Key Takeaways NuScale's 12-module plant could deliver 3 gigawatts of thermal energy as steam for industrial applications.A 2025 study found NuScale's proposed systems could potentially cut chemical plant CO2 emissions by 80%-90%.SMR is developing steam compression technology to expand its potential industrial applications.
NuScale Power Corporation (SMR - Free Report) is exploring industrial heat as a use for its small modular reactors. Factories need heat to refine crude oil, produce chemicals and manufacture fertilizers, with much of that energy coming from fossil fuels. According to a U.S. Department of Energy analysis cited by NuScale, process heating accounted for 51% of manufacturing energy use in 2018. NuScale says a plant with 12 Power Modules could supply 3 gigawatts of thermal energy as superheated steam. This could give industrial customers another way to meet their heat needs while reducing emissions.
Industrial facilities need steam at specific temperatures and pressures, making it difficult to replace conventional boilers. NuScale has been studying how its reactors could meet those requirements. In a 2025 assessment published with Oak Ridge National Laboratory, several proposed systems were found capable of serving a large chemical facility while potentially cutting carbon dioxide emissions by 80% to 90%. NuScale is also working with Ebara Elliott Energy on a high-temperature steam compressor. The planned system would use equipment to raise reactor-supplied steam to 500°C or more, making it suitable for additional industrial uses.
These projects could open another market for NuScale, although commercial adoption remains uncertain. Its reactor design supports an emergency planning zone at the plant boundary, allowing installations closer to factories and reducing heat lost during transport. The company has studied ways to supply electricity and steam for hydrogen and ammonia production. However, these studies do not amount to industrial sales. NuScale must demonstrate its systems at commercial scale, secure customers and arrange financing before process heat can become a revenue source. Successful projects could improve the business outlook for SMR stock.
NuScale is not alone in exploring nuclear energy for industrial heat applications. Other advanced nuclear developers are also working on smaller reactor designs that could supply both electricity and heat to industrial facilities. As industries look for ways to reduce their dependence on fossil fuels, demand for such technologies could increase, creating new business opportunities while intensifying competition in the nuclear energy market.
Other Nuclear Developers Target Heat and Power ApplicationsNANO Nuclear Energy (NNE - Free Report) is targeting applications where reliable, high-temperature energy can support power-intensive industrial operations. NANO Nuclear Energy says its KRONOS MMR uses high-temperature gas-cooled reactor technology and is designed for deployment across data centers, industrial and defense-related customers. Its compact, modular architecture and use of TRISO fuel could support co-located or off-grid applications. NANO Nuclear Energy is also building partnerships to support future commercial deployment.
Meanwhile, Oklo Inc. (OKLO - Free Report) is taking a similar approach by designing its Aurora powerhouses to provide both electricity and usable heat. OKLO sees this combination as part of a broader integrated nuclear platform spanning power, fuel and isotopes. OKLO is already developing an Aurora application at Eielson Air Force Base that is intended to supply electricity and heat, demonstrating how advanced reactors could serve facilities with simultaneous thermal and power requirements. OKLO also plans to own and operate these assets.
The Zacks Rundown on NuScale PowerShares of SMR have lost some 55% over the past six months.
Image Source: Zacks Investment Research
NuScale Power currently has an average brokerage recommendation of 2.79 on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 19 brokerage firms.
Image Source: Zacks Investment Research
See how the Zacks Consensus Estimate for SMR’s earnings has been revised over the past 90 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NEW YORK, Oct. 22, 2026 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of NuScale Power Corporation ("NuScale" or the "Company") (NYSE: SMR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext.
NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of NuScale Power Corporation (“NuScale” or the “Company”) (NYSE: SMR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether NuScale and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 11, 2026, UBS downgraded NuScale from “Neutral” to “Sell” and lowered its price target from $10 to $6. UBS analyst Jon Windham opined that NuScale is rapidly losing its “first-mover” advantage in small modular reactor (SMR) technology to faster-moving competitors. UBS also flagged a lengthy five-year build timeline, a critical lack of firm customer commitments, and projected a massive $700 million in negative free cash flow between 2026 and 2028. The report also described stagnating progress regarding NuScale’s key RoPower project in Romania and its partnership with the Tennessee Valley Authority (TVA).
On this news, NuScale’s stock price fell $1.60 per share, or 15.67%, to close at $8.61 per share on September 11, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Almost exactly a year ago, on Oct. 15, 2025, shares of NuScale Power (SMR -0.79%) finished the day at a record $53.43. On Monday, they ended at $5.69. That's around 89% lower, and it's the stock's lowest close since May 2024.
Shares are down about 60% for 2026, including a 26% fall from their Oct. 7 close at $7.67.
At this price, most of what a buyer pays for every share is cash. To me, that's the biggest shift in this stock over the last year. A stock trading so close to its cash can look like a value stock. But it isn't necessarily cheap when the company keeps selling new shares to refill the cash.
Image source: Getty Images.
As of June 30, 2026, NuScale's cash, cash equivalents, and short- and long-term investments totaled $1.9 billion, and it has no debt. Divided by the roughly 430 million Class A and Class B shares outstanding on June 30, that's about $4.41 per share.
That means cash and investments equal around 78% of Monday's closing price. And with no net income to measure the stock against, that cash is arguably the best gauge.
NuScale's filing for its newest stock offering put its net tangible book value (assets minus liabilities, not counting intangibles like goodwill) even higher, at $4.63 per share at the end of June.
So a buyer at $5.69 pays a bit over $1 per share (about $450 million in all) for everything else -- the reactor technology, the engineering team, and whatever orders eventually come through partner ENTRA1 Energy.
How long does $1.9 billion last?NuScale has almost no revenue yet, just $75,000 for the second quarter of 2026, down from $8.1 million a year before.
Still, the company doesn't burn cash very fast. Its operating activities used $314.7 million in the first quarter of 2026. But $259.9 million of that was one payment to ENTRA1.
Take that payment out, and the company used around $55 million of cash over those three months, then about $58 million from April through June. That rate is accelerating, though, up from about $33 million in the second quarter of 2025.
Losses are rising, too. NuScale's operating loss was $64 million in the second quarter -- 49% higher than a year before and over the first quarter's $58 million.
That said, at roughly $230 million a year, $1.9 billion could fund several years of spending. Cash likely isn't NuScale's short-term issue.
The bigger drain may come from the deal shareholders hope for. Under NuScale's agreement with ENTRA1, a binding power purchase agreement (like the one ENTRA1 has been working toward with the Tennessee Valley Authority) triggers NuScale's next milestone payment. That tranche is set at 35% of the total, compared to 15% for the first, which cost $507 million.
NuScale keeps selling new sharesThe cash behind each share also looks healthy for another reason -- NuScale keeps issuing stock. Over the first half of 2026, it sold around 89.7 million new shares at an average price of $11.14, raising $1 billion before fees.
Including both share classes, the share count climbed 27% over six months, from around 338 million at year-end 2025 to about 430 million on June 30. And because those shares went for much more than the cash already behind each share, cash per share grew from about $3.81 to $4.41, even after the ENTRA1 payment.
SMR NuScale Power$5.65-$0.05 (-0.79%)
NYSE · As of 2:26 PM ET 10/20/26
A lower stock price changes that. On Aug. 11, NuScale set up a new program to sell up to $750 million in stock over time. When NuScale filed it, the previous day's closing price was $9.18, and the full amount would've taken around 82 million new shares.
At Monday's price, it would take about 132 million, or about 31% of the shares NuScale had in June. And each new share would bring in only about $1 more than the cash behind every existing one.
In the end, NuScale's balance sheet now backs most of its valuation, making the stock more interesting to me than it was a few weeks ago. But the cash isn't fixed. It drops with every quarter of losses and any milestone payment, and it's mainly been refilled by selling shares. NuScale's third-quarter filing, expected with its Nov. 5 report, should show how much of the $750 million program it has already used.
Is the growth stock finally a buy at $5.69? Not yet, in my view. I'd want to see that filing first, and know how thin the cash behind each share has gotten.
NuScale Power Corporation (NYSE:SMR) shares are trading lower Tuesday after Barclays downgraded the stock to Underweight from Equal Weight rating and cut its price target to $5 from $11.
Nuclear energy stocks are becoming closely tied to the data center build-out. Alphabet's Google recently signed a 20-year power purchase agreement with Constellation Energy, the U.S.'s largest nuclear operator, to support its growing power needs. After its Oct. 6 announcement, Constellation's stock soared 12%, and other nuclear energy stocks followed suit.
One intriguing stock in the space is NuScale Power (SMR -5.20%), an early-stage developer of small modular reactors (SMRs). As hyperscale data center operators search for dependable, carbon-free electricity, NuScale could offer investors another way to capitalize on the nuclear energy revival.
The early-stage company trades below $6 per share and is largely story-driven, but one key catalyst could send the stock soaring.
Image source: The Motley Fool.
NuScale Power's stock has fallen drastically in 2026 NuScale's Power Modules are factory-built SMRs that are based on light-water reactor technology. Each module produces 77 MWe (megawatt-electric) of power and can be deployed in multiunit arrays to provide up to 924 MWe, enough to power 700,000 homes or heavy-duty infrastructure such as data centers or industrial plants.
The stock surged last year as data center investments ramped up and the Department of Energy took steps to boost the nuclear energy industry. As part of these efforts, the U.S. has an aggressive goal of quadrupling nuclear energy capacity by 2050 and is building traditional power plants while accelerating the development of microreactor and SMR technology.
SMR NuScale Power$5.83-$0.32 (-5.20%)
NYSE · As of 4:00 PM ET 10/16/26
Over the past year, the stock has plunged. After peaking at around $57 per share, NuScale is down over 90%. Several factors are driving the decline, including weakness in nuclear energy stocks, Fluor (an early investor in NuScale) exiting its stake, and a lack of further commitments for its technology.
NuScale has one project in Romania, but it needs more in its pipeline to gain real traction. One deal that could send the stock soaring is with the Tennessee Valley Authority (TVA).
NuScale is working with ENTRA1 to develop power plants, and on Sept. 2, 2025, ENTRA1 signed a non-binding agreement with the TVA for up to 6 gigawatts (GW) of power across its service region. The 6 GW project would be the largest SMR deployment in the U.S. and would require deploying up to 72 NuScale Power Modules. A deal would transform NuScale's long-term outlook.
CEO John Hopkins told investors during its Aug. 5 earnings call that the company is "extremely encouraged by our conversations that ENTRA1 and TVA are having" and that "TVA is actively engaged." NuScale hopes to secure firm commitments through power purchase agreements (PPAs), which could serve as a blueprint for future deals and get U.S. plant development underway.
Until then, NuScale Power remains a risky, early-stage, story-driven stock, and its decline over the past year is a painful reminder. The stock is down 90% from its all-time high and could surge if it secures a much-coveted deal with TVA. But without a firm commitment, the stock may fall further, and investors should weigh its upside potential against the real risk of a further decline.
Courtney Carlsen has positions in Alphabet, Constellation Energy, and NuScale Power. The Motley Fool has positions in and recommends Alphabet and Constellation Energy. The Motley Fool has a disclosure policy.
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of NuScale Power Corporation ("NuScale" or the "Company") (NYSE: SMR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether NuScale and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 11, 2026, UBS downgraded NuScale from "Neutral" to "Sell" and lowered its price target from $10 to $6. UBS analyst Jon Windham opined that NuScale is rapidly losing its "first-mover" advantage in small modular reactor (SMR) technology to faster-moving competitors. UBS also flagged a lengthy five-year build timeline, a critical lack of firm customer commitments, and projected a massive $700 million in negative free cash flow between 2026 and 2028. The report also described stagnating progress regarding NuScale's key RoPower project in Romania and its partnership with the Tennessee Valley Authority (TVA).
On this news, NuScale's stock price fell $1.60 per share, or 15.67%, to close at $8.61 per share on September 11, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Over the past three years, NuScale Power's (SMR -6.55%) stock price has ranged from $2 to $53 per share. Today, it sits at a little under $8. Owning it has been a roller-coaster ride, with five drawdowns of 50% or more over that span. The current drawdown is the worst of them, at roughly 85%. That said, there's a clear event that could prompt investors to rethink their views of NuScale Power.
What happened to NuScale Power's stock?
The interesting thing about NuScale Power's huge price swings is that they aren't really driven by its business. That 85% decline didn't happen because of some terrible corporate disaster; it happened because investors got overly enthusiastic about nuclear power stocks, and then moved on to other things. NuScale Power, a nuclear power start-up at the leading edge of nuclear technology, simply went along for the ride.
Image source: Getty Images.
The technology NuScale Power is working on is small modular nuclear reactors (SMRs). It could be a game changer for the nuclear industry, as factory-built SMRs could be less costly, safer, and easier to place near where they are needed than current large-scale reactors. But the hard truth is that NuScale Power hasn't even built its first commercial SMR yet. It has an approved reactor design, which is a very big deal, but it still needs to find the first customer willing to sign on the dotted line.
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To the company's credit, it is working hard to ink that first sale. It has been working with the Romanian power company RoPower for quite some time and is seeing material success. RoPower has approved a project that would use six NuScale Power SMRs. But RoPower still needs to nail down project financing, so there's no agreement yet. NuScale Power is also working closely with ENTRA1 Energy and the Tennessee Valley Authority in hopes of being part of what could be "the largest nuclear power deployment program in U.S. history." But, like RoPower, there is still no deal yet.
NuScale Power needs to sell an SMR
So, what the market is likely waiting for is NuScale Power's first SMR sale. That could be the event that pushes the stock back toward $20. However, it is important to remember that a signed contract is really just the start of the next stage of the company's development. Once it has that contract, it still needs to prove it can build an SMR and that the SMRs it builds are reliable and safe. In other words, NuScale Power is a high-risk start-up, and that isn't likely to change for quite some time.
NEW YORK, Oct. 13, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of NuScale Power Corporation (“NuScale” or the “Company”) (NYSE: SMR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether NuScale and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 11, 2026, UBS downgraded NuScale from “Neutral” to “Sell” and lowered its price target from $10 to $6. UBS analyst Jon Windham opined that NuScale is rapidly losing its “first-mover” advantage in small modular reactor (SMR) technology to faster-moving competitors. UBS also flagged a lengthy five-year build timeline, a critical lack of firm customer commitments, and projected a massive $700 million in negative free cash flow between 2026 and 2028. The report also described stagnating progress regarding NuScale’s key RoPower project in Romania and its partnership with the Tennessee Valley Authority (TVA).
On this news, NuScale’s stock price fell $1.60 per share, or 15.67%, to close at $8.61 per share on September 11, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of NuScale Power Corporation ("NuScale" or the "Company") (NYSE: SMR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether NuScale and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 11, 2026, UBS downgraded NuScale from "Neutral" to "Sell" and lowered its price target from $10 to $6. UBS analyst Jon Windham opined that NuScale is rapidly losing its "first-mover" advantage in small modular reactor (SMR) technology to faster-moving competitors. UBS also flagged a lengthy five-year build timeline, a critical lack of firm customer commitments, and projected a massive $700 million in negative free cash flow between 2026 and 2028. The report also described stagnating progress regarding NuScale's key RoPower project in Romania and its partnership with the Tennessee Valley Authority (TVA).
On this news, NuScale's stock price fell $1.60 per share, or 15.67%, to close at $8.61 per share on September 11, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Shares of NuScale Power Corporation (NYSE:SMR – Get Free Report) were up 6.6% on Tuesday. The company traded as high as $8.37 and last traded at $8.1870. Approximately 7,603,405 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 31,356,100 shares. The stock had previously closed at $7.68.
Key Stories Impacting NuScale Power Here are the key news stories impacting NuScale Power this week:
Positive Sentiment: Google’s 20-year nuclear power agreement has renewed investor interest in advanced nuclear companies, including NuScale, by highlighting expected long-term electricity demand from data centers. The broader nuclear-stock rally provided a temporary boost to SMR and its peers. Google’s Power Deal Fuels Fresh Interest in Nuclear Stocks Positive Sentiment: NuScale’s partnership with ENTRA1 could support future TVA deployments and commercial opportunities tied to data centers and industrial power. The company also has approximately $1.9 billion in cash, cash equivalents and investments, providing liquidity while it pursues commercialization. How ENTRA1 Is Supporting NuScale’s Commercial Nuclear Push Neutral Sentiment: NuScale will report third-quarter 2026 results on November 5. The event could become a near-term catalyst, particularly for updates on customer discussions, project timing, cash usage and the company’s commercialization strategy. NuScale Power to Hold Third Quarter 2026 Earnings Conference Call Negative Sentiment: GE Vernova’s BWRX-300 reactor, being developed for TVA, received federal construction approval ahead of NuScale’s design. Investors may view this as evidence that a competing SMR could reach a construction site sooner, weakening NuScale’s first-mover narrative. GE Vernova Beats NuScale to Construction Permit Negative Sentiment: NuScale’s CFO Robert Hamady sold 20,000 shares under a pre-arranged Rule 10b5-1 plan. Although scheduled selling does not necessarily signal worsening fundamentals, it adds to concerns because reported insider activity has consisted of sales rather than purchases. Insider Selling: NuScale Power CFO Sells Stock Negative Sentiment: Pomerantz LLP is investigating potential claims on behalf of NuScale investors, creating additional headline and legal risk. The company also remains loss-making, with sharply reduced recent revenue and analysts expecting a full-year loss. Pomerantz Investigates Claims on Behalf of NuScale Investors Analyst Ratings Changes SMR has been the subject of a number of recent analyst reports. Barclays decreased their target price on NuScale Power from $15.00 to $11.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 22nd. Northland Securities set a $16.00 price objective on shares of NuScale Power in a research note on Thursday, August 6th. Royal Bank Of Canada decreased their price objective on shares of NuScale Power from $14.00 to $10.00 and set a “sector perform” rating for the company in a report on Tuesday, August 11th. Truist Financial initiated coverage on shares of NuScale Power in a report on Monday, July 13th. They set a “hold” rating and a $10.00 price objective for the company. Finally, B. Riley Financial lowered their target price on shares of NuScale Power from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $12.96.
Check Out Our Latest Report on NuScale Power NuScale Power Price Performance The stock has a market capitalization of $3.29 billion, a P/E ratio of -2.62 and a beta of 2.36. The firm has a 50 day moving average of $9.03 and a 200-day moving average of $10.07.
NuScale Power (NYSE:SMR – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.13). NuScale Power had a negative net margin of 3,888.70% and a negative return on equity of 35.59%. The company had revenue of $0.07 million during the quarter, compared to analysts’ expectations of $8.80 million. During the same quarter in the prior year, the company posted ($0.11) EPS. The business’s revenue was down 99.1% on a year-over-year basis. As a group, equities analysts expect that NuScale Power Corporation will post -0.64 earnings per share for the current year.
Insider Buying and Selling at NuScale Power In other news, CFO Robert Hamady sold 20,000 shares of the business’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $7.89, for a total value of $157,800.00. Following the sale, the chief financial officer owned 144,235 shares in the company, valued at approximately $1,138,014.15. The trade was a 12.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Carl M. Fisher sold 18,771 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $9.36, for a total transaction of $175,696.56. Following the completion of the sale, the chief operating officer directly owned 114,718 shares in the company, valued at approximately $1,073,760.48. The trade was a 14.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 88,651 shares of company stock worth $791,270 over the last three months. Company insiders own 1.28% of the company’s stock.
Hedge Funds Weigh In On NuScale Power A number of institutional investors and hedge funds have recently added to or reduced their stakes in SMR. Renaissance Technologies LLC acquired a new stake in NuScale Power in the 1st quarter valued at about $59,141,000. Bank of America Corp DE raised its stake in shares of NuScale Power by 33.4% in the first quarter. Bank of America Corp DE now owns 2,062,232 shares of the company’s stock worth $22,355,000 after acquiring an additional 516,097 shares during the last quarter. Swedbank AB lifted its position in shares of NuScale Power by 36.3% during the first quarter. Swedbank AB now owns 1,502,300 shares of the company’s stock worth $16,285,000 after purchasing an additional 400,240 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of NuScale Power during the first quarter worth approximately $4,336,000. Finally, Corient Private Wealth LP grew its stake in shares of NuScale Power by 1,495.8% during the second quarter. Corient Private Wealth LP now owns 338,023 shares of the company’s stock valued at $3,390,000 after purchasing an additional 316,841 shares during the last quarter. 78.37% of the stock is currently owned by institutional investors and hedge funds.
About NuScale Power (Get Free Report)
NuScale Power Corporation develops small modular reactor (SMR) technology for the generation of carbon-free electricity and process heat. Its primary product is the VOYGR SMR power plant, which is based on the company’s proprietary pressurized light-water reactor design. The plants are intended to be built from factory-produced modules and can be configured for applications including utility-scale power generation, industrial heat, hydrogen production, and water desalination.
NuScale provides reactor technology, engineering and design support, licensing assistance, and services intended to help customers develop and deploy SMR facilities.
Further Reading Five stocks we like better than NuScale Power Skydance Just Became a Media Giant—With an $80 Billion Debt Load Could Velo3D Be the Next Defense Buyout Target? Penguin Solutions Is Soaring as AI Memory Demand Explodes Alphabet’s Chart Is Coiling—and the Fundamentals May Be Ready to Back It Up Receive News & Ratings for NuScale Power Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NuScale Power and related companies with MarketBeat.com's FREE daily email newsletter.
NuScale Power (SMR +4.43%) says it holds the only design certification the Nuclear Regulatory Commission has given a small modular reactor. Its newer US460 design, based on bigger 77-megawatt modules, also earned the agency's standard design approval in May 2025.
But the first commercial small modular reactor the NRC has approved for construction isn't a NuScale design. On Sept. 29, the regulator granted a permit for the Tennessee Valley Authority to build a 300-megawatt BWRX-300 reactor from GE Vernova (GEV +3.96%) on TVA's Clinch River site in Tennessee.
NuScale shares trade near $8 as I write, down about 86% from the $57.42 they hit a year ago. And the permit came under three weeks after UBS cut the growth stock to sell, arguing rivals were moving into construction but NuScale had no firm customer commitments.
I wouldn't buy or sell a stock over a rating change. But it's worth comparing how TVA won its permit to where NuScale's own customers are.
Image source: The Motley Fool.
A 14-month reviewThe NRC officially started reviewing TVA's application in July 2025 and finished in 14 months, four months ahead of schedule. And TVA already had an early site permit for Clinch River, granted in 2019.
The GE Vernova design is moving in Canada, too. Ontario Power Generation got a license to construct the first BWRX-300 in April 2025, and nuclear construction is now underway at its Darlington site.
NRC records for NuScale look different. The agency lists NuScale in pre-application work for future combined license applications (the filing a utility submits to build and operate a plant) that would reference the US460 design. When it approved the design, the NRC said that anyone wanting to use it would still need to apply to build and operate a reactor. None has done that yet.
What needs to happen first?Everything goes through ENTRA1 Energy, NuScale's exclusive commercialization partner. In September 2025, ENTRA1 and TVA signed a non-binding agreement for up to 6 gigawatts of capacity from NuScale's power modules, billed partly as power for artificial intelligence (AI) data centers. As of NuScale's second-quarter report in August, ENTRA1 was still working toward a definitive power purchase agreement with TVA.
The license application itself waits for that agreement. On NuScale's second-quarter earnings call, CEO John Hopkins said one of the first steps once power purchase agreements are in place would be starting the license application with the customer. He added that around 60% of the application work done for a scrapped Utah project could be reused.
So even a signed deal probably leaves NuScale's customer with an application to finish and file, and a federal review that, at TVA's pace, could run over a year. Under NuScale's partnership terms, a binding agreement also triggers NuScale's next milestone payment to ENTRA1 (35% of the total it could owe) before any reactor revenue comes in.
Revenue has almost dried upMeanwhile, the revenue NuScale does report keeps dropping, from $8.2 million in 2025's third quarter to around $1.8 million in the fourth. Then it slid to $565,000 in the first quarter of 2026 and just $75,000 in the second, compared to $8.1 million a year earlier. Most of the older revenue was from engineering work for a planned plant in Romania, which finished in late 2025. And a pricing agreement with the project's prime contractor for that work cut second-quarter revenue by $176,000, leaving the company's power plant and module services line negative.
Romania won't close the gap soon, either. Hopkins said the Romanian project's final notice to proceed is "probably another year from now."
And losses are growing. NuScale's operating loss hit $64 million in the second quarter. That's around 49% more than a year before, and up from the $57.5 million it lost in the first quarter.
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NuScale posted a net loss for each of those periods, so there's no net income to value the stock on yet.
Sure, NuScale has time -- and money. It finished June with $1.9 billion in cash and investments, around half the stock's market value of about $3.5 billion. That's probably enough to cover years of operating losses at the current rate, but a signed deal would also trigger the milestone payment to ENTRA1.
Ultimately, NuScale still has an approved design, lots of cash, and a partner negotiating with the same utility that just won the first permit. But a rival's reactor is now cleared for construction, while NuScale's route to selling one still starts with a contract that hasn't been signed.
NuScale's third-quarter call on Nov. 5 is the next chance for management to say if ENTRA1 and TVA have gotten there. Until then, I'd wait on the stock.
NEW YORK, Oct. 06, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of NuScale Power Corporation (“NuScale” or the “Company”) (NYSE: SMR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether NuScale and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 11, 2026, UBS downgraded NuScale from “Neutral” to “Sell” and lowered its price target from $10 to $6. UBS analyst Jon Windham opined that NuScale is rapidly losing its “first-mover” advantage in small modular reactor (SMR) technology to faster-moving competitors. UBS also flagged a lengthy five-year build timeline, a critical lack of firm customer commitments, and projected a massive $700 million in negative free cash flow between 2026 and 2028. The report also described stagnating progress regarding NuScale’s key RoPower project in Romania and its partnership with the Tennessee Valley Authority (TVA).
On this news, NuScale’s stock price fell $1.60 per share, or 15.67%, to close at $8.61 per share on September 11, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Key Takeaways NuScale and ENTRA1 are advancing commercialization through flexible project ownership and financing models.ENTRA1 is pursuing up to 6 GW of NuScale reactor capacity under its agreement with TVA.NuScale is targeting hydrogen, desalination, process heat, data centers and other energy-intensive users. NuScale Power Corporation (SMR - Free Report) is using its partnership with ENTRA1 Energy to advance commercialization of its small modular reactor technology. ENTRA1 serves as NuScale’s exclusive global strategic partner, while NuScale supplies its approved reactor technology and related services. ENTRA1 develops and finances projects and, depending on the structure, may own and operate the plants. The model gives customers flexibility through long-term power purchase agreements, build-own-transfer structures or utility-owned arrangements.
The partnership also broadens NuScale’s addressable market beyond traditional power generation. ENTRA1 and NuScale are targeting applications such as hydrogen production, water desalination and industrial process heat, while NuScale also sees opportunities tied to data centers and other energy-intensive customers. The company’s 77-MWe module has NRC approval, uses conventional low-enriched uranium and is supported by a developing supplier network, positioning NuScale to move more quickly once commercial agreements are secured.
The key near-term opportunity is ENTRA1’s agreement with the Tennessee Valley Authority for potential deployment of up to 6 gigawatts of NuScale small modular reactor capacity. Discussions are continuing toward a definitive power purchase agreement, which NuScale describes as potentially supporting the largest nuclear deployment program in U.S. history. Management said talks are progressing and that once PPAs are finalized, NuScale is ready to begin licensing, front-end engineering and equipment-contract activities, making TVA an important test of the partnership’s commercialization model.
How Other Advanced Nuclear Companies Are Approaching the MarketOklo Inc. (OKLO - Free Report) is developing liquid-metal-cooled fast reactors that use metal fuel, a technology with decades of operating history. OKLO says its reactors rely on inherent safety features that allow them to respond naturally to changing conditions. OKLO is also building capabilities in fuel recycling, allowing used nuclear fuel to become a future energy source. Beyond electricity generation, OKLO is expanding into advanced fuel services and radioisotope production, creating a broader long-term business model.
NANO Nuclear Energy (NNE - Free Report) is developing compact microreactors designed for applications where large nuclear plants are impractical. NANO Nuclear's portfolio includes the KRONOS Micro Modular Reactor, the ZEUS battery reactor and the portable LOKI microreactor. NANO Nuclear is targeting data centers, industrial facilities, military sites, remote communities and microgrids. By focusing on smaller, modular reactor designs, NANO Nuclear aims to provide reliable, carbon-free power that can be deployed more quickly and flexibly than traditional nuclear plants.
The Zacks Rundown on NuScale PowerShares of SMR have lost 16.1% over the past six months.
Image Source: Zacks Investment Research
NuScale Power currently has an average brokerage recommendation of 2.68 on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 19 brokerage firms.
Image Source: Zacks Investment Research
See how the Zacks Consensus Estimate for SMR’s earnings has been revised over the past 90 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
CORVALLIS, Ore.--(BUSINESS WIRE)--NuScale Power announced it will host a conference call to review third quarter 2026 results on Thursday, November 5, 2026, at 5:00 p.m. ET.
A small modular reactor (SMR) project achieved a major regulatory milestone in the U.S. last week. The Tennessee Valley Authority (TVA) announced that the Nuclear Regulatory Commission (NRC) has issued a construction permit for its first SMR project.
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of NuScale Power Corporation ("NuScale" or the "Company") (NYSE: SMR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether NuScale and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 11, 2026, UBS downgraded NuScale from "Neutral" to "Sell" and lowered its price target from $10 to $6. UBS analyst Jon Windham opined that NuScale is rapidly losing its "first-mover" advantage in small modular reactor (SMR) technology to faster-moving competitors. UBS also flagged a lengthy five-year build timeline, a critical lack of firm customer commitments, and projected a massive $700 million in negative free cash flow between 2026 and 2028. The report also described stagnating progress regarding NuScale's key RoPower project in Romania and its partnership with the Tennessee Valley Authority (TVA).
On this news, NuScale's stock price fell $1.60 per share, or 15.67%, to close at $8.61 per share on September 11, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
In 2020, data centers only consumed 2% of the electricity in the United States. By 2028, it's forecast to jump to 12% of all electricity consumption. As traditional grids struggle to keep up with this rising demand and communities worry that new data centers in their areas will lead to higher electricity bills, additional power sources are being explored.
Nuclear energy is one of these sources, especially a new wave of small modular reactors (SMRs), to help meet demand while also providing added energy security within the United States.
One of the companies racing to develop SMRs is NuScale Power (SMR +1.80%). The company is getting added attention (which is good), but its stock is trading down almost 45% so far in 2026 (which is not so good). Forecasts suggest more favorable results over the next year, but caution is still warranted. Here's why.
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Investing $1,000 in NuScale today Analysts appear generally positive but cautious about NuScale's potential. Of the 18 covering the stock, 39% rate it a buy, 50% a hold, and 11% a sell, according to CNN. Among that group, the one-year price target consensus is favorable at $11, which, based on the Sept. 29 share price of $7.83, would represent a 40.5% gain.
To put that in perspective, buying $1,000 worth of the stock through fractional investing would yield nearly 128 shares. By September 2027, if NuScale reached $11 per share, that $1,000 investment would be worth approximately $1,405.
Median price targets can offer a more grounded overview, but we can also look at the highest and lowest targets from that group of analysts. The highest is $20, representing a potential 155% gain, which would turn a $1,000 investment into approximately $2,556. The lowest price target is $6, representing a 23.4% loss, shrinking a $1,000 investment into about $767.
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Investment considerations for NuScale Price targets aren't guarantees, and investors shouldn't rely on them solely for investment decisions. But they serve as a starting point for understanding a stock's risk-to-reward potential. The wide range, from $6 to $20, accurately reflects the investable opportunity.
As NuScale has no commercial operations or meaningful revenue at the moment and doesn't expect to deploy its NuScale Power Module until 2030, it's not outside the realm of possibility that NuScale could trade at the $6 target by next September. There may not be enough progress to show, which could keep pushing the stock price lower. On the other hand, if the company clears more regulatory hurdles and accelerates design progress, and nuclear energy stocks see broader bullish sentiment, the stock price could move higher, bringing shares closer to that median target of $11. Still, the $20 price target seems a little ambitious.
With all that in mind, NuScale could fit into the portfolio of a more aggressive investor taking a small, speculative stake in the company, or one who is considering owning several nuclear energy stocks to avoid trying to guess the ultimate winner in the sector.
Owning several stocks related to the nuclear energy market, including Oklo, Constellation Energy, and others, in addition to NuScale, can help mitigate investment risk. Having a few long-term winners can more than offset the losses from any single investment that doesn't pan out while still providing meaningful overall portfolio gains. The key with NuScale is having the patience to see whether it will execute, as well as being able to withstand any volatile price swings along the way.
NuScale Power (SMR +1.80%) is a high-risk investment, as evidenced by its generating just $75,000 in revenue in the second quarter of 2026 against cost of sales of $227,000. And that doesn't even take into consideration the company's other expenses. Which is why it is impressive that it raised roughly $985 million in the first half of 2026, bringing its cash balances to roughly $1.1 billion. Here's how long the company has before it needs more cash.
What does NuScale Power do? NuScale Power is attempting to build and sell small modular nuclear reactors (SMRs). It has an approved design and is already starting to set up its manufacturing capabilities. The company has achieved a lot, but it is still missing one crucial piece: a first customer.
Image source: Getty Images.
That's basically what Wall Street is waiting for, even though NuScale has some fires in the iron. For example, RoPower, a Romanian power company, has approved a nuclear project that would use six NuScale SMRs, but it still needs to secure project financing. And NuScale is working with ENTRA1 Energy and the Tennessee Valley Authority on a project that could lead to a sale, but it just isn't there yet.
This is why NuScale's cash burn is so important to monitor. When you add in research and development spending and selling, general, and administrative costs, the company's loss from operations totaled $64 million in the second quarter. That's actually not so bad when you compare it to the $1.1 billion in cash the company has, suggesting NuScale could muddle along for another four years before cash would become a problem.
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Why is NuScale already lining up more cash? That said, NuScale just set up a new at-the-money stock program to raise as much as $750 million in new capital. It doesn't need to sell that stock right now, but it is clearly preparing to do so and likely for good reason. At the moment, it is basically in a holding pattern as it waits to sign its first official sale. When that happens, it needs to start manufacturing its SMRs, which will be a costly effort.
In other words, investors have two different issues to watch. NuScale appears to have plenty of cash on hand to support the business as it works toward its first sale. But once it makes its first sale, spending will likely accelerate quickly, and its cash burn will increase materially. Even there, however, the company appears prepared, as evidenced by the at-the-money stock program it has implemented. Essentially, even though you should continue to watch the company's cash hoard, it looks like NuScale is positioned fairly well from a cash perspective right now.
Emerson Electric (NYSE:EMR – Get Free Report) and NuScale Power (NYSE:SMR – Get Free Report) are both industrials companies, but which is the better business? We will contrast the two businesses based on the strength of their institutional ownership, risk, earnings, valuation, profitability, analyst recommendations and dividends.
Institutional & Insider Ownership 74.3% of Emerson Electric shares are held by institutional investors. Comparatively, 78.4% of NuScale Power shares are held by institutional investors. 0.2% of Emerson Electric shares are held by company insiders. Comparatively, 1.3% of NuScale Power shares are held by company insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a company is poised for long-term growth.
Profitability This table compares Emerson Electric and NuScale Power’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Emerson Electric 13.83% 17.58% 8.50% NuScale Power -3,888.70% -35.59% -30.27% Risk and Volatility Emerson Electric has a beta of 1.24, meaning that its share price is 24% more volatile than the S&P 500. Comparatively, NuScale Power has a beta of 2.3, meaning that its share price is 130% more volatile than the S&P 500. Analyst Ratings This is a summary of recent ratings and target prices for Emerson Electric and NuScale Power, as reported by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Emerson Electric 1 9 13 1 2.58 NuScale Power 4 8 4 1 2.12 Emerson Electric presently has a consensus price target of $169.65, indicating a potential upside of 7.89%. NuScale Power has a consensus price target of $12.96, indicating a potential upside of 67.14%. Given NuScale Power’s higher possible upside, analysts plainly believe NuScale Power is more favorable than Emerson Electric.
Valuation & Earnings This table compares Emerson Electric and NuScale Power”s gross revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Emerson Electric $18.02 billion 4.89 $2.29 billion $4.57 34.41 NuScale Power $31.48 million 105.86 -$355.79 million ($2.92) -2.66 Emerson Electric has higher revenue and earnings than NuScale Power. NuScale Power is trading at a lower price-to-earnings ratio than Emerson Electric, indicating that it is currently the more affordable of the two stocks.
Summary Emerson Electric beats NuScale Power on 9 of the 14 factors compared between the two stocks.
(Get Free Report)
Emerson Electric Co., a technology and software company, provides various solutions for customers in industrial, commercial, and consumer markets in the Americas, Asia, the Middle East, Africa, and Europe. It operates in six segments: Final Control, Control Systems & Software, Measurement & Analytical, AspenTech, Discrete Automation, and Safety & Productivity. The Final Control segment provides control, isolation, shutoff, pressure relief, and pressure safety valves, actuators, and regulators for process and hybrid industries. The Measurement & Analytical segment offers intelligent instrumentation measuring the physical properties of liquids or gases, such as pressure, temperature, level, flow, acoustics, corrosion, pH, conductivity, water quality, toxic gases, and flame. The Discrete Automation segment offers solenoid and pneumatic valves, valve position indicators, pneumatic cylinders, air preparation equipment, pressure and temperature switches, electric linear motion solutions, programmable automation control systems, electrical distribution equipment, and materials joining solutions. The Safety & Productivity segment offers tools for professionals and homeowners; pipe-working tools, including pipe wrenches, pipe cutters, pipe threading and roll grooving equipment, battery hydraulic tools; electrical tools; and other professional tools. The Control Systems & Software segment provides distributed control systems, safety instrumented systems, SCADA systems, application software, digital twins, asset performance management, and cybersecurity. The Test & Measurement provides software-connected automated test and measurement systems. The AspenTech segment provides asset optimization software that enables industrial manufacturers to design, operate, and maintain operations for enhancing performance through a combination of decades of modeling, simulation, and optimization capabilities. The company was incorporated in 1890 and is headquartered in Saint Louis, Missouri.
About NuScale Power (Get Free Report)
NuScale Power Corporation engages in the development and sale of modular light water reactor nuclear power plants to supply energy for electrical generation, district heating, desalination, hydrogen production, and other process heat applications. It offers NuScale Power Module (NPM), a water reactor that can generate 77 megawatts of electricity (MWe); and VOYGR power plant designs for three facility sizes that are capable of housing from one to four and six or twelve NPMs. The company was founded in 2007 and is headquartered in Portland, Oregon. NuScale Power Corporation operates as a subsidiary of Fluor Enterprises, Inc.
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NEW YORK, Sept. 29, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of NuScale Power Corporation (“NuScale” or the “Company”) (NYSE: SMR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether NuScale and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 11, 2026, UBS downgraded NuScale from “Neutral” to “Sell” and lowered its price target from $10 to $6. UBS analyst Jon Windham opined that NuScale is rapidly losing its “first-mover” advantage in small modular reactor (SMR) technology to faster-moving competitors. UBS also flagged a lengthy five-year build timeline, a critical lack of firm customer commitments, and projected a massive $700 million in negative free cash flow between 2026 and 2028. The report also described stagnating progress regarding NuScale’s key RoPower project in Romania and its partnership with the Tennessee Valley Authority (TVA).
On this news, NuScale’s stock price fell $1.60 per share, or 15.67%, to close at $8.61 per share on September 11, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of NuScale Power Corporation ("NuScale" or the "Company") (NYSE: SMR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether NuScale and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 11, 2026, UBS downgraded NuScale from "Neutral" to "Sell" and lowered its price target from $10 to $6. UBS analyst Jon Windham opined that NuScale is rapidly losing its "first-mover" advantage in small modular reactor (SMR) technology to faster-moving competitors. UBS also flagged a lengthy five-year build timeline, a critical lack of firm customer commitments, and projected a massive $700 million in negative free cash flow between 2026 and 2028. The report also described stagnating progress regarding NuScale's key RoPower project in Romania and its partnership with the Tennessee Valley Authority (TVA).
On this news, NuScale's stock price fell $1.60 per share, or 15.67%, to close at $8.61 per share on September 11, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
After falling out of favor in the 2010s, nuclear power is enjoying a resurgence. Countries worldwide are recommitting to nuclear energy, and more technology companies see it as a way to power their growing data center footprints.
The nuclear industry is ready to benefit from massive tailwinds over the next several decades. Here are three things smart investors know about the nuclear power comeback.
Image source: Getty Images.
1. The push for nuclear power is global Countries worldwide are committing to nuclear energy, a trend that has been building over the last few years. In December 2023, at COP28, over 20 countries, including the United States, France, Japan, the United Kingdom, and the UAE, signed a declaration to triple their nuclear energy capacity by 2050.
Russia's invasion of Ukraine in 2022 severely disrupted Europe's natural gas supplies, resulting in price spikes and creating energy insecurity for the region. Natural gas is viewed as a bridge fuel between coal and renewables, but with its cheap fuel supply cut off, nuclear power was thrust back into the spotlight.
Another reason for nuclear's resurgence is renewables' intermittency. While countries have significantly expanded wind and solar capacity, these energy sources do not produce electricity at a constant rate. Nuclear, by contrast, provides 24/7 reliable baseload energy that can ramp up or down to meet changing demand.
Committing to triple their nuclear energy capacity helps free up capital for nuclear energy projects. For too long, major international lenders like the World Bank and regional development banks have had long-standing bans or moratoriums on financing nuclear power projects.
In September 2024, 14 major financial institutions, including Bank of America, Goldman Sachs, and Citigroup, announced their support for the declaration to triple nuclear capacity. In June 2025, the World Bank Executive Board ended its multi-decade ban on financing nuclear energy projects.
2. Hyperscalers are turning to nuclear for their growing energy needs Technology companies are increasingly turning to nuclear power. AI data centers need reliable, 24/7 baseload power to meet training and inference demands. Nuclear power provides a capacity factor of 90% or higher, meaning it can efficiently deliver reliable power around the clock.
In September 2024, Microsoft kicked things off with a 20-year power purchase agreement with Constellation Energy (CEG -0.17%), the largest nuclear fleet operator in the U.S. As part of this deal, Constellation agreed to restart Three Mile Island Unit 1 and rename it the Crane Clean Energy Center.
Meta Platforms has signed 20-year PPAs with both Constellation and Vistra VST -0.71% for nuclear power. The company is also looking at next-generation nuclear technology and has signed agreements with TerraPower and Oklo OKLO -2.65% for projects slated to come online in the 2030s.
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3. Small modular reactors could change nuclear energy as we know it Traditional nuclear power plants can take over a decade to build and require massive upfront capital. These long timelines and high costs can make financing such projects risky. Next-generation nuclear technology, known as small modular reactors (SMRs), could change the way nuclear power is deployed.
SMRs are largely factory-fabricated and transported to the site, which can significantly reduce costs, especially if these technologies scale. They are then constructed on-site, with construction timelines of roughly 24 to 36 months, slashing time to nuclear power. What makes SMRs appealing for hyperscalers or industrial operators is that they can be delivered on-site to help provide behind-the-meter power.
Several companies are working on SMR technology, including Oklo, NuScale Power (SMR -1.29%), TerraPower, X-Energy (XE -1.07%), GE Vernova (GEV -1.05%) (with Hitachi), and Westinghouse. These SMRs have differing coolant and fuel requirements, and the U.S. is taking steps to accelerate their regulatory approvals through the Department of Energy.
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Right now, a couple of projects are underway in North America to develop SMRs. Ontario Power Generation's Darlington New Nuclear Project will utilize GE Hitachi BWRX-300 SMRs and aims to come online in 2029 or 2030. Meanwhile, the Tennessee Valley Authority (TVA) is looking to deploy the BWRX-300 at the Clinch River Nuclear Site near Oak Ridge and is considering projects with NuScale and Kairos Power.
With support from major financial institutions and countries worldwide, nuclear power is enjoying a resurgence that could span decades -- creating a compelling opportunity for long-term investors who invest in nuclear stocks today.
Bank of America is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. Courtney Carlsen has positions in Constellation Energy, GE Vernova, Goldman Sachs Group, Meta Platforms, Microsoft, NuScale Power, Oklo, and Vistra. The Motley Fool has positions in and recommends Constellation Energy, GE Vernova, Goldman Sachs Group, Meta Platforms, Microsoft, and Vistra. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.
NEW YORK, Sept. 22, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of NuScale Power Corporation (“NuScale” or the “Company”) (NYSE: SMR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether NuScale and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 11, 2026, UBS downgraded NuScale from “Neutral” to “Sell” and lowered its price target from $10 to $6. UBS analyst Jon Windham opined that NuScale is rapidly losing its “first-mover” advantage in small modular reactor (SMR) technology to faster-moving competitors. UBS also flagged a lengthy five-year build timeline, a critical lack of firm customer commitments, and projected a massive $700 million in negative free cash flow between 2026 and 2028. The report also described stagnating progress regarding NuScale’s key RoPower project in Romania and its partnership with the Tennessee Valley Authority (TVA).
On this news, NuScale’s stock price fell $1.60 per share, or 15.67%, to close at $8.61 per share on September 11, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
While Nvidia grabs most of the AI headlines, the physical build-out behind artificial intelligence still depends on power and infrastructure companies that rarely get the same attention. Oklo (OKLO +5.74%), NuScale Power (SMR +6.29%), and GE Vernova (GEV +0.63%) all benefit from rising nuclear demand, but their backlogs tell very different stories. Looking past the hype, how do these companies compare based on how much business they've actually locked in?
Image source: Getty Images.
1. Oklo's pipeline is huge, but contracts lag behind Oklo has probably made the most eye-catching nuclear demand announcements among pure-play small modular reactor (SMR) companies.
It has a 12-gigawatt non-binding master agreement with Switch, while its Meta agreement supports a 1.2-gigawatt Ohio campus and lets Meta prepay for power and fund project development.
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But there's an important distinction between announced demand and contracted revenue. The Switch agreement is non-binding, with individual PPAs expected to be finalized as projects progress, and Oklo says it's still working to convert preliminary agreements into binding contracts.
Meanwhile, Equinix signed a Letter of Intent (LOI) to purchase up to 500 megawatts of nuclear power from Oklo over a 20-year timeline.
In total, Oklo has a customer pipeline of about 14 gigawatts, but most of it consists of non-binding agreements and LOIs that have yet to convert into binding contracts.
Oklo has the headline numbers, but another company is seeing huge progress on its technology.
2. NuScale's progress outpaces its actual backlog NuScale has made significant progress on the regulatory and engineering fronts, highlighting the Romania project, ongoing TVA talks through its partner ENTRA1 Energy, and a supply chain of more than 60 specialized partners. NuScale frames both efforts as part of the push to meet surging AI data center power demand, positioning its reactors as future on-site power for hyperscalers.
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But development progress isn't the same as backlog. The TVA program is still a non-binding agreement between TVA and ENTRA1 for up to 6 gigawatts, and ENTRA1 retains discretion over whether to select or purchase from NuScale at all, so the deal doesn't guarantee future revenue.
The Romania project is further along, with six NuScale modules planned at Doicești, but it's still working through the conditions required to advance rather than generating commercial revenue today.
Investors still need to distinguish between project development and real backlog, especially since NuScale's reactors aren't expected to be deployable until the early 2030s at the earliest, well behind the immediate power needs of AI data centers today.
3. GE Vernova's backlog is already real and massive GE Vernova, however, is in a different league entirely for contracted business, reporting $176.3 billion in remaining performance obligations in the second quarter of 2026.
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Its Gas Power business alone had an equipment backlog of 116 gigawatts and slot reservation agreements, while its Nuclear Power business continues to generate fuel, service, and equipment contracts.
But GE Vernova doesn't need nuclear to succeed commercially. Nuclear is just one piece of a much larger power infrastructure business already generating real revenue and cash flow.
Its nuclear exposure includes GE Vernova Hitachi's BWRX-300 SMR, as well as the more established business of servicing existing reactors and supplying fuel. GNF recently extended its fuel contracts with Entergy through 2035.
Which nuclear stock has the strongest backlog? Oklo has the biggest headline pipeline among pure-play SMR companies, but NuScale's progress is mostly technical and regulatory, leaving its backlog the thinnest of the three. GE Vernova is the safest bet, since its $176.3 billion backlog is real and doesn't depend on nuclear working out. So while Nvidia's chips grab the headlines, these three infrastructure plays offer very different ways to bet on the same AI power boom.
SMR Investors Have Opportunity to Join NuScale Power Corporation Fraud Investigation with SBS Law Schall, Brown & Schwartz LLP (“SBS”), a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of NuScale Power Corporation (“NuScale” or “the Company”) (NYSE: SMR) for violations of the securities laws.
INVESTIGATION DETAILS: The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. NuScale is the subject of a UBS downgrade from “Neutral” to “Sell.” Analysts claim the Company has lost its “first-mover” advantage, and expects $700 million in negative free cash flow over the next few years. Based on this news, shares of NuScale fell by nearly 15.7% on September 11, 2026.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall or David Schwartz of Schall, Brown & Schwartz LLP, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
WHY SBS? Schall, Brown & Schwartz LLP represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. Bringing together the extensive experience and diverse skillsets of founding partners Brian Schall, Andrew Brown, and David Schwartz, SBS is dedicated to aggressively advocating for every investor.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260920541256/en/
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of NuScale Power Corporation ("NuScale" or the "Company") (NYSE: SMR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether NuScale and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 11, 2026, UBS downgraded NuScale from "Neutral" to "Sell" and lowered its price target from $10 to $6. UBS analyst Jon Windham opined that NuScale is rapidly losing its "first-mover" advantage in small modular reactor (SMR) technology to faster-moving competitors. UBS also flagged a lengthy five-year build timeline, a critical lack of firm customer commitments, and projected a massive $700 million in negative free cash flow between 2026 and 2028. The report also described stagnating progress regarding NuScale's key RoPower project in Romania and its partnership with the Tennessee Valley Authority (TVA).
On this news, NuScale's stock price fell $1.60 per share, or 15.67%, to close at $8.61 per share on September 11, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of NuScale Power Corporation ("NuScale" or the "Company") (NYSE: SMR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether NuScale and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 11, 2026, UBS downgraded NuScale from "Neutral" to "Sell" and lowered its price target from $10 to $6. UBS analyst Jon Windham opined that NuScale is rapidly losing its "first-mover" advantage in small modular reactor (SMR) technology to faster-moving competitors. UBS also flagged a lengthy five-year build timeline, a critical lack of firm customer commitments, and projected a massive $700 million in negative free cash flow between 2026 and 2028. The report also described stagnating progress regarding NuScale's key RoPower project in Romania and its partnership with the Tennessee Valley Authority (TVA).
On this news, NuScale's stock price fell $1.60 per share, or 15.67%, to close at $8.61 per share on September 11, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of NuScale Power Corporation - SMRPR Newswire
NEW YORK, Sept. 17, 2026
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of NuScale Power Corporation ("NuScale" or the "Company") (NYSE: SMR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether NuScale and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 11, 2026, UBS downgraded NuScale from "Neutral" to "Sell" and lowered its price target from $10 to $6. UBS analyst Jon Windham opined that NuScale is rapidly losing its "first-mover" advantage in small modular reactor (SMR) technology to faster-moving competitors. UBS also flagged a lengthy five-year build timeline, a critical lack of firm customer commitments, and projected a massive $700 million in negative free cash flow between 2026 and 2028. The report also described stagnating progress regarding NuScale's key RoPower project in Romania and its partnership with the Tennessee Valley Authority (TVA).
On this news, NuScale's stock price fell $1.60 per share, or 15.67%, to close at $8.61 per share on September 11, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
View original content to download multimedia:https://www.prnewswire.com/news-releases/investor-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-nuscale-power-corporation---smr-302882679.html
There are 417 operating nuclear reactors worldwide, with another 77 currently under construction. Rising electricity demand is driving the construction of new reactors, with the U.S. alone expected to see a 6x increase in power demand growth between 2025 and 2045. Global electricity demand is coming from nations that are moving up the socioeconomic ladder and from modern technologies, such as artificial intelligence and the electrification of products once powered by fossil fuels (cars and lawn equipment, among other things).
This could be a long-term investment opportunity for those who believe nuclear power will be a key part of the solution to meeting rising electricity demand. Here are three ways to get involved in the nuclear renaissance in 2026: Cameco (CCJ +1.68%), Brookfield Renewable (BEP +0.80%)(BEPC +0.72%), and, for more aggressive investors, NuScale Power (SMR -1.75%).
Image source: Getty Images.
Cameco provides a fuel that could be in short supply Cameco is a supplier and service provider to the nuclear power industry. It is based in Canada, so it operates in a politically and economically stable region, making it a reliable supplier for Western nations. That's the first big selling point for the company, but the real story is about the breadth of its offerings.
Cameco mines for uranium and processes it into usable fuel. Based on current projections of uranium supply and demand, demand could begin to outstrip supply in the early 2030s. Uranium is a commodity, so this dynamic could lead to sharply higher uranium prices. That's the second big selling point, since Cameco is one of the world's largest suppliers of nuclear fuel.
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The third selling point is that Cameco owns half of Westinghouse, one of the world's largest service providers to the nuclear power industry. This business generates consistent fee-based revenues, which should help to smooth out Cameco's earnings stream over time. Cameco's stock is hardly cheap right now, after a large rally that began around 2020, so value investors probably won't find it of interest. But if you believe nuclear power is going to be a key part of the global power solution, long-term investors should probably take a closer look today (before uranium demand outstrips supply).
Brookfield Renewable offers yield and nuclear exposure For investors with an income focus and a more conservative bent, Brookfield Renewable may be the better choice. This Canadian clean energy business operates a globally diversified portfolio of solar, wind, hydroelectric, and battery storage assets. That leans into the electricity theme, but leaves out nuclear. Brookfield Renewable's nuclear exposure comes from its part ownership, along with Cameco, in Westinghouse. It isn't likely to be the driving force behind Brookfield Renewable's growth, but investing here could allow less aggressive types a chance to participate in the nuclear renaissance.
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That said, the really big draw will be the 5.1% yield you can collect from either the partnership share class or the corporate share class. Notably, the distribution has grown at roughly a 5% annualized rate over the past decade, right in line with management's targets. Add a 5% yield to 5% distribution growth, and you get roughly 10%, which is about what investors expect from the broader market over the long term. If you are a dividend investor who prefers low-risk investments, highly diversified Brookfield Renewable could be your entry point into the nuclear age.
NuScale Power is a high-risk nuclear power start-up Flipping from low-risk to high-risk, more aggressive growth investors may want to look at NuScale Power. The company is attempting to build a business around small modular nuclear reactors (SMRs). It has an approved design, and the company is already building out its manufacturing capabilities. The one thing it doesn't have yet is a sale.
So there's a lot of investment, but very little in the way of revenue. The company is bleeding red ink. However, that's not unusual for a start-up. And NuScale has two irons in the "sales fire" that could lead to its first customer. RoPower, a Romanian power company, has approved a nuclear reactor project that would use six NuScale SMRs, but it still needs to secure project financing. And NuScale is partnered with ENTRA1 Energy and the Tennessee Valley Authority, a team-up that could lead to NuScale being included in a large U.S. nuclear power project.
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Even after its first signed contract, NuScale still has a lot of work to do before it has a proven business model. But the first sale could materially alter how investors view the stock and the company's long-term business prospects. Buying now, while risky, could get you in the door before NuScale gets its business going, potentially allowing you to get in before the crowd.
Three ways to play nuclear power in 2026 Investing requires balancing risk and reward. Supplier Cameco enables you to grow alongside nuclear power demand, since reactors can't run without fuel. Brookfield Renewable is a relatively low-risk way to add both nuclear exposure and a high yield to your portfolio if you can't stomach jumping into nuclear with both feet. And NuScale Power is basically doing a cannonball, as a high-risk, high-potential-reward nuclear start-up. If you are interested in nuclear power in 2026, one of these three nuclear power stocks could be right for you before the year is over.
The energy landscape is evolving rapidly, and one company looking to disrupt the status quo and redefine the future of nuclear power is NuScale Power (SMR -0.94%). NuScale is the only small modular reactor (SMR) developer to receive a Standard Design Approval from the Nuclear Regulatory Commission.
On Sept. 1, NuScale achieved a major engineering breakthrough. In collaboration with MilleniTEK, it successfully fabricated specialized boron-oxide pellets, a critical component of NuScale's cutting-edge passive emergency cooling system.
This engineering triumph is a major step toward making safe, meltdown-proof modular nuclear power a reality. It also helps NuScale move closer to commercial deployment. But does this make NuScale Power stock a buy? Let's dive into the details and what it means for the stock.
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NuScale recently made an engineering breakthrough for its SMRs In traditional nuclear reactors, reactivity control during nonstandard events often relies on active mechanical insertion of control rods or on powered chemical injection pumps. NuScale's 77 MWe Small Modular Reactor (SMR) design relies on passive safety mechanisms.
NuScale's Emergency Core Cooling System (ECCS) uses pellets that automatically dissolve in the reactor coolant to control core reactivity at safe levels without operator intervention. This is why the boron-oxide breakthrough matters. By fabricating these pellets with MilleniTEK, the pellets move beyond an idea on paper and one step closer to mass production and commercial deployment.
Nuclear projects have a history of delays and cost overruns, in some cases because teams try to work out engineering and component challenges on-site. NuScale's own Carbon Free Power Project with Utah Associated Municipal Power Systems ended in 2023 due to escalating costs. NuScale lost tens of millions in the process.
Producing these boron-oxide pellets shows that these crucial safety components can be manufactured before construction begins, shortening the supply process up front rather than during construction. NuScale has secured master service agreements with over 60 specialized suppliers, which should help prevent site-level bottlenecks.
NuScale's business is still in the very early innings With that said, NuScale still has major hurdles to clear before reaching operational deployment. The company currently has one project, the RoPower Doicești Project in Romania. There, it plans to deploy up to six NuScale Power Modules, with the first projected to come online in 2033.
Beyond this, NuScale is looking to secure more firm agreements. It's working with ENTRA1 Energy, which will develop, finance, and own ENTRA1 Energy Plants, powered by NuScale SMRs.
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ENTRA1 could be crucial in helping NuScale secure a huge agreement with the Tennessee Valley Authority (TVA). Last year, the parties entered a collaborative agreement to explore deploying up to 6 GW (about 72) of NuScale's SMRs.
No firm commitment has been made, but NuScale's management hopes to close a deal by year-end. If it does, it could be a massive catalyst for NuScale's beaten-down stock.
NuScale's SMRs could change the way nuclear energy is deployed and solve a massive power bottleneck in the coming decades. That said, the company is still in its very early stages, securing deals and building out its supply chains. Its SMRs won't be operational until the 2030s, making NuScale a high-risk stock best left to aggressive long-term investors looking to capture a slice of next-generation nuclear technology.
There's an old investing rule, popularized by investing legend Peter Lynch, to invest in what you know. It's deceptively simple advice: The better you understand a business, the better equipped you are to recognize its opportunities.
Likewise, greater knowledge of a business improves your ability to recognize things that could potentially go wrong. That second part is especially important.
When it comes to NuScale Power (SMR +1.01%), there's one thing investors should probably know before buying the dip: what its small modular reactors (SMRs) could actually cost to operate. This isn't, to be sure, a question investors can answer with much certainty today, mainly because NuScale doesn't have a commercial reactor in operation.
That said, a newly released study, which has not yet gone through peer review, offers a sobering estimate. And if the findings hold up, the operating costs for NuScale's reactors could pose a much bigger problem to its business than previously thought.
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The costs of SMRs could be much higher than they look The study, which was written by researchers at the University of Colorado Boulder, examined the economics of several leading SMR designs, including NuScale's and Oklo's, to support a pretty surprising point. The "cost problem" with SMRs might not be limited to how much these small reactors cost to build. The bigger problem, so argue the researchers, could be how much they cost to operate.
Indeed, the researchers estimated fuel costs for NuScale's SMR to be $17.42 per megawatt hour (MWh), variable operations and maintenance costs to be $3.55 per MWh, and fixed operations and maintenance costs to be $72.26 per MWh. Add those up, and you're looking at more than $93 per MWh.
That's a major problem when electricity in the historical markets studied by the researchers sold for an average of about $42 to $45 per MWh. And here's another troubling part: The researchers found that NuScale's operating costs could be so high that even if the company somehow built reactors for free, the reactors might still not pay for themselves within their expected lifetime of 60 years.
Obviously, no one is going to build a reactor for NuScale for free, which is what makes the study's findings so striking. In other words, NuScale is going to have to show investors two things: one, it can build SMR plants cheaply; and two, that it can operate them cheaply too. That's quite a lot to ask investors.
Image source: Getty Images.
NuScale's canceled project offers some perspective NuScale hasn't sold a reactor yet, which is why the economics of operating them remains unknown. It has two ongoing SMR projects, one with a Romanian utilities company, and the other with the Tennessee Valley Authority. If either project gets the green light, the final construction could offer concrete data on NuScale's actual costs.
There was, however, another project. This was the Carbon Free Power Project, which was planned with the Utah Associated Municipal Power Systems. Costs ballooned beyond reasonable control, from an estimated $4.2 billion in 2018 to $9.3 billion in 2023. It was canceled in November 2023.
Of course, that doesn't mean NuScale is doomed to repeat this disastrous outcome. But it does show why investors must be careful about SMR stocks today. Until NuScale proves otherwise, construction and operating costs are two massive albatrosses hanging from its neck. For now, "invest in what you know" might mean waiting a bit before you know enough to invest.
Key Takeaways NuScale Power combines NRC-approved technology, available fuel and an established supplier network.Commercial progress hinges on turning opportunities with TVA and RoPower into firm projects.NuScale Power ended the second quarter with about $1.9 billion in cash, equivalents and investments. NuScale Power Corporation (SMR - Free Report) is expected to narrow its loss sharply in 2026, giving investors one reason to reconsider the beaten-down nuclear stock. The Zacks Consensus Estimate calls for a loss of 64 cents per share this year, implying a 70.5% year-over-year improvement.
Image Source: Zacks Investment Research
Yet, the market remains cautious. SMR shares have fallen 39.9% in 2026 and currently trade at $8.51, not far from their 52-week low of $7.21. Fellow advanced nuclear stocks Oklo Inc. (OKLO - Free Report) and NANO Nuclear Energy (NNE - Free Report) have also declined 49.5% and 33.8%, respectively, this year. The question is whether NuScale’s fall below $10 has created an attractive entry point or simply reflects the risks still facing the business.
Image Source: Zacks Investment Research
Improving Earnings Outlook Makes SMR Worth WatchingThe expected year-over-year improvement in NuScale’s 2026 loss is encouraging because the company is still in the pre-commercial stage. NuScale has spent heavily preparing its reactor technology, engineering and supply chain for deployment. Management has also been keeping a close watch on operating expenses and says it does not want rising costs to erode liquidity.
Still, an improving loss estimate should not be confused with profitability. NuScale generated just $0.1 million of revenues in the second quarter compared with $8.1 million a year earlier after work related to the RoPower project declined. This is a common issue across emerging nuclear names. OKLO is investing heavily before its main power projects generate meaningful electricity revenues, while NANO Nuclear still has licensing and construction work ahead before its reactors can contribute meaningful sales. The sector’s promise is large, but near-term earnings remain tied more to development spending than commercial reactor operations.
NuScale Has a Head Start Where It MattersThe strongest argument for viewing SMR’s current price as a potential bargain is its readiness. NuScale remains the only small modular reactor developer with U.S. Nuclear Regulatory Commission (NRC) design certification, including standard design approvals for two designs. Its reactors are designed to use commercially available low-enriched uranium rather than depending on a fuel source that is not yet available at commercial scale.
NuScale has also built a network of more than 60 specialized suppliers and reached agreements with more than half of them. Detailed designs for critical-path components are mature, while some components are already in production. That preparation matters because reactor projects can face long delays when engineering, fuel and suppliers are not ready.
This gives NuScale a different starting point from several advanced nuclear developers. OKLO is building an integrated platform across power, fuel and isotopes, while NANO Nuclear is advancing its KRONOS microreactor through the NRC review process. Both offer interesting long-term stories, but NuScale already has an approved reactor design, commercially available fuel and an established supply chain.
Big Projects Could Change the Revenue StoryThe next step is converting that readiness into firm commercial business. ENTRA1 Energy, NuScale’s exclusive global strategic partner, continues discussions with the Tennessee Valley Authority toward a definitive power purchase agreement for what could become a major U.S. nuclear deployment program. NuScale is also working with Nuclearelectrica and RoPower to advance a Romanian project planned around six NuScale Power Modules.
Image Source: NuScale Power Corporation
Either project moving into firm execution would give investors clearer evidence that NuScale’s years of engineering work can translate into reactor sales and services. The company also ended the second quarter with about $1.9 billion in cash, cash equivalents and investments, providing substantial financial capacity as it prepares for deployment.
The opportunity is therefore easier to understand than the share price alone suggests. SMR, OKLO and NNE are all trying to capture rising demand for dependable nuclear power, including from data centers and industrial customers. NuScale’s advantage is that several technical and regulatory pieces are already in place.
Why SMR Could Still Be a Trap NowThe problem is that readiness does not guarantee orders. NuScale still needs binding customer contracts, project financing and timely approvals before large-scale deployments can produce meaningful revenues. The company itself lists customer funding, manufacturing delays, supply constraints, competition and dependence on ENTRA1 among its risks. Continued losses and future share issuance could also pressure investors.
That distinction is important when comparing NuScale with OKLO and NNE. Each company has different technology and commercialization plans, but all three remain exposed to long development timelines and execution risk. SMR’s current share price may look inexpensive compared with where the stock previously traded, but a low nominal share price does not by itself make a stock cheap.
ConclusionNuScale below $10 looks more like a stock worth watching than an obvious bargain or a clear trap. The expected 70.5% improvement in its 2026 loss, NRC-approved technology, available fuel, prepared supply chain and $1.9 billion liquidity position support the investment case. Yet meaningful revenues still depend on converting opportunities such as TVA and RoPower into firm commercial projects. With SMR trading only modestly above its 52-week low, investors have a lower entry price but still face substantial execution risk. NuScale Power currently carries a Zacks Rank #3 (Hold), which fits this balanced setup. There are credible reasons for long-term interest, but investors may want stronger evidence of commercial conversion before becoming more constructive.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NuScale Power (SMR -1.16%) has developed some of the nuclear power industry's most promising technology for small modular reactors (SMRs), which could make nuclear power more affordable, adaptable, and scalable. And as demand for electricity to power artificial intelligence data centers continues to soar, the time could be right for SMRs to step into the spotlight.
So far, NuScale is the only company that has gotten a small modular reactor design approved by the U.S. Nuclear Regulatory Commission (NRC). But is its technology ready to go from "promising" to "proven?"
Based on what management said on the company's second-quarter earnings call on Aug. 5, NuScale might be getting closer to the final stages of a game-changing nuclear energy deal with the Tennessee Valley Authority (TVA).
That deal could be central to the company's future, but uncertainty and risks remain.
Image source: Getty Images.
NuScale's TVA deal: 6 gigawatts of nuclear power In September 2025, the TVA announced that it had signed an agreement with ENTRA1 Energy, NuScale's strategic partner, to develop plants capable of providing up to 6 gigawatts of new nuclear power generation. ENTRA1 would build the nuclear plants, while NuScale would provide the small modular reactors to power them.
If and when they're completed, these plants would provide enough energy to power about 4.5 million homes or 60 data centers. As of 2025, the entire U.S. nuclear energy industry generated 97 gigawatts of power, so this single project would boost total U.S. nuclear energy production by about 6.2%.
That would all be great news for the outlook for SMRs. But there's a lot of uncertainty about when or if it will become a reality.
Will the NuScale TVA deal happen? As of this writing, the TVA's deal with NuScale is not yet final. There's a non-binding agreement, but no power purchase agreement (PPA) to buy nuclear energy or start the process of breaking ground for construction of the nuclear plants. That means NuScale isn't making any money from it yet.
On the Q2 earnings call, NuScale CEO John Hopkins said that "we're extremely encouraged" by the conversations with the TVA and ENTRA1. Hopkins understood that the discussions were "progressing well" and "when the agreement is signed, NuScale will be ready to implement."
If or when the TVA signs on the dotted line, this project could be a game-changer for the company and its stock. But investors are getting impatient. NuScale's share price has declined by about 75% over the past year.
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For the second quarter, the company reported only $75,000 of revenue, down from $8.05 million in the prior-year period. It has about $1.9 billion in cash on its books, which could be enough liquidity to keep it operating until it can successfully commercialize its technology. But NuScale stock was recently downgraded by a prominent UBS analyst.
NuScale's advanced SMR technology has helped make it one of the most-promising nuclear energy stocks. But whether it's the TVA deal or other opportunities, this company needs to sign some money-making deals sometime soon.
NuScale Power (SMR -2.73%) may soon begin construction on the world's largest small modular reactor (SMR) nuclear facility.
SMRs are essentially miniature nuclear power plants, and NuScale is -- at least for now -- the only company cleared by regulators to build an SMR system in the U.S. While typically more expensive on a per-megawatt basis than conventional nuclear power plants, SMRs can generally be built quicker with lower upfront costs. And because they are modular, meaning they can be scaled up to increase energy generation capacity in the future.
All of these advantages are attractive to artificial intelligence (AI) companies, which need more power fast.
Image source: Getty Images.
Despite promising growth potential, NuScale stock has fallen roughly 75% over the past 12 months. If you still hold shares, there's one upcoming catalyst that should make it clear whether you should keep holding or jump ship.
This catalyst will be critical to NuScale Power's future Hype for SMRs has risen sharply in recent years. But it's important for investors to remember that while 80 SMR projects are in some stage of development worldwide, only two have ever been built. Throughout history, more SMR projects have failed than succeeded. In 2023, NuScale's biggest customer at the time pulled out of the deal due to rising costs. While there were specific challenges unique to that project, "the financial challenges and cost trends witnessed in that case will afflict any SMR project," warned one industry analyst.
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NuScale stock has struggled over the past year, largely due to rising uncertainty about its customer pipeline. Yes, NuScale may soon start construction on the world's largest SMR system. But the customer involved in that deal hasn't signed anything financially binding. It could pull out at any time.
Earlier this year, however, NuScale's CFO told investors that a binding financial agreement could be signed by the end of 2026 (though the timeline may extend a bit into 2027). If a deal is signed, it would instantly validate NuScale's business model. If a deal cannot be signed for any reason, the entire investment thesis for the stock could collapse.
Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.
NuScale Power (SMR -15.67%) is not going to appeal to most investors. But if you are a more aggressive growth investor, there are some interesting developments under the surface that you'll want to look at. In fact, the company is already preparing to start building small modular nuclear reactors (SMRs). All it needs is for that first customer to sign a contract. Here's what you should know.
NuScale Power isn't for the faint of heart Shares of NuScale Power have fallen 80% from their 52-week high. If that's not enough to scare you away, then take into consideration that the nuclear power upstart is bleeding red ink and will likely do so for the foreseeable future. In fact, in the second quarter of 2026, it generated just $75,000 in revenue and an operating loss of $64 million.
Image source: Getty Images.
To be fair, NuScale is a start-up, so losses are to be expected. Still, the red ink highlights this investment's risk. However, for those willing to take on big risks for big potential rewards, NuScale may still be worth a deep dive in the nuclear power industry. A notable part of the story is the company's efforts to set itself up to manufacture the SMRs it hopes to one day produce. The company is building out its supply chain and already has parts that require long lead times being built. It is ready to hit the ground running.
The really big problem right now is that it doesn't have a signed sales contract. But it is working on it, with two potential customers lined up. Don't overlook this fact. At this point, RoPower has given the green light to a nuclear reactor project that could use six NuScale Power SMRs. RoPower hasn't signed on the dotted line because it is still looking for project financing. If it gets that financing, NuScale could quickly ink its first sale.
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But that's not the only opportunity. The company is also working with ENTRA1 Energy and the Tennessee Valley Authority (TVA). NuScale could end up being a part of "the largest nuclear power deployment program in U.S. history." Once again, however, this is an iron in the fire, not a signed deal of any kind. But if ENTRA1 Energy and the TVA eventually move forward, it could be a very big deal for NuScale Power's business.
NuScale has more investment questions than answers, for now There's no way to know when, or even if, NuScale Power will be able to convert sales leads into actual sales. So this is a high-risk investment, appropriate only for the most aggressive growth investors. Still, the dramatic price decline suggests that Wall Street's early excitement may have led now disillusioned investors to take an overly negative view of the stock. Once NuScale gets that first firm SMR sale, the long-term growth story here really starts to take shape.
Getting halfway back to an old high sounds like a modest goal. For NuScale Power (SMR -15.67%), it arguably isn't.
The small modular reactor developer's stock touched a 52-week high of $57.42 last October, and it trades near $10.81 as of this writing, about 81% below that peak. Half of that peak is $28.71, a gain of about 166% from here.
My prediction is that it doesn't happen before the end of 2028. That isn't because the stock can't rally -- it jumped 15% in one session earlier this month with no news from the company.
The problem is that a lasting move to $28.71 needs evidence of what NuScale earns when someone buys its reactors. That evidence doesn't exist yet, and judging by the filings, it probably isn't coming in time.
Image source: Getty Images.
A 53%-a-year climbTo get from $10.81 to $28.71 by the end of 2028, the stock has to climb about 53% a year for roughly 28 months straight. Few stocks can hold that pace for even a single year.
And the bar keeps rising. NuScale's Class A share count grew from 318 million at the end of December to 410 million at June 30. The company raised nearly $1 billion from stock sales in this year's first half, then opened a program on Aug. 11 to sell up to $750 million more.
At the June share count, $28.71 would value NuScale close to $12 billion, versus about $4.4 billion today. In other words, every new share sold lifts that bar a little more.
What could the company show the market between now and then to earn it?
Revenue is moving the wrong wayRight now, not much. NuScale's revenue line for the second quarter of 2026 was $75,000, down 99% year over year from $8.1 million. For the first half, revenue came to $640,000, compared with $21.4 million in 2025's first half.
Most of the older revenue came from licensing and engineering work on a reactor project in Romania. That work was done by late 2025, and nothing comparable has replaced it. There's no net income to fall back on either. Losses are widening year over year -- a $50.1 million loss in the latest quarter, versus $37.6 million a year before.
Of course, NuScale isn't running out of money anytime soon. It is sitting on $1.9 billion of cash and investments as of June 30, enough runway for years of losses at this pace. And the Nuclear Regulatory Commission approved the company's US460 reactor design in May 2025. But cash and approvals buy time. What a $12 billion valuation eventually needs, I'd argue, is earnings.
A signed deal sends money out firstThe evidence the bulls are counting on is a binding power purchase agreement with the Tennessee Valley Authority. NuScale's exclusive commercialization partner, ENTRA1 Energy, is still working toward a definitive agreement with TVA for a program billed as potentially the largest deployment of nuclear power in U.S. history. TVA and ENTRA1 say it could power the equivalent of about 4.5 million homes, with artificial intelligence (AI) data centers pushing electricity demand higher.
A signing could easily move the stock. It would also trigger a bill.
Under the Partnership Milestones Agreement the companies signed in August 2025, NuScale owes ENTRA1 payments as the program advances. The first came due in 2025, when ENTRA1 reached its non-binding agreement covering 72 modules -- a $507.4 million expense, 15% of the total, since paid in full. A binding power purchase agreement triggers the second tranche, worth 35%. An actual module order triggers the final 50%.
Work the disclosed numbers and the full obligation lands near $3.4 billion in total, or about $47 million per module. And the next bill -- about $800 million, covering the 48 modules this stage allows -- lands at exactly the milestone shareholders are cheering for.
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What NuScale collects on the other side is less defined. Its filings say the agreement includes a negotiated maximum sale price for each module (a ceiling the company hasn't disclosed), and that ENTRA1 keeps sole and full discretion over whether to buy from NuScale.
Ultimately, even the bull case runs through a long sequence: a signed agreement, then more milestone payments, then a module order and the capped module revenue that follows. Somewhere along that path, NuScale would need to show what it earns on each reactor -- and that it justifies a valuation near $12 billion. Nothing disclosed so far comes close.
Sure, the market paid $57.42 for the growth stock less than a year ago, so arguably it could pay $28.71 again. But that price came before a year of vanishing revenue, and before most of the milestone payments had gone out. I'm not buying shares here, and I don't think the stock sees $28.71 before 2029.
Chief Financial Officer Robert Ramsey Hamady sold 20,000 shares of NuScale Power Corporation (SMR -15.67%) on August 17, 2026, as disclosed in a recent SEC Form 4 filing.
Transaction summaryMetricValueShares sold20,000Transaction value$189,800Post-transaction shares (directly held)97,192Post-transaction value$893,194.48Transaction value based on SEC Form 4 weighted average sale price ($9.49); post-transaction value based on August 17, 2026 market close ($9.19).
Key questionsWhat was the structural nature of the equity disposition?
The transaction followed the exercise of 20,000 stock options at $3.20 per share, with the resulting Class A Common Stock immediately sold on the open market. This mechanism allowed the executive to capture the spread between the strike price and the market price while maintaining a stable net share count of 97,192 shares.How does the execution timing align with the executive's trading plan?
The sale was non-discretionary, occurring automatically according to a Rule 10b5-1 plan established on March 31, 2026. This arrangement pre-determines trade timing and volume, ensuring the activity is separated from any current non-public developments at NuScale Power.What is the current equity exposure for the CFO?
Following this transaction, Robert Ramsey Hamady continues to hold 97,192 shares of Class A Common Stock directly. This direct ownership represents approximately 0.0726% of the company as of the September 11, 2026 market close.How has the stock performed leading up to this transaction?
At the time of the August 17, 2026 transaction, shares were priced at $9.49. The company has recorded a -74% return over the 12 months ending on the transaction date, reflecting the broader market context in which this pre-scheduled liquidity event occurred.Company OverviewMetricValueShare Price (as of market close 2026-09-11)$8.61Market Capitalization$2.8 billionRevenue (TTM)$10.7 millionNet Income (TTM)-$415.7 millionCompany SnapshotNuScale Power Corporation develops and commercializes proprietary small modular reactor (SMR) nuclear technology, with its primary product offering being VOYGR SMR plants that utilize NuScale Power Modules (NPM), light water nuclear reactors capable of generating 77 megawatts of electricity per unit.The company operates a technology development and licensing business model, generating revenue through the design, engineering, and deployment of its advanced nuclear power systems for utility-scale electricity generation and industrial heat applications.NuScale targets utility companies, energy developers, and industrial enterprises seeking reliable, scalable, and carbon-free baseload power generation solutions to support the global energy transition.NuScale Power Corporation is a pre-revenue commercialization-stage nuclear technology company currently operating from its headquarters in Corvallis, Oregon. The company's competitive differentiation lies in its proprietary small modular reactor design, which offers enhanced safety characteristics, scalability, and reduced capital requirements compared to conventional large-scale nuclear facilities.
NuScale's strategic positioning within the expanding SMR market reflects growing institutional demand for dispatchable, carbon-free energy solutions amid the global decarbonization imperative.
What this transaction means for investorsCFO Robert Ramsey Hamady's Aug. 17 sale of NuScale Power stock was amended on Sept. 11 to correctly reflect his exercise of 20,000 stock options and immediate sale of the resulting shares that left him with 97,192 directly held shares.
Hamady's disposal represented a sizable 21% of his directly held shares. However, the disposition was executed as part of a pre-established Rule 10b5-1 plan, making this a non-discretionary transaction. Despite this, the sale does not instill investor confidence in the stock's future trajectory, considering shares had dropped 74% over the trailing 12 months leading up to the CFO's liquidation.
NuScale's stock price is down because the company has not secured deals for its nuclear energy offerings despite the artificial intelligence boom, which is creating a massive demand for electricity to power the thousands of computer servers required for AI. NuScale produced only $75,000 in sales in the second quarter while its net loss totaled $50.1 million, an increase from 2025's loss of $37.6 million.
Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.
I predict that a $1,000 investment in NuScale Power (SMR -15.67%) at $10 a share could be worth $5,742 by 2030, if commercial progress helps it reclaim its 52-week high of $57.42.
NuScale hit that price of $57.42 in mid-October 2025. Although that was hardly a year ago, Wall Street's enthusiasm for nuclear stocks was considerably higher. Investors were valuing nuclear as a potential power source for AI data centers, whose own expansion was giving investors reason to believe a nuclear revival was just around the corner.
Image source: NuScale Power.
I suspect that many investors didn't realize how slowly nuclear moves. No one impulsively buys a reactor: It can take years to get a project going and years to finish it. And NuScale, though still the only U.S. company with an NRC-certified small modular reactor (SMR) design, got punished with a roughly 83% sell-off for not being as close to commercial deployment as investors had probably hoped.
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NuScale still hasn't notched that first deployment, but it's not up a creek without a paddle. Through its commercial partner ENTRA1 Energy, NuScale could deploy up to 72 modules to the Tennessee Valley Authority (TVA) across multiple sites. That one project alone could generate significant revenue for NuScale. Indeed, if the TVA proposal becomes a binding agreement, investors would have a much stronger reason for revisiting NuScale stock.
Of course, an old high is no guarantee of a future return, and NuScale isn't immune to market volatility. Still, I think there will be enough demand for power in the future to help NuScale earn its way back to that former high. This time, however, I think it will be binding agreements, not hype, that help it get there.
Steven Porrello has positions in NuScale Power. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.
On Sept. 8, NuScale Power (SMR -15.67%) had one of its best days on the market in a long time. The small modular reactor (SMR) developer notched an incredible 15% gain, bringing its year-to-date loss down to about 21%.
There was no big news, no updates, and no significant announcements. As has been the case with nuclear energy stocks tied to data centers and the larger AI story, NuScale grew on sector-wide enthusiasm alone.
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That said, NuScale stock does not appear to be a millionaire maker right now, at least not for most investors.
NuScale is in the business of making nuclear reactors, which have brutal up-front costs. Reactor fuel, specialized manufacturing, and engineering work can all melt through cash even before a plant starts producing power.
NuScale's reactors, to be sure, are small and modular; that means they should be cheaper and faster to build than larger power plants. That said, for NuScale to achieve its best reactor economics, it needs to scale up reactors, and to date, it hasn't built one for a customer.
Image source: The Motley Fool.
Even if NuScale can eventually build reactors at scale, I doubt its profits will be sufficient to support a megacap valuation.
Today, NuScale carries a roughly $4.8 billion market cap despite generating almost no revenue. A $10,000 investment would need a 100-fold gain to become $1 million, while $1,000 would need a 1,000-fold gain. The former would bring NuScale to a $480 billion valuation, while the latter would bring NuScale to a $4.8 trillion valuation. Both seem highly unlikely to me.
The average price target on NuScale is $12.6, implying very small gains (if any at all) in the near future. Investors interested in NuScale should approach it with modest expectations or revisit the stock after it has inked a firm first sale of its SMR.
NuScale Power (SMR -15.67%) stock surged more than 15% in a single trading day last week. What caused the price spike? It's difficult to tell. The company didn't make any major announcements, nor did any Wall Street analysts issue new reports. The valuation jump may simply have been renewed interest in small modular reactor (SMR) developers, as SMR peer Oklo (OKLO -9.18%) also saw its stock price pop by 7%.
Notably, the uptick for SMR stocks occurred after a long stretch of declines. Even after the rebound, NuScale stock remains down 28% this year, with Oklo shares down roughly 44%.
Are SMR stocks like NuScale now poised for a more meaningful rebound? There's a good argument to be bullish on the sector as a whole. But NuScale has a specific catalyst working in its favor that could add significant momentum to the nuclear stock's share price by the end of 2026.
Image source: Getty Images.
SMR stocks may be rebounding from increased AI capex expectations There was no obvious reason for NuScale's stock to spike. But that doesn't mean that there aren't potential growth tailwinds that the market is only now starting to price in.
Before jumping in, investors should first understand what makes NuScale so attractive as a business right now. The concept of small modular reactors, or SMRs, has been around for decades. Yet throughout history, only two SMR systems have ever been built.
Why are these miniature power plants so rare? The primary reason is cost. On a per-megawatt basis, building larger nuclear power plants is cheaper. SMRs can be built faster with lower upfront costs, but historically, speed and initial financing haven't been huge priorities. Electricity demand in the U.S. typically grew predictably, and throughout much of the early 2000s, it didn't grow at all. Nuclear developers, therefore, focused most on lowering long-term costs. That meant building conventionally sized nuclear power facilities.
That historical paradigm is now behind us. The rapid rise of artificial intelligence (AI) is driving a significant increase in energy demand, a trend that should persist for decades to come. AI companies are racing to stay competitive. That means building data center infrastructure as quickly as possible. The grid, however, isn't designed to meet this sudden and sizable surge in energy demand. New energy sources are needed quickly. It is this shift that has suddenly placed the spotlight on SMR developers such as NuScale and Oklo.
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NuScale has already lined up a list of potential customers, including a 6-gigawatt deal with the Tennessee Valley Authority. If built, that system would be the largest in the world. Oklo, too, has an impressive customer pipeline. Importantly, however, none of these projects has moved fully into construction and commercialization. The weakness in SMR stock prices this year is likely due to growing skepticism about real-world adoption of SMR.
These fears received some critical pushback last week, however. On Sept. 3, OpenAI announced that its new model would enable artificial general intelligence, or AGI. After the announcement, I argued that this could raise expectations for AI capex to surge even higher than previous estimates, as AI companies rush to remain competitive.
This positive tailwind arrives just as NuScale approaches a major catalyst: the signing of a power purchase agreement (PPA) for its 6-gigawatt SMR system in the eastern U.S. Rising capex from AI companies would likely boost the odds of mass SMR adoption. The signing of a PPA, however, would commit the utility customer to buying power from the project for years to come. There could be no greater signal for potential adoption than that. NuScale's CFO hopes to sign a PPA by the end of the year, which could be a major catalyst for both NuScale stock and the SMR industry as a whole.
NuScale Power (SMR -15.67%) stock crashed 13.5% through 2 p.m. ET Friday. You can blame Swiss bank UBS for that.
This morning, in a note covered on StreetInsider.com, UBS analyst Jon Windham downgraded NuScale Power from neutral to sell, and slapped a $6 price target on the $8.80 stock.
Image source: Getty Images.
Why did UBS downgrade NuScale stock? The decision to rerate NuScale seems only logical, seeing as Windham had the stock rated "neutral" and valued at $10 as recently as yesterday. Revisiting his valuation today and discovering NuScale was worth much less than $10 -- roughly its share price just last night -- necessitated the decision to call NuScale a "sell."
But why did the analyst cut its target price in the first place?
NuScale's competitors, confides Windham, are approaching the point at which they can begin building nuclear power plants, yet "NuScale's estimated 5+ year build timeline and lack of firm customer commitments" suggest it's starting to fall behind in this race. Best case, Windham thinks we might see NuScale begin one single construction project by 2028.
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What's next for NuScale stock? In the meantime, NuScale's burning a lot of cash. UBS estimates that from 2026 to 2028, NuScale will suffer $700 million in negative free cash flow, which will consume approximately 65% of its cash on hand.
And that's the good news. The bad news is that other analysts think things might get even worse for NuScale, with analysts polled by S&P Global Market Intelligence estimating 2026-2028 cash burn closer to $1 billion. That's a number that would drain NuScale's coffers nearly dry.
Things might start to improve in 2028, with revenue expected to rise from $11 million (today) to $185 million, says Windham. Getting to that point without running out of money first -- that's the problem NuScale must overcome.
Rich Smith has no position in any of the stocks mentioned. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.
Windham cuts to Sell with a $6 target, implying roughly 40% downside Summary
UBS downgraded NuScale to Sell with a $6 target, citing build timelines and no firm customer commitments.
NuScale Power Corp. SMR fell 13.66% intraday after UBS downgraded it to Sell from Neutral and cut its price target to $6 from $10, implying about 40% downside. Jon Windham cited an extended build timeline and the absence of firm customer commitments, with competitors already moving toward construction.
Windham estimates the market currently implies $124 million of 2028 EBITDA against his own forecast of $29 million, a difference of more than four times. He assumes only one project begins construction in 2028 and models roughly $700 million of cumulative cash burn from 2026 through 2028.
Windham projects revenue rising from $185 million in 2028 to $924 million in 2030, a 123% compound annual rate, with earnings negative throughout. UBS cautions that project delays, setbacks at RoPower, and limited progress with the Tennessee Valley Authority could push the numbers further apart. A five-year-plus build leaves NuScale behind rivals already breaking ground.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
NuScale Power Corporation (NYSE:SMR) shares are trading lower after UBS downgraded the stock to Sell from Neutral and lowered its price target to $6.00 from $10.00, citing construction timeline challenges and a lack of firm customer commitments.
NuScale Power stock is feeling bearish pressure. What’s weighing on SMR shares? NuScale Faces 5‑Yr Build Timeline, UBS Cuts Price TargetUBS said competitors are moving toward construction while NuScale faces an estimated five-plus-year build timeline that presents meaningful challenges, and the firm now assumes only one project begins construction in 2028. UBS forecasts approximately $700 million in cumulative cash burn from 2026 through 2028, with revenue projected to rise from $185 million in 2028 to $924 million in 2030 — a 123% compound annual growth rate — while earnings remain negative through 2030.
At the current stock price, UBS estimates the market implies $124 million of 2028 EBITDA, compared to its own forecast of $29 million. UBS said project delays, setbacks tied to the RoPower project in Romania, and limited progress on a Tennessee Valley Authority agreement should expose that valuation gap. The new price target implies approximately 40% downside from NuScale’s share price at the time of the note.
NuScale Shares FallSMR Price Action: At the time of publication, NuScale shares are trading 3.53% lower at $9.85, according to Benzinga Pro.
Image via Shutterstock
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Key Takeaways NuScale Power's six-module plant could produce about 250-270 metric tons of hydrogen per day.Its reactors can be built near industrial users, reducing the need to transport hydrogen long distances.NuScale Power can shift between electricity and hydrogen production while working alongside renewables. NuScale Power Corporation’s (SMR - Free Report) hydrogen opportunity comes from using its small modular reactors to produce large quantities of carbon-free hydrogen for industrial users. The advanced nuclear company has been studying this application since 2014. A NuScale plant with six reactor modules, connected to a hydrogen production system, could generate about 250-270 metric tons of hydrogen per day. This could serve industries that already use large amounts of hydrogen, including fertilizer, refining and methanol production.
A major advantage is the ability to place NuScale’s reactors close to factories that actually need hydrogen. The plants require roughly 40 acres and can operate without depending on the wider electricity grid. This could allow a facility to be built near an ammonia plant or another industrial customer, reducing the need to transport hydrogen over long distances. The same plant could also provide electricity, process heat and oxygen, giving customers several useful energy products from one site.
NuScale’s technology could also make hydrogen production more dependable and flexible. Nuclear reactors can provide a steady supply of electricity and heat, helping hydrogen facilities operate for long periods without frequent interruptions. NuScale’s reactors can also shift between producing electricity and supporting hydrogen production based on demand. They can work alongside renewable energy as well, giving industrial customers a more flexible way to meet both their power and hydrogen needs.
The hydrogen market is increasingly attracting interest as industries look for cleaner ways to meet their energy and fuel needs. Opportunities are emerging across hydrogen production, supporting equipment and infrastructure, creating multiple paths to benefit from wider adoption.
Other Companies Tapping the Hydrogen Opportunity
FuelCell Energy’s (FCEL - Free Report) hydrogen opportunity comes from technology that can produce hydrogen while generating electricity and heat. FuelCell Energy already supplies hydrogen and power to Toyota’s Long Beach site under a 20-year agreement. FuelCell Energy’s carbonate fuel cells can also produce hydrogen alongside carbon capture, which could lower the overall cost of capturing emissions. This gives the company exposure to cleaner industrial energy and hydrogen demand.
Meanwhile, Plug Power (PLUG - Free Report) is building its hydrogen opportunity around both hydrogen production plants and electrolyzers, which are machines to produce hydrogen. Plug Power has hydrogen plants in Georgia, Louisiana and Tennessee with 40 tons-per-day of combined designed capacity. Plug Power is also advancing electrolyzer projects in Portugal, Spain and the U.K., while pursuing larger opportunities in Canada and Uzbekistan, including green ammonia and sustainable aviation fuel applications.
The Zacks Rundown on NuScale Power
Shares of SMR have lost more than 20% over the past six months.
Image Source: Zacks Investment Research
NuScale Power currently has an average brokerage recommendation of 2.58 on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 19 brokerage firms.
Image Source: Zacks Investment Research
See how the Zacks Consensus Estimate for SMR’s earnings has been revised over the past 90 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
