BWX Technologies (BWXT) has positioned itself at the critical intersection of national security and energy infrastructure, establishing dominance in the advanced nuclear space through strategic contracts and technology leadership. The company’s third-quarter 2025 results showed strong momentum, with revenue reaching $866 million (a year-on-year increase of 29%) and total orders rising to $7.4 billion, an increase of 119%. BWXT has a write-to-bill ratio of 2.6x, driven by a combination of decarbonization, electrification and explosive growth in AI power demand, with demand well exceeding current capacity.

BWXT’s competitive moat spans multiple dimensions. The company was awarded critical defense contracts worth $1.5 billion for domestic uranium enrichment and $1.6 billion for high-purity depleted uranium production, directly addressing America’s strategic vulnerability to foreign fuel dependence. Project Pele is the Department of Defense’s first portable microreactor prototype capable of delivering 1-5 MW of power, and BWXT is fabricating the reactor core, which is expected to be delivered in 2027, consistent with Executive Order 14299 requiring accelerated deployment of advanced nuclear and artificial intelligence architectures. The first advantage puts the company in a strong position for follow-on projects such as the JANUS project, which aims to deploy military stabilized reactors by September 2028.

The company’s technological excellence is focused on perfecting the creation of TRISO fuel, a triple-structured azeotropic particle that does not dissolve under reactor conditions and serves as a self-contained safety system. BWXT controls exclusive patents on the specialized HALEU fuel element design and maintains strategic partnerships with Northrop Grumman (control systems) and Rolls-Royce LibertyWorks (energy conversion) to ensure compliance with the Department of Defense’s stringent cybersecurity standards. This comprehensive approach extends from fuel enrichment licensing to proprietary matrix designs, certified manufacturing capabilities, and defense-grade partnerships, creating significant barriers to competition while capturing the tailwind of decades of institutional nuclear dependence imposed by federal policy and geopolitical necessity.

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