Last week, the U.S. government took a stake in USA Rare Earth ($USAR).

The U.S. plans to invest $1.6B in USA Rare Earth, which equals about a 10% stake. They will also provide $1.3B in senior secured debt through a Commerce Department financing facility tied to the CHIPS Act. This package, along with a separate $1B private financing, was announced on Monday.

This is the latest in a series of government deals we have seen over the past year since Trump took office. As of now, the government holds stakes in:

• Intel ($INTC) → Semis

• MP Materials ($MP) → Rare Earths

• Lithium Americas ($LAC) → Lithium

• Trilogy Metals ($TMQ) → Critical Minerals

• USA Rare Earth ($USAR) → Rare Earths

And it’s unlikely that this will be the end of the government stake deals.

Most of those government deals happened within a few weeks to months of each other. It would not surprise me to see a few more deals come together over the coming weeks and months after this one.

And I think the one obvious group we will see a lot of government interest in next is nuclear and uranium.

Nuclear is increasingly being treated and discussed as the future backbone of the energy system. It’s clear that nuclear needs to become viable, and it needs to happen as quickly as possible. Reliable baseload power is essential for AI infrastructure, electrification, defense, and long term energy needs, and nuclear is one of the only technologies capable of delivering that at massive scale.

Domestic uranium producers cannot compete with state subsidized foreign supply on price alone. That makes government backed price floors almost necessary. Rebuilding the nuclear fuel supply chain requires billions of dollars in long term capital across mining, conversion, enrichment, and fuel fabrication.

This makes government investment in individual public companies, or even the creation of a physical Strategic Uranium Reserve, more likely.By committing to purchase and stockpile domestically produced uranium, the government would help stabilize pricing and build a buffer against geopolitical disruptions. The U.S. does not want to depend on other countries for its nuclear fuel supply.

It has become a strategic resource.

The U.S. has little choice but to treat uranium as a national security priority. Energy independence and technological leadership both depend on nuclear power, and nuclear power cannot exist without secure fuel.

Rare earth mineral and lithium companies have already received government investment. It makes sense for nuclear and uranium to be included as well.

So, make sure to check out the Nuclear thematic basket.

But who could be a potential target for the government?

I think three companies could make the most sense for a government investment.

1. Centrus Energy ($LEU)

• Only U.S. public company actively producing and scaling HALEU enrichment.

• Already operating under DOE contracts.

• Direct national security relevance.

2. BWX Technologies ($BWXT)

• Supplies nuclear fuel, reactor components, and microreactor systems.

• Deep ties to the Navy, DOE, and defense programs.

• Strengthens the entire advanced nuclear supply chain, not just one design.

3. NuScale Power ($SMR)

• Only U.S. SMR with NRC-certified design.

• Capital constrained but strategically important.

• A government stake or structured financing would directly accelerate deployment.

There is a very high likelihood that the government takes a stake in a publicly traded nuclear or uranium company. It would make a lot of sense. The government told us how focused they were on rare earth minerals, and they have now taken stakes in two publicly traded rare earth mineral companies. And the government has been telling us how focused they are on uranium and nuclear energy. Chances are they will follow the same playbook they used for rare earths.