Tracker subscription
A project-level dataset in Excel with the model exposed, a data dictionary and a dated change log, plus a short note on what moved.
SEQH Capital Research
Research built on data collected in-house.
Every dataset, tracker and model we publish is built from primary records: regulatory dockets, company filings, government awards and project disclosures. None of it is licensed from a data vendor, and you won't find it on a terminal.
500+Research reports published
100+Companies covered
DailyEnd-of-day market note
Independent research on nuclear, uranium, power and photonics. No ratings, price targets or recommendations.
ScrollOur data
Original work, not a repackaged feed.
Trackers sold by data vendors count announcements. We separate what is announced from what is financed, licensed and building, and we keep the record current as it changes.
- i.
Collect
Dockets, filings, loan and grant awards, and commission records. Trade press finds the event; the record confirms it.
- ii.
Separate
Project capital apart from parent and state funding. Signed offtake apart from memoranda.
- iii.
Grade
Confirmed, Reported or blank on every field, with a dated log of each change.
- iv.
Test
Announced dates run against how long early reactors have actually taken to build.
Announced versus expected: 25 grid-scale reactor projects
SMR/MMR Pipeline Tracker, re-verified 9 Nov 2026. Hover or tap a row.
31.85GWe
announced grid-scale capacity in the November census
2.3%
of it backed by committed project-level capital
69.7%
with no stated operation date
1.20vs 3.55 GWe
connected by end-2032, SEQH central case vs announcedSEQH EST
Where the 31.85 GWe sits
- Under construction · 6 projects1.20 GWe
- Licensed, not building · 20.35 GWe
- Application under review · 31.22 GWe
- Development or agreement · 1429.08 GWe
By project stage. 25 grid-scale projects, 9 Nov 2026.
How much of it has money behind it
- Tier A, committed project capital0.72 GWe
- Tier B, partial, such as awarded cost share7.06 GWe
- Tier C, none disclosed24.07 GWe
By financing tier. Parent-company cash is never counted as project capital.
Source: SEQH SMR/MMR Pipeline Tracker, November 2026. Built from NRC, CNSC, DOE and company records; every input is in the workbook.
Who we serve
Institutions and family offices, with an outside research team kept current.
We work with institutional investors and family offices that want primary-record research on nuclear, the fuel cycle, power and photonics without building the dataset themselves.
Work arrives as files your team can test, not a view to take on trust.
Institutional investors
Family offices
RIAs and wealth advisors
Private investors
Corporate strategy
Sector analysts
Change alerts
A short note when a tracked project or company changes stage: a permit, a final investment decision, a financing, a slip or a cancellation.
Deep dives and diligence
A report and working model on a company, project or thesis you define, or record checks on a counterparty's licensing, funding and offtake.
Analyst access
Direct calls with the analyst who built the work, to go through the assumptions or test a question.
What a delivery looks like
Every number traces to a dated document.
Excel with live formulas, a sourced report, and monthly updates against the same definitions, so the series stays comparable over time.
Discuss an engagementScope and pricing on request.
| ID | Project | MWe | Stage | Tier | Announced | SEQH central | Grade |
|---|---|---|---|---|---|---|---|
| CA-01 | Darlington Unit 1 | 300 | CON | A | by end-2030 | H2 2032 | Confirmed |
| US-02 | Kemmerer Unit 1 | 345 | CON | B | by end-2030 | H2 2032 | Confirmed |
| US-05 | Hermes 2 | 50 | CON | B | by end-2030 | H2 2032 | Confirmed |
| US-01 | Clinch River Unit 1 | 300 | LIC | B | by end-2032 | H2 2034 | Confirmed |
| US-08 | Pioneer 1 & 2 | 600 | REV | B | by end-2032 | late 2034 | Confirmed |
| US-03 | Long Mott | 320 | REV | B | blank | late 2034 | Confirmed |
Change log, 29 Sep 2026: Clinch River Unit 1 moved from application review to licensed after the NRC issued its construction permit following a 14-month review. Financing tier unchanged at B.
Excerpt from the November tracker, shown as delivered. Rows are real records.
Recent research
Two recent pieces, method shown.
Both come with the workbook behind them. Samples go out by email on request.
SMR/MMR Pipeline Tracker: committed capital, licensing progress and expected timing
A re-verified census of 41 small and micro reactor records. It separates committed project capital from parent and government funding, grades offtake by how binding it is, and tests every announced date against the delivery record of first-of-a-kind reactors.
- 2.3%
- of 31.85 GWe announced has committed project capital
- 69.7%
- of capacity has no stated operation date
- 1.20
- GWe connected by end-2032 in our central case, vs 3.55 announced
Pursuit Attractions and Hospitality (PRSU): fewer visitors, higher prices in 2026
Pursuit's reported results set against public visitation data from Parks Canada, the US National Park Service, Statistics Canada and Keflavík airport, covering price and volume, hotel occupancy, currency exposure and what the 2030 targets require.
- −2.4%
- Q3 2026 same-store visitors
- +9.1%
- Q3 2026 same-store ticket price
- 92.3%
- Q3 2026 hotel occupancy
SEQH-EQ-2026-005SIVE: Cross-Vertical Option ValueSEQH-EQ-2026-006LITE: Optical Supercycle ElasticitySEQH-EQ-2026-008Laser Enrichment Photonics TAMSEQH-EQ-2026-009Western Photon SovereigntySEQH-EQ-2026-011SIVE: Pipeline DeconstructionSEQH-EQ-2026-012ASPI / QLE: The Silicon-28 MonopolySEQH-EQ-2026-013SIVE: Dilution by DesignSEQH-EQ-2026-014York Space Systems' Acquisition of ALL.SPACESEQH-EQ-2026-015Jaguar Uranium Corp.SEQH-EQ-2026-016SIVE: FX Translation BridgeSEQH-EQ-2026-017Top 25 Photonics Watchlist Into Q4 2026SEQH-EQ-2026-018Hyperscaler Nuclear PPA EconomicsSEQH-EQ-2026-019The Erbium Chokepoint
From the archive. Full reports and models go to paid subscribers and, on request, to institutional readers.Browse at seqhresearch.com
Coverage
Four areas, followed every market day.
Tickers are names we have published on. Coverage is not a view on any security.
Nuclear and advanced reactors
Licensing dockets, DOE cost share and loans, construction progress, offtake contracts, and announced timelines set against what early reactors have taken.
SMRNNEXEIMSRBWXTCEG
Uranium and the fuel cycle
Mine development and permitting, conversion and enrichment capacity, HALEU supply, isotopes, and the contracting between them.
ASPILEUUUUUNXEDNN
Power and the grid
Data-centre load, hedged and contracted generation, state rules on large loads, interconnection, and behind-the-meter supply.
VSTCEGBENBIS
Photonics
Indium phosphide lasers, optical transceivers and their inputs, including supply concentration in erbium and other materials.
LITESIVEPOET
Standards
Every field carries a grade.
The same rules apply to a newsletter line and to a project dataset. Where the record is thin, we say so.
- Confirmed
- Two or more independent sources agree.
- Reported
- One source only, shown and marked as such.
- Blank
- Not disclosed. Left empty, never filled in silently.
- SEQH est.
- Our estimate, with inputs and method in the workbook.
SEQH Capital Research publishes research only. We do not issue ratings, price targets or buy, sell or hold recommendations, in investor work or in issuer-sponsored coverage. Corrections run in the next edition.
For companies
Issuer research for nuclear, uranium, power and grid companies.
Paid coverage, clearly labelled as paid, written to the same standard as our investor work.
Ask for a scopeInitiation report
The business, the assets, the regulatory path and the numbers, sourced and dated. One-time fee.
Ongoing coverage
A monthly fee. We are on call and publish a note whenever you put out a release.
Distribution
Published through the SEQH newsletter at seqhresearch.com and SEQH's X account.
Independence
Companies may check our work for factual accuracy. Conclusions are SEQH's, and every sponsored report states that it is paid for and on what basis.
Pricing on request.
The daily note
The close, the filings behind it, and the dates ahead.
An end-of-day read on nuclear, uranium, power and photonics. Free to read; paid subscribers get the full reports and models.
Subscribe at seqhresearch.com- MovesPrice and volume across the coverage list, with the reason where one is on record.
- Filings and docketsNew 8-Ks, NRC and DOE actions, state commission orders.
- Dates aheadEarnings, regulatory deadlines and data releases.