TL;DR
The small nuclear reactor, a power plant built from factory-style units instead of one giant custom build, is moving from slide decks to steel. China's 125-megawatt Linglong One is heating its coolant ahead of loading fuel within a year. In the U.S., regulators approved the first commercial small reactor in 14 months, and a federal pilot program got five test reactors running a chain reaction ahead of its own deadline. What is missing is buyers who sign binding contracts. If that changes, AI data centers could end up running on reactors parked on old coal sites. If it does not, the West will have fast permits and very few plants.
Below the line, for paid subscribers: The full story: where it stands, how we got here and what's dated next; our Odds board on 5 milestones, starting with "China's Linglong One loads its first fuel by 2027"; and every source.