Nuclear energy startup funding is heating up

• Most of that is in the U.S., including yesterday's $370 million Series C round for California-based microreactor developer Antares (which also added $100 million in new debt funding).

Behind the scenes: The top driver is rising energy demands, but there also are some FOMO fears that long regulatory timelines could create winner-take-all markets (some big, some niche).

• The U.S. Nuclear Regulatory Commission took about six years to approve the first advanced small reactor design, from fission developer NuScale.
• President Trump has sought to accelerate the process, aiming for 18 months. But that still could give first movers a major advantage in locking down contracts with data centers and electric utilities.

Zoom in: Investors are betting that war chests — and, for some, political connections — will help get them approved first. This is particularly true for advanced nuclear fission reactors, including small ones, but also applies to fusion.

The bottom line: Companies are building reactors of various capacities for different applications. Once more companies are commercial, it'll probably look more like the gas turbine market, with a handful of large manufacturers.

• But given the sheer number of small module reactor startups right now, there will definitely be some shakeout.