NuScale Power’s share price has retraced 64% from its October peak, reflecting broader investor caution toward speculative, pre-revenue nuclear start-ups. After debuting in May 2022 at roughly $10 per share, NuScale climbed to an all-time high above $57 last year before this year’s sell-off. The drawdown has been driven by long timelines to commercial operation, uncertain near-term revenues and rich valuation multiples compared with established utilities. Investors in the nuclear sector have generally rationalized extended development cycles against commitments to triple global nuclear capacity by 2050, but NuScale’s lack of operational plants has left it vulnerable to profit‐taking and headline risks.

Fluor Corporation, NuScale’s 14-year strategic partner and early investor, has monetized a significant portion of its 39% equity stake. Last October, Fluor sold shares at an average price near $40 per share, realizing approximately $605 million in proceeds. In November, Fluor announced it would convert its remaining Class B units into Class A common shares and fully exit by the end of Q2. This forthcoming secondary offering could inject substantial volume into the market, placing additional downward pressure on NuScale’s share price until the sales are complete.

NuScale holds the only small modular reactor (SMR) design certified by the U.S. Nuclear Regulatory Commission, positioning it as a frontrunner in modular nuclear technology. Together with Fluor, the company is advancing the RoPower initiative at a decommissioned coal site in Romania. The project envisions six modules delivering 462 megawatts of carbon-free baseload power. Phase 2 Front-End Engineering and Design is underway, with Fluor as prime contractor. Commercial operation is not expected until around 2030, and final investment decisions hinge on Romanian regulatory approvals anticipated later this year.

While NuScale’s SMR platform offers scalable, low-carbon power for utilities, data centers and industrial users, the path to cash flow remains long and capital-intensive. The company reported a gross margin near 65% on design activities but is not yet generating product revenues. A recent techno-economic assessment with Oak Ridge National Laboratory demonstrated that a 12-module plant could exceed profitability thresholds by selling excess power to the grid, yet that analysis assumed a 10-day refueling outage and high capacity factors not yet proven at scale. Investors should weigh the potential of a first mover in SMRs against execution risks such as cost overruns, regulatory delays and the reliance on a single initial project in Romania.