NuScale Power is developing small modular reactor (SMR) power plants designed for governments, utilities and data centers. Its reactors are factory-built and configurable in four, six or 12-module arrangements, enabling customers to tailor capacity to specific needs. In March 2026 the U.S. Nuclear Regulatory Commission approved NuScale’s design, making it the first SMR developer to secure federal clearance and granting the company a significant first-mover advantage in a regulatory process that often spans years.

The Trump administration’s award of $2.7 billion to three uranium enrichment firms in early 2026 lifted sentiment across the nuclear sector, contributing to a 37% rise in NuScale’s stock year-to-date. While NuScale did not receive direct funding, the broader policy support for domestic nuclear supply chains underscores government commitment to advanced reactor technologies. With only one SMR design approved, NuScale is positioned to capitalize on anticipated state and federal incentives targeting reliable, low-carbon baseload power for high-demand applications such as AI data centers.

NuScale’s first potential reactor sale is a six-unit plant for Romania’s RoPower utility, where front-end engineering and licensing work is conducted under a consulting agreement with Fluor. Initial plans targeted a final investment decision in early 2026, but RoPower has pushed that milestone to late 2026 or early 2027. Separately, NuScale has signed a memorandum of understanding with the Tennessee Valley Authority and ENTRA1 Energy to explore SMR deployments, providing milestone-based deliverables without firm dates. These projects represent the critical path to NuScale’s first construction contracts and subsequent revenue recognition.

At the end of third quarter 2025, NuScale reported approximately $750 million in liquidity and a gross margin of 64.95% on consulting revenue. The company remains unprofitable and trades at roughly 50 times forward sales estimates. Over the past 12 months its share price rallied as much as 150% before retracing 40%, leaving it down 20% year-over-year. If NuScale secures its first SMR orders and begins construction, investors could see a substantial rerating. Conversely, further delays in customer approvals or financing could prolong the path to revenue and place pressure on the balance sheet.