NuScale Power has pioneered small modular reactors (SMRs) designed for rapid factory fabrication and on-site assembly. Its 50 MWe and 77 MWe designs both received Standard Design Approvals from the U.S. Nuclear Regulatory Commission in early 2023 and May 2023, respectively. Each reactor vessel measures 15 feet in diameter and 76 feet in height. NuScale’s modular approach allows multiple units to be linked to create scalable plants with footprints significantly smaller than traditional nuclear facilities, targeting markets including utilities, governments and hyperscale data centers that demand continuous, high-density power.

NuScale’s first commercial opportunity is as a subcontractor for Fluor on the planned 462 MWe RoPower plant in Romania. That front-end engineering and design work is ongoing, with a final investment decision expected later this year. A second project agreement covers up to six GW of capacity for the Tennessee Valley Authority, but full plant activation is not anticipated until 2032. NuScale abandoned its original six-module Idaho project in 2023 and laid off 40% of its workforce earlier that year, underscoring the volatility of project development timelines and capital requirements.

Analysts forecast NuScale will generate $40 million in revenue in 2025 while incurring a net loss of $360 million. By 2027, revenue is expected to rise to $293 million as net losses narrow to $67 million, contingent on favorable investment decisions in Romania and U.S. project advancements. Industry research projects the global SMR market could expand at a compound annual growth rate of 42.3% from 2024 through 2035. If NuScale sustains a 40% top-line CAGR and achieves $1.5 billion in revenue by 2035, a tenfold increase in company valuation to approximately $55.5 billion could be conceivable, though this outcome remains speculative and hinges on successful commercial deployments.