--- title: "BWXT bets $714.5 million on what will be the only US plant making weapons uranium" description: "Tennessee signed the agreement on November 6, days after BWXT's quarterly bookings fell to $538 million from $2.25 billion and it raised $500 million of new debt. The federal weapons complex, not commercial nuclear power, is now the growth engine." publisher: "The Inference" section: "Robotics & Defense" published: 2026-11-07T15:14:16.343Z modified: 2026-11-07T15:14:16.343Z canonical: https://theinference.org/article/bwxt-bets-714-5-million-on-what-will-be-the-only-us-plant-making-weapons-uranium language: en keywords: "Nuclear, Defense, BWX Technologies, Manufacturing, Tennessee" --- # BWXT bets $714.5 million on what will be the only US plant making weapons uranium > Tennessee signed the agreement on November 6, days after BWXT's quarterly bookings fell to $538 million from $2.25 billion and it raised $500 million of new debt. The federal weapons complex, not commercial nuclear power, is now the growth engine. On November 6, Tennessee [signed an agreement](https://tnecd.com/news/bwxt-to-expand-workforce-in-washington-county-in-support-of-national-security/) backing a $714.5 million expansion by nuclear-parts maker [BWX Technologies](https://theinference.org/markets/companies/bwx-technologies) (NYSE: [BWXT](https://www.bwxt.com/bwxt-in-oak-ridge/)) at Jonesborough: 181 new jobs, more than double the local workforce, to make high-purity depleted uranium (HPDU) metal for the National Nuclear Security Administration, the Energy Department's nuclear-security agency [2][3]. Once complete, it will be the only active US site capable of the process for the government [2][3]. The work sits under a 10-year, $1.6 billion contract the NNSA awarded in September 2025, and construction on a 325,000-square-foot facility has already begun [2][3][9]. The state is paying a grant from its $95 million Nuclear Energy Fund, BWXT's third project there after Oak Ridge and Erwin [2][3]. *Chart: **Jonesborough is more than four times BWXT's first two Tennessee projects combined** Bars comparing committed investment across BWXT's three Tennessee Nuclear Energy Fund projects: $45 million in Oak Ridge, $122 million in Erwin, $714.5 million in Jonesborough* *Committed capital investment by project, millions of US dollars; Tennessee Department of Economic and Community Development, November 6, 2026. [2]* ## The town says it was never notified The night before the signing, the Tennessee Department of Environment and Conservation (TDEC) and BWXT took questions in Jonesborough on [the plant's air permit](https://www.wjhl.com/news/local/bwxt-tdec-share-insight-into-jonesborough-expansion/) [1]. The operating line: the plant runs as long as it emits no more than 94 pounds a year [1]. Jeff Messaros, president and CEO of BWXT Ordnance Tennessee, the former Aerojet Ordinance Tennessee site BWXT bought in 2025, described scrubbers for hydrochloric acid and nitric acid compounds [1][3]. Resident Joe Roylston told officials: "We were not notified. We would fill these courtrooms if we were notified." [1] TDEC's next step is in-house review; it must approve the permit if the application meets state code [1]. ## The county voted 10 to 5 over 10,000 signatures Washington County [approved the rezoning in March 2026](https://dailyyonder.com/jonesborough-tennessee-has-a-uranium-problem/2026/06/25/) by 10 votes to 5, past a petition of more than 10,000 names; residents cite Hurricane Helene flood damage six miles away and hazardous-material trucks passing a high school, and a community coalition has retained a lawyer [8]. BWXT's counter: even with every control failing, emissions would run about 250 pounds a year, uranium particulates "in the order of grams," against a projected $55 average wage and $176 million a year of local output [8]. ## The commercial book shrank the same week [Third-quarter bookings](https://finviz.com/news/413784/bwxt-beats-on-margins-and-sets-a-firmer-2027-outlook-but-slowing-revenue-and-a-delayed-new-build-order-keep-the-stock-near-its-lows) (new orders) fell to $538 million from $2.25 billion a year earlier, a gap largely explained by lumpy naval awards, and the first order for a new US power reactor's equipment slipped toward the first half of 2027 [4]. Backlog still grew, to $8.56 billion, carried by the government side: that segment's operating income rose 26 percent on 4 percent revenue growth [4]. A holder who bought BWXT as an AI-power growth story now owns a company whose growth runs on the federal weapons complex. The shares now trade near $119.52, against $173.50 after the August report [4][7]. On November 4, BWXT launched [$500 million of senior notes due 2034](https://www.theglobeandmail.com/investing/markets/stocks/BWXT/pressreleases/8685750/bwxt-launches-500-million-notes-offering-and-debt-tender/) to refinance 2028 and 2029 debt, as The Inference reported; total debt had already climbed from $1.06 billion at end-2024 to $2.02 billion [5][6]. *Chart: **Total debt nearly doubled since end-2024, before the new $500 million notes** Line chart of BWXT total debt by quarter from Q4 2023 to Q3 2026, dipping to $1.06 billion at end-2024 then rising to $2.02 billion* *Total debt by quarter, billions of US dollars, from BWXT's SEC filings. [6]* ## One air permit is the gate $2.3 billion cannot buy The grant amount posts to the state's transparency site within 30 days [9]. The air permit is the last state gate, which TDEC must approve if the application meets state code [1]. For the shares, the tell is whether the first commercial new-build order lands by the first half of 2027 [4]. Tennessee has $95 million in its fund and Washington has $1.6 billion on the contract; the gate neither of them controls is one air permit in Jonesborough [1][2]. ## Takeaway BWXT's $714.5 million Jonesborough plant, signed November 6, makes it the only US source of weapons uranium, but debt has doubled and commercial bookings are waiting on 2027. ## Sources 1. [WJHL, BWXT & TDEC share insight into Jonesborough expansion, 6 November 2026](https://www.wjhl.com/news/local/bwxt-tdec-share-insight-into-jonesborough-expansion/) 2. [Tennessee Department of Economic and Community Development, BWXT to Expand Workforce in Washington County in Support of National Security, 6 November 2026](https://tnecd.com/news/bwxt-to-expand-workforce-in-washington-county-in-support-of-national-security/) 3. [Kingsport Times News, BWXT announces expansion at Jonesborough facility, 7 November 2026](https://timesnews.net/news/451108/bwxt-announces-expansion-at-jonesborough-facility/) 4. [Earnings Whispers via Finviz, BWXT Beats On Margins And Sets A Firmer 2027 Outlook, 2 November 2026](https://finviz.com/news/413784/bwxt-beats-on-margins-and-sets-a-firmer-2027-outlook-but-slowing-revenue-and-a-delayed-new-build-order-keep-the-stock-near-its-lows) 5. [Tipranks via The Globe and Mail, BWXT Launches $500 Million Notes Offering and Debt Tender, 5 November 2026](https://www.theglobeandmail.com/investing/markets/stocks/BWXT/pressreleases/8685750/bwxt-launches-500-million-notes-offering-and-debt-tender/) 6. [BWX Technologies, quarterly debt figures from its SEC filings, retrieved 7 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001486957) 7. [BWXT, BWXT in Oak Ridge, accessed 7 November 2026](https://www.bwxt.com/bwxt-in-oak-ridge/) 8. [The Daily Yonder, Jonesborough, Tennessee, Has a Uranium Problem, 25 June 2026](https://dailyyonder.com/jonesborough-tennessee-has-a-uranium-problem/2026/06/25/) 9. [WJHL, TNECD awards grant to BWXT to support Jonesborough expansion, 6 November 2026](https://www.msn.com/en-us/news/other/tnecd-awards-grant-to-bwxt-to-support-jonesborough-expansion/ar-AA2gU8Z8) --- BWXT bets $714.5 million on what will be the only US plant making weapons uranium — The Inference. Canonical: https://theinference.org/article/bwxt-bets-714-5-million-on-what-will-be-the-only-us-plant-making-weapons-uranium