TAM: $148B — global SNF inventory at $500/kg
BLSK addressable market: $1.2B by 2035 → $12B+ by 2050
HALEU market: $2.2B (2030) → $6.2B (2035)
The Investment Opportunity
A position that would take any competitor years to replicate.
Thesis Summary
BLSK Energy is commercializing pyroprocessing — the only proven technology for converting used nuclear fuel into affordable metal fuel for next-generation reactors. Through an exclusive CRADA with Argonne National Laboratory, BLSK holds a position that would take any competitor years to replicate under current regulatory and licensing conditions.
The investment opportunity is defined by three characteristics:
Asymmetric Risk-Reward
The technology has been demonstrated at engineering scale for 30 years. The risk is commercialization execution, not science.
Multiple Revenue Paths
Waste management, fuel production, and technology licensing create three independent value streams with progressive margins.
Favorable Policy and Market Conditions
Policy reversal, AI-driven energy demand, and the advanced reactor fuel gap are converging to create a market that didn't exist five years ago.
Market comparison: NuScale took 8 years and $1B+ investment to reach $10B valuation — without building a single SMR (2017–2025).
The Global Feedstock
Worldwide Used Fuel Inventory
- tonnes Heavy Metal (tHM)
- 296,000
- Countries
- 17
- Energy Remaining
- 95%
Inventory data as of 2020. U.S. inventory now exceeds 95,000 tHM (~2,000 tHM/yr growth).
Source: Stimson Center (2020); IAEA/WNA annual discharge rates; BLSK deck (2026)
Used nuclear fuel inventories are growing worldwide. The U.S. alone holds more than 95,000 tonnes — and adds ~2,000 tonnes per year. Globally, inventories are growing at ~7,850 tHM/year, with a 17% increase over the past five years.
153,463
North America (tHM)
51.8% of global inventory
+43,175
5-Year Growth (tHM)
17% increase globally (2020–2026)
Market Opportunity
What BLSK Owns
01
Exclusive CRADA with the only laboratory that has ever demonstrated pyroprocessing at engineering scale
02
Principal Investigator relationship with Dr. Yoon Il Chang — the inventor of the technology
03
Completed conceptual design for 100 T/yr and 400 T/yr facilities (Landmark Foundation CRADA, 2013–2018)
04
Active 60-month program advancing to detailed engineering and NRC licensing
05
Architect-engineer (Merrick & Company) under MOU
06
Teaming agreement with EnergySolutions for site access — one of four irreplaceable commercial waste sites in the U.S.
07
Institutional knowledge that exists in people, not papers — 60 years of know-how that cannot be replicated from publications
08
10+ year head start over any competitor attempting to commercialize the same technology
09
Advisory board of recognized leaders in commercial nuclear power, nuclear engineering, and finance
This position would take any competitor years to replicate under current regulatory and licensing conditions.
Forward-Looking Statements: This page contains forward-looking statements regarding BLSK Energy's plans, projections, and expectations. These statements are subject to risks and uncertainties including, but not limited to, regulatory approvals, financing, technology scale-up, site selection, offtake agreements, market adoption, policy changes, and source-data uncertainty. Actual results may differ materially from those projected.