Fact Summary
NuScale Power is a U.S. developer of small modular reactors (SMR). On 2025-05-29, the U.S. Nuclear Regulatory Commission (NRC) granted Standard Design Approval for its uprated 77MWe (US460) design. In Q1 2026 (as of 2026-03-31), revenue was $0.565 million, sharply down year-over-year, with a net loss of $44.0 million. During 2026, the company raised substantial capital through a $1 billion ATM program and a separate public offering, and Fluor Corporation, formerly its largest shareholder, sold its remaining stake entirely on 2026-04-21, fully divesting its holding.
Price-Change Context Note
The as-of-date (2026-07-31) closing price was 8.42 USD, down -2.09% from the previous close. On 2026-07-16, the nuclear sector broadly declined (including SMR and several other stocks) by 8-9%, and as of the as-of date, short interest remained relatively elevated at approximately 19.53%-21.01% of float (per the 2026-07-15 FINRA settlement date).
Business Overview · Regulatory Approval
NuScale Power is a U.S. developer of small modular reactors (SMR), whose core product is the NuScale Power Module generating 77MWe per module, scaled into VOYGR plant designs deploying 4, 6, or 12 modules. On 2025-05-29, the U.S. Nuclear Regulatory Commission (NRC) granted Standard Design Approval (SDA) for the uprated 77MWe (US460) design, totaling 462MWe across a 6-module deployment (Source: Federal Register, 2025-06-04). The company announced a new operations center in Houston, Texas on 2026-04-29.
Key contracts and partnerships include an exclusive technology agreement signed in April 2026 with Standard Power covering two Ohio-based data centers, an ongoing development collaboration with the Tennessee Valley Authority (TVA) for up to 6GW of SMR systems, the Romanian Doicești project (six 77MWe modules, 462MWe, final investment decision approved 2026-02-12), a fuel supply partnership with Framatome, and ENTRA1 Energy (a joint venture 50%-owned by NuScale) linked to a power purchase agreement (PPA) platform targeting data centers.
5-Year Financial Trend (Annual Revenue · Net Loss)
Peer Comparison
| Item | NuScale (SMR) | Oklo (OKLO) | BWXT |
|---|---|---|---|
| NRC Design Certification | Held (US460, 2025-05) | Not held (targeting 2027-2028) | N/A (legacy nuclear components/services) |
| Revenue Stage | Early commercialization ($31.5M, FY2025) | $0 (no commercial revenue) | Large-scale commercial revenue (TTM $3.37B) |
| Cash Position | Approx. $1.0B-$1.3B (varies by date) | $2.5B, debt-free | Not available |
Valuation (Factual Multiples)
PER and EV/EBITDA are not calculable (n/a) due to ongoing net losses. PSR and EV/Revenue multiples are very high given the small revenue base.
Governance · Ownership Structure
| Date | Fluor Corporation Ownership (Total Voting Power) |
|---|---|
| 2025-07-31 | 44.4% |
| 2025-11-07 | 37.3% |
| 2026-02-13 | 13.3% |
| 2026-04-09 | 7.8% |
| 2026-04-21 | 0% (fully divested) |
The board chair is Alan L. Boeckmann, former Fluor Chairman and CEO (2002-2011), per the 2026 proxy statement — while the equity relationship has been fully divested, a personal link remains on the board.
Supply & Demand
Macro Factors
| Factor | Current Value (As of Date) | Impact |
|---|---|---|
| US 10-Year Treasury Yield | 4.75% (2026-07-31) | Upward pressure on discount rate |
| DOE Loan Guarantee Program | Signaled support for 5-10 first-of-a-kind new reactors (2026-04 congressional testimony) | Improved capital-raising conditions |
| AI Data Center Power Demand | Up to +165% by 2030 vs. 2023 (Goldman Sachs) | Expanding order pipeline |
| 45U Nuclear Production Tax Credit | Remains in effect through 2032 | Reduced policy uncertainty |
| Uranium (U3O8) Spot Price | $85.60/lb (2026-07-13) | Mixed impact on sentiment and costs |
| Copper Price | $6.43/lb (2026-08-01), +5.10% over the past month | Pressure on construction costs |
Risk-Related Facts
- FY2025 revenue declined -14.9% versus FY2024, and Q1 2026 revenue fell sharply year-over-year, coming in below the consensus estimate ($14.8 million)
- The 2026 ATM program and public offering increased shares outstanding from approximately 148 million at FY2025 year-end to approximately 365 million as of early August 2026
- In November 2023, the Carbon Free Power Project (Idaho, joint with UAMPS, six 77MWe modules) was cancelled by mutual agreement after estimated costs ballooned from $3.6 billion to $9.2 billion
- Nuclearelectrica officially confirmed that, as of 2026-07-15, the Romanian Doicești project has not yet met certain final investment decision (FID) conditions and negotiations with the government are ongoing
- The FY2025 10-K identifies capital-raising ability as a material risk factor (liquidity expanded to $1.3 billion at FY2025 year-end)
Recent Key Event Timeline
| Date | Description |
|---|---|
| 2025-05-29 | NRC grants Standard Design Approval for the uprated 77MWe (US460) design |
| 2026-02-12 | Romania's Nuclearelectrica approves final investment decision (FID) for the Doicești SMR project |
| 2026-02-26 | Launches $1 billion ATM common stock sales program |
| 2026-04-21 | Fluor Corporation fully divests remaining stake, reducing ownership to 0% |
| 2026-04-29 | Announces new operations center in Houston, Texas |
| 2026-05-07 | Reports Q1 2026 results (revenue $0.565 million, net loss $44.0 million) |
| 2026-06-17 | Paragon (a Mirion Technologies subsidiary) wins contract to design instrumentation and control systems for the NuScale Power Module |
| 2026-07-15 | Nuclearelectrica rejects proposal to reconsider the Doicești project route (retaining the existing NuScale route), acknowledging certain FID conditions remain unmet |
| 2026-07-16 | Broad decline across the nuclear sector (8-9%, including SMR) |
| 2026-07-31 | As-of-date closing price 8.42 USD (-2.09% vs. previous close) |
The next quarterly earnings date is unconfirmed, as sources vary between 2026-08-05 and 2026-08-12 (not available)
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