Fluor’s Q2 Sale Plan Pushes NuScale Stock Down 64% From Peak
NuScale stock has plunged 64% from its October peak as Fluor seeks to sell its remaining 39% stake by the end of Q2, adding downward pressure. A techno-economic study finds NuScale modules can supply 1.3 million kg/h of process steam and 73MW electric power to chemical plants.
1. Stock Performance and Valuation Pressure
NuScale Power’s share price has retraced sharply, sliding 64% from its all-time high reached last year. The company went public in May 2022 at approximately $10 per share and peaked near $57, but the subsequent sell-off has left the 52-week trading range between $11.08 and $57.42. Despite a gross margin of 64.95% and a market capitalization of around $5.6 billion, daily volume has averaged 26 million shares, reflecting heightened volatility and investor caution over rich valuation levels given the absence of commercial revenues.
2. Fluor’s Divestment and Market Impact
Fluor, a strategic partner and long-time investor, has begun monetizing its stake in NuScale, exerting additional downward pressure on the stock. In October, Fluor realized $605 million by selling a portion of its holding at an average price of $40 per share. The company still holds 111 million Class B units, representing roughly 39% of NuScale’s equity, and plans to convert and sell these remaining shares by the end of the second quarter. Fluor intends to redeploy proceeds into a share buyback program and other corporate investments.
3. Project Pipeline and Commercialization Timelines
NuScale’s proprietary small modular reactor (SMR) design is the only one certified by the U.S. Nuclear Regulatory Commission, positioning the startup at the forefront of advanced nuclear technology. The RoPower project in Romania, developed jointly with Fluor, calls for a six-module SMR plant delivering 462 MW of carbon-free power at a former coal site. However, first commercial operation is not expected until around 2030, underscoring the lengthy regulatory, construction and financing timelines associated with nuclear projects.
4. Financial and Operational Risks
As a pre-revenue, capital-intensive developer, NuScale remains exposed to execution risk and funding challenges. The company has yet to generate cash flow from power sales, and its next major milestone—the Romanian Front-End Engineering and Design phase—is contingent on multiple approvals and cost estimates. Any delays in licensing, construction overruns or shifts in government support for nuclear energy could further strain liquidity and widen the gap between investor expectations and operational reality.