NuScale Power’s inaugural commercial contract with RoPower in Romania, which would deploy six of its small modular reactors, remains pending government and financing approvals. Originally targeted for early 2026, the final investment decision has been pushed back to late 2026 or early 2027. RoPower’s capital commitment is expected to exceed $3 billion, and any further delays could strain NuScale’s development schedule and its path to recurring revenue.

Beyond RoPower, NuScale has signed development agreements with the Tennessee Valley Authority and ENTRA1 Energy to assess deployment of its reactors at multiple U.S. and European sites. While the company has outlined milestone-based deliverables—such as design reviews and site permitting—it has not committed to delivery dates or quantities. These partnerships signal demand for SMR technology, but without binding purchase orders, NuScale’s revenue outlook remains speculative.

Over the past year, NuScale’s share price swung between a 150% gain and a 40% decline, ultimately trading roughly 20% below its 12-month starting level. Investor sentiment is driven largely by news flow rather than consistent cash generation: the company reported about $750 million in liquidity at the end of Q3 2025, enough to fund operations through multiple development milestones. Should NuScale secure its first reactor sale and move toward construction, the stock could more than double; failure to convert partnerships into contracts, however, may jeopardize its long-term viability.