Recent streamlined NRC reviews and executive orders have enabled two advanced reactor construction permits in 2026, including TVA’s BWRX-300 at Clinch River in September after a 14-month process. However, these approvals authorize only building; separate operating licenses remain pending and typically require additional safety evaluations, hearings, and fuel-loading steps that extend well beyond year-end. With October already here, most active applications target final safety evaluations or design certifications into 2027, while DOE pilot authorizations bypass NRC licensing entirely for test units. Trader consensus at 92.5% for no full license reflects these remaining procedural hurdles, though an unexpected expedited operating approval for an advanced design could still shift outcomes before December 31.