Goldman Sachs Nuclear Nuggets: Global Reactor Tracker - October Edition; Q3 2026 Preview
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The October edition of Goldman Sachs' Nuclear Nuggets global reactor tracker rounds up developments from September into early October 2026 across North America, Europe and Asia, spanning reactor construction, regulatory approvals and commercial agreements. The team also previews Q3 results for covered nuclear names. Despite progress on small modular reactor (SMR) deployment, nuclear fuel supply agreements and plant life extensions, the sector has lagged: the firm's nuclear coverage returned an average -21% over the past three months versus +3% for the S&P 500. US momentum accelerated with Google's plant uprate agreement with Georgia Power and Constellation's long-term power agreement with Amazon. In Europe, Poland advanced its AP1000 project and the Netherlands extended Borssele's life to 2054, while China began groundwork at the Bailong plant in September and established a global SMR innovation network. New 2026 reactor construction concentrates in China, Russia, Hungary, India and South Korea. Uranium markets stayed quiet, with spot ending September near $89.50/lb and long-term prices at $96/lb; Sprott Physical Uranium Trust retains roughly 2.1 million pounds of potential purchases this year. Q4 should bring further SMR commercial agreements and project awards. Ratings: NuScale (SMR) Neutral at $7.20; Oklo (OKLO) Neutral at $34.70; Standard Nuclear (STDN) Buy at $13.69.
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