Recent NRC approvals of construction permits for advanced reactors, including the first commercial small modular reactor at TVA’s Clinch River site in September 2026 and TerraPower’s Natrium earlier in the year, reflect faster review timelines of around 14 months. However, these permits authorize only building, not operation. Full operating licenses for new nuclear reactors require completed construction, fuel loading, and separate NRC safety reviews that historically span years. With no new-reactor operating licenses on track for 2026 and typical build times exceeding 12–24 months even under streamlined processes, trader consensus heavily favors no license grant this year. Unexpected acceleration via existing infrastructure or policy overrides remains possible but improbable given regulatory and engineering realities.