Centrus Energy has assembled a multi-year order book for U.S.-origin high-assay low-enriched uranium (HALEU), signing supply agreements with three advanced reactor developers in the space of about two months.
Three customers, three deployment paths
The most recent agreement, announced on September 17, 2026, is a definitive multi-year contract under which Centrus will supply HALEU to Antares Nuclear. According to Centrus, the production covered by the deal will be "unobligated" and can also support national security missions.
On September 9, 2026, Centrus and Radiant announced a long-term partnership to supply domestic HALEU for Radiant's Kaleidos microreactors. Centrus framed the agreement as adding another domestic, U.S.-origin source of HALEU to support commercial and national security deployments.
Earlier, on August 10, 2026, Centrus signed a combined LEU and HALEU supply agreement with X-energy to advance commercialization of domestic LEU and HALEU enrichment. The planned project is expected to bring clean energy investment and jobs to Eastern Tennessee.
Prepayments as a financing tool
All three deals add a HALEU customer to Centrus' backlog and include customer prepayments that advance the company's build-out of domestic enrichment capacity.
The contract adds another HALEU customer to Centrus' backlog and includes prepayments to advance domestic enrichment capacity buildout.
That structure matters because enrichment plants are capital-intensive and take years to build, while reactor developers cannot commit to firm fuel purchases until they have confidence the fuel will exist.
Equity and government money in parallel
On September 9, 2026, Centrus announced the pricing of a $500 million underwritten public offering of 500,000 shares of Class A common stock, pre-funded warrants to purchase 2,005,513 shares of Class A common stock, and common warrants.
Government support runs alongside. In January 2026, the U.S. Department of Energy awarded Centrus a $900 million task order to expand HALEU production at its Piketon, Ohio site — the only U.S. commercial facility able to produce HALEU at industrial quantities.
For the advanced reactor sector, the significance of the order book is timing. Each signed offtake narrows the gap between announced reactor projects and contracted fuel supply, and gives Centrus more evidence to justify further cascade expansion. Whether the backlog is large enough to support that expansion at the pace reactors need remains the central question.
This article was assisted by AI analysis. Please refer to the original source for official information.