Enrichment Bottleneck & HALEU Supply Chain

X-Energy and Centrus partner for LEU/HALEU enrichment from 2030 ($3B backlog). Centrus earnings beat confirms momentum. DOE NLIC selects five states to rebuild fuel cycle. Conversion capacity tight (Port Hope 93%, Metropolis sole US point). HALEU gaps compete with LEU for feedstock, threatening SMR timelines. A new analysis of allied fuel cycle cooperation reframes fragmentation as a strategic advantage, highlighting conversion/enrichment bottlenecks and the need for long-term offtake. Public comment on NRC rule ends Aug 31. Curio, NuScale, Framatome MOU on fuel recycling adds another dimension.