NANO Nuclear Energy Inc. (NASDAQ: NNE) and Tillman Global Holdings signed a non-binding Strategic Commercial Framework on Aug. 24, 2026, to supply reactors for Tillman's planned AI data center sites in the United States. The framework names NANO Nuclear as Tillman's anticipated preferred nuclear technology provider. The two companies are targeting 2 gigawatts or more of advanced nuclear capacity by the mid-2030s and 6 gigawatts or more by 2040 across Tillman's projects, subject to site-specific agreements, customer commitments, financing and regulatory approval.
The reactor
NANO Nuclear is developing the KRONOS MMR Energy System, a 15 MWe high-temperature gas-cooled reactor built for modular and phased deployment. A high-temperature gas-cooled reactor uses a gas, rather than water, to carry heat out of the reactor core. The companies see the modular design as suited to staged rollout at large data center campuses as nuclear supply becomes available over time.
How the deal is structured
Under the framework, the two companies plan to work together across site evaluation, licensing, customer engagement and project deployment. For qualifying projects, they are considering an independent-power-producer-style structure: Tillman or its affiliates would finance, develop and own the power infrastructure, while NANO Nuclear would develop, help operate and supply the reactors and fuel. Specific commercial terms would be negotiated project by project.
Tillman's build-out
Tillman develops, owns and scales large-scale digital and energy infrastructure, including US cell towers, fiber networks, in-building connectivity systems and EV charging infrastructure, and has secured about $16 billion in capital since it started. The firm is building a multi-state pipeline of planned AI industrial zones in the US designed for gigawatt-scale power demand from hyperscale and AI tenants, and it evaluates sites for their ability to host multiple sources of generation. The companies are also weighing an extension of the collaboration into select international markets where Tillman is developing digital infrastructure.
Equity and warrants
The framework includes milestone-vesting warrants for Tillman to buy up to $100 million of NANO Nuclear common stock, with most of the warrants vesting once binding reactor purchase commitments are signed and the rest vesting on project-development milestones. It also includes an initial restricted stock grant to Tillman worth $5 million, part of which vests when definitive equity agreements are signed and the bulk of which vests on project milestones. NANO Nuclear could also gain a stake alongside Tillman in some project-level entities once qualifying projects hit specified milestones, with terms negotiated per project.
NANO Nuclear CEO James Walker called power availability "one of the defining constraints on the continued expansion of AI infrastructure." Tillman co-president Sachit Ahuja said the company views NANO Nuclear's technology as "a compelling potential solution for our medium- and long-term power requirements."
