (Texas, 15 mtpa + expansion to 35 mtpa). Long-term sale-and-purchase agreements ("take-or-pay") with European utilities, Korean utilities, and oil majors. ~90% of revenue is contracted — closest thing to a utility in the LNG space. Stage 3 Corpus Christi expansion ramping through 2027.

Largest US gas pipeline operator — Transco backbone

Operates ~33,000 miles of natural gas pipelines. Transco connects Gulf Coast LNG terminals to East Coast cities — the most important single piece of gas infrastructure in the US. Multiple expansions underway. Steady, slow compounder with a real yield. Data-center gas demand is a small but accelerating tailwind.

Largest US midstream by total pipeline mileage — 82,000 miles

Boring, steady, ~6% dividend yield. Carries about 40% of US natural gas at some point in its journey to end users . Permian-to-Gulf takeaway projects (Gulf Coast Express, Permian Highway) are the growth pieces. Re-rating possible if data-center gas demand becomes a Wall Street narrative. Bond-like steadiness, equity-like upside if rates fall.

Pure-play electrical contractor — transmission + distribution

One of the largest pure-play transmission & distribution (T&D) electrical contractors in North America. Build power lines, substations, distribution networks. Customers: investor-owned utilities, public power. Backlog at all-time high. Smaller than Quanta (PWR, already in AI section) so the same thesis applies with higher beta.

Multi-segment infrastructure contractor — pipelines + power + comms

Diversified infrastructure: builds pipelines, electric transmission, communications networks, and wind/solar projects . Less pure than MYRG but with broader exposure. Heavy industrial backlog. Operating leverage is significant as utilization rises.

Global cable giant — subsea HVDC duopoly with Nexans

Cables of every kind — from telecom fiber to massive subsea HVDC interconnects that take 5-7 years to manufacture per project. North Sea Link, Viking Link, IFA2 — Prysmian on every one. Acquired Encore Wire (US distribution) in 2024 to crack the North American market. Boring but extremely difficult to disrupt.

Largest pure-play geothermal — behind-the-meter clean baseload

Operates ~1.3 GW of geothermal plants globally, with another ~1 GW in development. The only commercially proven non-nuclear, weather-independent, 24/7 clean baseload . Fervo Energy is the venture-backed competitor; Ormat is the established incumbent. Long PPA structures with hyperscalers (Google was first — others followed). Slow grower but compounding capacity quietly.