The government has made clear its policy of shifting from nuclear reactor restarts toward new construction. Against the backdrop of developments in Japan and overseas and growing SMR demand, this article examines 22 stocks expected to benefit significantly from SMRs, ranked by their proximity to the opportunity.
On 31 July 2026, the government revised its policy direction and action guidelines for nuclear power, presenting a timeline for the expected future capacity and number of nuclear reactors. Capacity is projected at approximately 2.2-5.5 million kW by the 2040s and approximately 12.7-16 million kW by the 2050s, including the 2040s total. The document also states that SMRs have reached the stage of societal deployment as a technological category of advanced reactors. In response, replacement demand for nuclear plants was disclosed to the market in quantitative terms for the first time.
Actual demand in Japan is also beginning to move. Kashiwazaki-Kariwa Unit 6 restarted on 9 February for the first time in 14 years and began commercial operation in April. As of April, the number of operating reactors in Japan had recovered to 15, while Oma Nuclear Power Station and Tomari Unit 1 won contracts in the Long-Term Decarbonized Power Source Auction in May. This brought actual demand related to nuclear power back into the market.
Overseas, in conjunction with the Japan-U.S. summit meeting on 19 March, the two governments agreed on three projects totaling up to $73 billion as the second round of investment and lending to the United States. At the core is the construction of SMRs in the United States by Hitachi, Ltd. and GE Vernova, with investment of up to $40 billion. Against the backdrop of AI demand, Japan's nuclear power supply chain is expected to expand into the U.S. market.
This article examines the nuclear renaissance through 22 stocks ranked by their proximity to the SMR boom. It covers the reactors themselves and key components, construction demand from domestic reactor restarts, and upstream electric utilities, providing analysis of specific groups of stocks in the latter half.