Industry estimates from the Electric Power Research Institute project that U.S. data center power requirements for artificial intelligence workloads could increase roughly tenfold by 2030. NuScale Power’s small modular reactor (SMR) technology is uniquely positioned to address this surge, offering compact, factory-built units that can deliver consistent baseload power directly to large computing facilities. Management forecasts that a single six-module SMR plant—each module rated at 77 MWe—could support the electricity needs of up to five major AI data centers simultaneously, potentially unlocking multibillion-dollar purchase agreements over the next decade.

NuScale has secured landmark agreements with two government-backed consortia. The U.S. Department of Energy’s Carbon Free Power Project, led by the Utah Associated Municipal Power Systems, finalized a 12-module SMR order in late 2023, targeting commercial operation by 2029. Separately, NuScale signed a memorandum of understanding with PSEG Nuclear in early 2024 to evaluate SMR integration at the Hope Creek site in New Jersey. Combined, these projects represent over $4.5 billion in potential reactor equipment and services revenue, underpinning the company’s long-term book of business.

In August 2023, NuScale received design approval from the Nuclear Regulatory Commission (NRC) for its SMR technology—the first such approval for a light-water SMR in the U.S. The NRC has since initiated the site-specific licensing review for the Carbon Free Power Project, with a final safety evaluation report expected by mid-2026. NuScale projects first concrete pour at the Utah site in late 2027 and commercial grid connection by mid-2029, marking the beginning of its revenue generation cycle.

With an order backlog exceeding $6 billion and a development pipeline of over 20 potential sites, NuScale’s management anticipates annual revenue ramping from roughly $150 million in 2029 to over $1.2 billion by 2032. The shift from R&D expenditures to module fabrication and site construction should improve gross margins from the current negative-to-low single digits to mid-30% levels by 2030. For investors, the combination of secured flagship projects, regulatory progress and a multi-year contract pipeline positions SMR as a differentiated growth story within the clean energy sector.