NANO Nuclear, Tillman target 6 GW nuclear for AI data centers

NANO Nuclear Energy has secured a pathway to supply advanced reactors to Tillman Global Holdings' planned U.S. AI data-center campuses, targeting as much as 6 GW of capacity by 2040.

NANO Nuclear Energy signed a framework with Tillman Global Holdings to deploy KRONOS MMR reactors across U.S. AI data-center campuses, targeting 2 GW of advanced nuclear capacity by the mid-2030s and 6 GW 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, said.

The non-binding Strategic Commercial Framework names NANO Nuclear as Tillman's anticipated preferred nuclear technology provider. Tillman, which has secured about $16 billion of capital since its 2013 founding, plans to reserve space for nuclear as baseload generation at its multi-state AI industrial zones. The deal also includes milestone-vesting warrants for Tillman to buy up to $100 million of NANO Nuclear common stock and a $5 million restricted stock grant.

The KRONOS MMR is a 15 MWe high-temperature gas-cooled reactor, a small modular design NANO Nuclear says suits phased deployment at large campuses. NNE shares fell 1.33 percent to $18.60 on the announcement, with volume at 3.1 times the average, as investors weighed a framework that remains non-binding until definitive agreements are signed.

KRONOS MMR: A Modular Fit for Gigawatt Campuses

The KRONOS MMR is a small modular reactor — factory-built units typically under 300 MWe — that runs on high-assay low-enriched uranium, or HALEU, enriched to about 19.75 percent versus 3 to 5 percent for conventional reactors. NANO Nuclear is in pre-application engagement with the U.S. Nuclear Regulatory Commission for a construction permit, working with the University of Illinois Urbana-Champaign. The company also develops the ZEUS portable solid-core battery reactor and the space-focused LOKI MMR.

Under the framework, Tillman would finance, develop and own project power infrastructure in an independent-power-producer model, while NANO Nuclear supplies reactors, fuel and operational support. The structure gives NANO Nuclear potential rights to participate in project-level equity once qualifying projects hit development milestones.

Milestone-Linked Warrants Tie Tillman's Stake to Deployment

A majority of the $100 million in warrants vests only on binding reactor purchase commitments, with the remainder tied to project-development milestones, aligning Tillman's equity stake with actual deployment. The deal extends a string of nuclear-for-AI partnerships for NANO Nuclear. In May it signed a strategic MOU with Supermicro to explore nuclear power integration for AI data centers, a move that lifted shares 27.7 percent the following day. In November it completed an AI licensing pilot with Everstar targeting nuclear regulatory workflows.

NANO Nuclear joins a crowded field of advanced reactor developers — including NuScale Power, Oklo and Kairos Power — racing to lock up data-center power contracts as hyperscalers face grid constraints. NNE shares, which fell 1.33 percent to $18.60 on the announcement, trade against a pipeline that remains contingent on definitive agreements, customer commitments, financing and regulatory approvals. NANO Nuclear cautioned that Tillman may never advance beyond the exploratory stage. Still, the framework positions NANO Nuclear as a preferred provider for a developer with a multi-state AI industrial-zone pipeline, giving the microreactor maker a potential commercialization route into the gigawatt-scale power demand that hyperscale computing is creating.

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