Global nuclear M&A approaches $7bn as demand surges

Global mergers and acquisitions activity in the nuclear sector accelerated during the first half of 2026, with investors increasing their exposure to nuclear technologies and infrastructure as electricity demand rises and governments strengthen support for low-carbon energy.

According to new analysis from international law firm White & Case, the total value of nuclear-related M&A transactions reached $7.0 billion during the first six months of the year, almost double the $3.6 billion recorded during the same period in 2025. Deal volumes also increased, rising from 40 to 44 transactions year on year.

If the current pace continues, 2026 is expected to become one of the strongest years for nuclear investment on record, second only to 2024, when global nuclear M&A reached $29 billion.

Europe, the Middle East and Africa (EMEA) also recorded a sharp increase in transaction values. Although the number of deals remained broadly unchanged, the combined value of acquisitions climbed from $1.2 billion in the first half of 2025 to $3 billion over the same period this year, suggesting growing investor confidence across the region.

Renewed interest

The report attributes much of the renewed interest in nuclear energy to rapidly increasing electricity demand from AI and hyperscale data centres. As a result, investors are looking beyond conventional generation assets towards opportunities across the wider nuclear supply chain – including reactor technologies, fuel production, engineering services and supporting infrastructure.

At the same time, governments are placing greater emphasis on nuclear power within wider energy security and industrial strategies. Ongoing regulatory reforms in countries including the UK and the US are intended to simplify licensing processes and support the deployment of advanced reactor technologies, including small modular reactors, providing greater certainty for developers and investors.

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In the UK, projects such as Hinkley Point C and Sizewell C, together with continued backing for Rolls-Royce's SMR programme, are seen as evidence of the nation's ambition to expand its domestic nuclear capability and strengthen long-term energy resilience.

Smarter financing

The report also highlights the growing importance of innovative financing models as the sector matures. Public-private partnerships, government-backed funding mechanisms and new approaches to risk sharing are helping improve the commercial viability of large nuclear projects while creating additional opportunities for investment and consolidation throughout the nuclear value chain.

Explaining that several long-term trends are combining to support sustained growth in nuclear investment, Simon Stuttaford, partner in White & Case's Project Development and Finance Group, said: "We're seeing a convergence of factors that is driving a sustained increase in global nuclear dealmaking. 

"Governments are placing nuclear at the heart of their energy security, industrial and decarbonisation strategies, while regulatory reforms for advanced reactor technologies are providing greater certainty for developers and investors."

And Ximena Vasquez-Maignan, nuclear practice lead at White & Case, highlighted that financing structures are also evolving alongside the technology itself. "Financing models are becoming more sophisticated, with growing collaboration between the public and private sectors helping to allocate risk more effectively and improve project bankability. 

"As these trends continue, investors are increasingly looking beyond traditional generation assets to opportunities across the broader nuclear value chain."