U.S. says $80 billion worth of nuclear reactors will be built. Cameco's stock jumps.

By Steve Goldstein

GE Vernova's BWRX-300 small modular nuclear reactors also to be made, with Japanese investment

Nuclear power plants will be built in the U.S., according to an announcement on Tuesday.

The U.S. government announced a pact to build at least $80 billion worth of nuclear reactors, in a pact to meet the growing power demands caused by artificial intelligence.

The financial terms were unclear. Westinghouse's AP1000 line of nuclear reactors will be used, the announcement said, and there would be profit sharing for all parties, including the U.S. government, once certain thresholds are met.

"Our administration is focused on ensuring the rapid development, deployment, and use of advanced nuclear technologies. This historic partnership supports our national security objectives and enhances our critical infrastructure," Commerce Secretary Howard Lutnick said in a statement.

Westinghouse has been owned by Brookfield Asset Management Ltd. (BAM) (CA:BAM) and Cameco Corp. (CCJ) since 2022.

Cameco shares jumped 23.4% on Tuesday, and U.S.-listed shares of Brookfield rose 1%.

The AP1000 technology from Westinghouse has already been selected for nuclear-energy programs in Poland, Ukraine and Bulgaria.

A separate fact sheet from Japan's trade ministry said Japanese companies such as Mitsubishi Heavy Industries, Toshiba Group, and IHI will be suppliers for the Westinghouse reactors and said it was part of the $550 billion of Japanese investment into the U.S. announced as part of a September trade pact.

The same fact sheet stated that up to $100 billion worth of BWRX-300 small modular nuclear reactors made by GE Vernova (GEV) and Hitachi will be built.

-Steve Goldstein

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10-28-25 1907ET