NuScale Power’s shares have declined by 54.4% over the past three months, reflecting mounting execution risks and a rich valuation that investors are reassessing. During this period, concerns have centered on extended development timelines for its small modular reactor (SMR) projects, potential cost overruns in engineering and construction, and the company’s continued lack of a firm commercial contract. Trading volumes have surged to an average of over 25 million shares per day, signaling heightened investor attention and volatility as market participants weigh the probability of near-term revenue versus prolonged pilot and licensing phases.

In collaboration with Oak Ridge National Laboratory and supported by the U.S. Department of Energy’s Gateway for Accelerated Innovation in Nuclear program, NuScale completed a two-year techno-economic assessment (TEA) of its uprated 77 MWe/250 MWt reactor design integrated with steam heat augmentation for a U.S. chemical facility. The study demonstrated that a 12-module SMR plant could reliably deliver 1.3 million kg/h of process steam at 400 °C and 4.1 MPa, while generating 73 MW of electricity, with excess power available for grid export. Key findings highlighted that hybrid configurations combining four to eight modules with natural-gas boilers offer both N-2 redundancy and scalable profitability, driven by reduced staffing, 10-day refueling outages and improved capacity factors.

Despite two potential off-take agreements under evaluation—one with a Romanian utility exploring up to six SMR modules and another with a consortium led by the Tennessee Valley Authority—NuScale has yet to secure its inaugural commercial order. Decision timelines have slipped into late 2026 or early 2027, extending beyond initial guidance. In the interim, the company is generating modest revenue by providing consulting and feasibility services in partnership with Fluor, which plans to divest its remaining equity stake over the next year. Investors are closely monitoring whether landmark contracts materialize to validate the technology and catalyze further order momentum.