Standard Nuclear (STDN) is well positioned in the growing tristructural isotropic, or TRISO, fuel market, supported by government-backed projects and a strong backlog, RBC Capital Markets said in a note Monday.
The analysts said that the company's near-term outlook is supported by a $65 million funded backlog, which is expected to secure 2026-2027 revenue. The company also has an estimated $500 million pipeline of additional opportunities that could convert to revenue in 2028-2029.
These opportunities include US Department of Energy pilot programs and Nuclear Regulatory Commission demonstration reactor projects, they added.
The analysts said nuclear energy has strong bipartisan support, and private-sector interest is also growing, particularly among data center companies.
"Ultimately, we believe the [total addressable market] from public and private industry could approach $4 billion plus, though could scale much slower than industry forecasts given supply-chain bottlenecks along the way," the analysts said
RBC initiated the company with an outperform, speculative risk rating and an $11 price target.
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