Reactors, fuel, SMRs, the grid.
None of the hyped SMR pure-plays yet clears the survivor bar — and what the developers actually own that's hard to replicate is the capital they raised, not the physics they designed.
Structurally-defended profit hides in three places the market hasn't paid for: enrichment, the already-built fleet, and contracted firm power.
The densest controlled energy source we have — how its physics and hard constraints explain both its stalled past and its present revival.