NuScale Power has established itself as the only developer of small modular reactors (SMRs) to receive Standard Design Approvals from the U.S. Nuclear Regulatory Commission. Its initial 50 MWe design secured approval in early 2023, followed by a 77 MWe design in May of last year. Each reactor module measures 15 feet in diameter and 76 feet in height, allowing for factory fabrication and on-site assembly that can significantly reduce construction timelines and labor costs compared with traditional nuclear plants. The modular approach also enables scalable configurations—from a single unit up to multi-module installations—tailored to customer requirements in utilities, governments and large energy consumers such as hyperscale data centers.

Since its SPAC merger in May 2022, NuScale’s market capitalization peaked following an all-time high share price in October, but it has since declined by over 60%. The company generated approximately $40 million in revenue in 2025 while incurring a net loss of $360 million. Average gross margin remains robust at nearly 65%, but operating expenses surged in line with R&D and pre-construction activities. Analysts forecast revenue growth to $293 million by 2027, with the net loss narrowing to $67 million as NuScale transitions from development to early deployment phases.

NuScale’s first planned multi-module deployment in Idaho was canceled in 2023 after escalating costs prompted the company to scale back. Today, most revenue derives from front-end engineering and design (FEED) contracts with Fluor for a planned 462 MWe plant in Romania, pending a final investment decision expected this year. In the U.S., a 2032 target date has been set for up to six gigawatts of capacity under agreement with the Tennessee Valley Authority. To date, no NuScale modules have been sold or installed in commercial operation, leaving execution risk high until these flagship projects progress to construction and commissioning.

Industry research suggests the global SMR market could expand at a compound annual growth rate of 42.3% through 2035, driven by demand for reliable baseload power in cloud computing, artificial intelligence and high-performance computing markets. If NuScale achieves consensus forecasts for sustained 40% annual top-line growth from 2024 to 2035, revenues could approach $1.5 billion by that terminal year. At a multiple of 37 times sales—a level in line with other high-growth energy technology firms—NuScale’s valuation could increase tenfold. However, this scenario depends on securing additional offtake agreements, timely regulatory approvals for new designs and successful execution of initial pilot projects.