Underappreciated CANDU TAM Offers Attractive Risk/Reward With H2/26 Catalyst

Research evidence excerpt

Underappreciated CANDU TAM Offers Attractive Risk/Reward With H2/26 Catalyst

TD Cowen AtkinsRéalis Group

Global Research June 11, 2026

The U.S. and China also represent export market opportunities for CANDU. Last

year, AtkinsRéalis began exploring opportunities to introduce CANDU reactor

technology into the U.S., including work to enable potential licensing for the

technology (ATRL indicated on its Q1/26 conference call that it has now progressed

through the pre-licensing phase for CANDU in the U.S.). AtkinsRéalis believes that,

given the scale of planned nuclear expansion in the U.S., domestic industry capacity

may be insufficient to meet expected large‑reactor demand over time, representing

potential opportunity for ATRL. Further, ATRL recently indicated that it has begun

marketing its EC6 reactor to hyperscalers.

China also represents an opportunity supported by an existing operating base. China

currently operates two CANDU reactors at Qinshan, which rank among the

top‑performing units in the national fleet. These reactors supply a meaningful portion

of China’s medical isotope production and have historically supported interest in

deploying additional CANDU units, according to ATRL. China has also shown interest

in CANDU designs due to their potential ability to utilize spent fuel from large‑scale

reactors. While progress on potential CANDU new builds in China slowed due to

geopolitical factors, AtkinsRéalis has indicated that discussions have recently

resumed alongside renewed diplomatic engagement.

Globally, there are over 30 countries with operating nuclear power today, and

approximately 50 additional countries have expressed interest in adding nuclear

power to their energy mix, highlighting a meaningful potential international