The Half-Life of a Press Release: Small Modular Reactors, Hyperscalers, and the Distance Between a Press Release and a Megawatt

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This Substack analysis by Julien Simon argues that hyperscaler announcements of small modular reactor (SMR) deals for data center power are largely announcement theater, failing on six structural dimensions: geography, timeline, cost, fuel sovereignty, supply chain, and operational complexity. The article contrasts these speculative SMR commitments with conventional nuclear PPAs (e.g., Microsoft-TMI, Amazon-Susquehanna) that are actually delivering power. SACE is cited in a footnote as the source of a $29,000/kW all-in cost projection for TerraPower's Natrium reactor, based on a June 2025 analysis.