NANO Nuclear Energy Inc. (NNE): A Bear Case Theory
We came across a bearish thesis on NANO Nuclear Energy Inc. (NNE) on wallstreetbets Subreddit Page by Young-faithful. In this article, we will summarize the bears' thesis on NNE. NANO Nuclear Energy Inc. (NNE)'s share was trading at $22.75 as of April 30th.
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NANO Nuclear Energy (NNE), founded in 2022, is a nascent nuclear startup with ambitions to develop the world's first portable nuclear reactor while also aiming to be a fully vertically integrated player in the sector—handling everything from reactor design and fuel enrichment to transport and consulting. Despite being at an extremely early stage, the company has seen a meteoric rise since its IPO in May 2024, where shares debuted at around $4 and surged over 1000% at their peak, settling around a $1.1 billion market cap. However, NNE's fundamentals tell a different story. At the time of its IPO, the company had no patents, no working prototypes, no clear regulatory progress, and only a loosely formed technical team. The founder lacks experience in nuclear energy, previously being involved in inconsequential mining ventures, though the CEO does bring credibility with a background in the UK's Ministry of Defence and Rolls-Royce nuclear programs.
The situation drew criticism from Hunterbrook Media, a short-selling firm that spotlighted these issues in 2023. Although the stock initially dropped in response, it rebounded after NNE retained a high-profile attorney and took a litigious stance. Since then, the company has attempted to enhance its legitimacy by acquiring third-party patents, hiring PhDs and advisors, entering non-binding agreements for future collaboration, and seeking research grants. Yet, the timing of these moves has raised concerns that NNE prioritized going public over building a credible business foundation. Compared to OKLO, a nuclear startup that has spent over a decade navigating the technical and regulatory pathways and is only worth 3.5 times NNE's valuation, the contrast is stark.
Posts on technical forums like r/nuclear remain skeptical, criticizing NNE's unrealistic timelines and lack of demonstrated progress. Despite these concerns, the stock benefits from its eligibility in clean energy ETFs, which has helped institutional ownership reach around 30%, with the rest likely dominated by retail investors. Many in the retail crowd, especially those familiar with companies like OKLO and SMR, may have bought into NNE without realizing how nascent it is in comparison. In essence, NNE is a company whose current valuation seems driven more by hype and optics than by substance or execution.
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