Grid-connected commercial small modular reactor units worldwide. Only Russia and China operate SMRs today; the West's first units target ~2030.
Four SMR units operate worldwide, all in Russia and China, and that count has not moved since 2023 — even as 2026 brought a construction permit, a modern licensing framework and four reactors reaching criticality in the US. A read of the gap between permits and power.
Big tech power deals and listed names (NuScale, Oklo) have lifted SMR sentiment, but Western first-of-a-kind units don't reach the grid until ~2030. We weigh the gap between order books and operating reactors. (Our opinion, not investment advice.)
Headlines feature Western startups, but the only commercial SMRs operating today are Russia's floating Akademik Lomonosov (2020) and China's HTR-PM (2023). China's Linglong One aims to be the first land-based commercial unit in 2026.
SMRs are smaller (under ~300 MWe) reactors built in factories and shipped as units, betting that repetition and standardization beat the cost overruns of giant one-off plants.
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TerraPower 
Oklo 
NuScale Power