NuScale Power’s share value has declined by 64% from its peak reached in late 2025, underscoring growing investor skepticism about the timeline for commercial deployment of its small modular reactor (SMR) technology. Although global commitments to triple nuclear capacity over the next few decades have buoyed sector sentiment, NuScale remains pre-revenue, with no operational commercial plants generating cash flow. The company’s gross margin on its technology development business stood at approximately 65% last year, but ongoing R&D expenses continue to weigh on profitability. As investors reassess speculative, story-driven names, NuScale’s performance highlights the risks of holding early-stage energy ventures without near-term revenue visibility.

NuScale maintains an exclusive SMR design certification from the U.S. Nuclear Regulatory Commission and has partnered with engineering firm Fluor for front-end engineering and design of a six-module, 462 MW SMR plant at a decommissioned coal site in Romania. Fluor, which has been NuScale’s investor and collaborator for 14 years, serves as prime contractor for the project’s Phase 2 study. The RoPower initiative aims to demonstrate the scalability and grid-independent operation of NuScale’s reactors in an industrialized European market. Completion of the FEED stage is scheduled for mid-2026, with regulatory approvals and construction decisions expected by 2028, and commercial operations projected for 2030.

Fluor began monetizing its stake in NuScale last October by selling Class A shares and plans to convert and divest its remaining 111 million Class B units—approximately 39% of NuScale’s equity—by the end of the second quarter. The initial sale generated roughly $605 million in proceeds at an average price near $40 per share, enhancing Fluor’s liquidity. The anticipated disposition of the remaining position could exert further downward pressure on NuScale’s share performance over the next several months. Fluor has indicated these funds will be redeployed into its stock repurchase program and core infrastructure projects, while NuScale must demonstrate technological milestones to sustain investor confidence through the sales process.

Despite short-term headwinds, NuScale’s status as the only U.S. NRC-certified SMR developer positions it to capture a growing segment of the nuclear market focused on modular, carbon-free baseload power for utilities, data centers and heavy industry. The global SMR pipeline comprises over 70 projects in various stages of development, and NuScale’s modular approach could lower capital costs by up to 30% compared with traditional reactors. Investors tracking long-duration energy infrastructure may find NuScale appealing as milestones such as RoPower’s FEED completion and breakthrough contracts in North America or Asia could serve as catalysts. Nonetheless, the absence of early cash flows and the potential for further share dilution mean that prospective buyers should approach the stock with a multi-year horizon and a tolerance for high volatility.