NuScale Power has developed a factory-built small modular reactor (SMR) design approved by the U.S. Nuclear Regulatory Commission for a 462-megawatt power plant, a milestone that positions it as a pioneer in next-generation nuclear. The modular approach promises shorter construction timelines and lower upfront capital requirements compared with traditional gigawatt-scale facilities. By enabling incremental capacity additions and siting closer to load centers, SMRs could address the growing power demands of data centers, industrial campuses, and remote grids, potentially tapping into a global market projected to exceed $150 billion over the next decade.

Despite regulatory approval, NuScale has yet to secure its first firm order, leaving the company dependent on engineering and consulting fees for revenue. In the current fiscal year, NuScale’s consulting agreements with RoPower and Fluor have generated modest income, accounting for roughly 10 percent of its operating budget. While these contracts validate the core technology, they fall short of the multi-hundred-million-dollar equipment sales required to transition NuScale into a revenue-generating phase and justify its current enterprise valuation.

NuScale is in advanced discussions with two anchor prospects. A Romanian utility is evaluating up to six SMR units, with a final investment decision deferred to late 2026 or early 2027—approximately 12 months behind initial projections. Domestically, the Tennessee Valley Authority and ENTRA1 Energy have each expressed interest in deploying SMRs for grid resilience projects, though neither has committed binding terms. The protracted sales cycle underscores both the strategic importance of NuScale’s design and the hurdles of nuclear procurement processes, which often span multiple years.

Early investor Fluor initiated a secondary share sale when NuScale traded near its 52-week peak of around $53, and plans to divest its remaining stake by 2026. This impending share overhang could suppress the stock’s performance until the exit is complete. Meanwhile, NuScale’s share count has risen by over 25 percent in the past two years to fund development and regulatory activities. Absent a landmark sale, further equity raises remain a material risk, potentially diluting existing holders and putting additional pressure on the company’s capital structure.