Nano Nuclear targets 6 GW of AI data center power by 2040

Nano Nuclear Energy signed a non-binding framework with Tillman Global Holdings to deploy KRONOS microreactors across US AI data center zones, targeting 2 gigawatts by the mid-2030s and 6 gigawatts by 2040.

"Power availability is becoming one of the defining constraints on the continued expansion of AI infrastructure," James Walker, chief executive officer of NANO Nuclear Energy, said.

The framework identifies NANO Nuclear as Tillman's preferred nuclear technology provider and covers site evaluation, licensing, customer engagement and project deployment. The KRONOS MMR Energy System is a 15 megawatt-electric high-temperature gas-cooled reactor designed for modular, phased deployment. The deal includes milestone-vesting warrants for Tillman to purchase up to $100 million of NANO Nuclear common stock, with the majority vesting only upon binding reactor purchase commitments, plus a $5 million initial restricted stock grant.

Tillman, which has secured approximately $16 billion in capital since its 2013 founding, is developing a multi-state pipeline of AI industrial zones designed for gigawatt-scale power requirements. Under the proposed independent-power-producer model, Tillman would finance and own project power infrastructure while NANO Nuclear supplies reactors and fuel.

From 15 MWe to 6 GW

The KRONOS reactor is in pre-application engagement with the US Nuclear Regulatory Commission, in collaboration with the University of Illinois Urbana-Champaign. NANO Nuclear is also building a vertically integrated fuel supply chain: HALEU Energy Fuel Inc. is developing a domestic high-assay low-enriched uranium fabrication pipeline, while Advanced Fuel Transportation Inc. holds an exclusive license for a patented HALEU fuel transportation basket developed by three national laboratories with Department of Energy funding.

HALEU — uranium enriched to 19.75 percent, versus 3 to 5 percent for conventional reactors — is the fuel required by most advanced reactor designs. Its domestic supply chain remains a bottleneck for the broader SMR sector, which includes competitors such as NuScale Power and Oklo. NANO Nuclear's fuel subsidiaries give it control over a critical input that rivals must source externally.

The framework also extends to select international markets where Tillman is developing digital infrastructure. NANO Nuclear separately signed its first Middle East partnership with the UAE in 2026, targeting off-grid power for desert data centers and oil field decarbonization.

NANO Nuclear shares have been a beneficiary of the AI-power trade, with the Tillman framework adding a commercialization pathway for a company whose reactors remain years from deployment. The milestone-vesting structure ties Tillman's equity upside to actual reactor purchase commitments, aligning incentives around project execution.

The broader SMR sector faces a common challenge: converting pipeline announcements into licensed, operating reactors. NRC licensing timelines, HALEU fuel availability and site-specific permitting will determine whether the 2-gigawatt mid-2030s target is achievable. Tillman's power-first development strategy — reserving space for nuclear at the earliest stages of site design — suggests the demand side is planning for nuclear integration even as supply-side execution lags.

For NANO Nuclear, the framework represents a potential multi-gigawatt revenue stream, though the non-binding nature of the agreement means definitive contracts, regulatory approvals and financing remain outstanding. The company's vertically integrated fuel strategy could provide a competitive edge if HALEU fabrication comes online as planned.

This article is for informational purposes only and does not constitute investment advice.