Nuscale Power Corp

NuScale Power has filed for a follow-on equity offering of up to US$750 million in Class A common stock through an at-the-market program. The filing comes after a mixed period for investors, with the share price up 8.29% over the past month but down 42.37% year to date and a 73.17% decline in one-year total shareholder return, while the three-year total shareholder return remains positive. NuScale holds the only small modular reactor design currently certified by the Nuclear Regulatory Commission, a certification that took years and hundreds of millions of dollars. The company last closed at $9.40, while one widely followed narrative pegs fair value at $100, though a discounted cash flow model estimates future cash flow value at $2.67 per share.

Short sellers have reaped more than $2 billion in profits by betting against three small modular nuclear reactor companies—NuScale Power, Nano Nuclear Energy, and Oklo—over the past year, as the collapse of the one-time high-flying stocks wiped more than $30 billion off their combined market value, the Financial Times reported Tuesday, citing data provider S3 Partners. Some 18% of NuScale's and Oklo's outstanding shares remain out on loan, while nearly 30% of Nano's are on loan, according to S&P Global Market Intelligence. A key test of investor appetite is expected in the coming weeks when Holtec International and Westinghouse, two U.S.-based companies with SMR operations, are expected to list. Big Tech is increasingly turning to the emergent SMR technology to meet future power needs, and the Trump administration has vocally backed the nuclear sector, but timelines for delivery of the unproven reactors remain uncertain and some analysts have expressed concerns over shortages of high-assay low-enriched uranium.

NuScale Power stock fell 6% to $8.66 after the small modular reactor developer reported second-quarter 2026 revenue of just $75,000, down 99.1% from $8.05 million a year earlier, and filed to sell an additional $750 million in shares through an at-the-market offering. The revenue decline reflects completion of the Fluor FEED Phase 2 engineering work on the RoPower project in late 2025, with no comparable billable scope to replace it. NuScale ended the quarter with $1.9 billion in cash and investments, up $900 million from the first quarter, largely from $984.5 million in net equity proceeds during the first half of 2026, while Class A share count rose from 318.5 million at year-end 2025 to 410.4 million by June 30. The stock trades at roughly 14 times projected 2028 sales, and insiders were net sellers over the past 12 months. CEO John Hopkins said the company holds the only U.S. Nuclear Regulatory Commission design certification in the SMR industry and does not expect commercial deployment until the early 2030s, with named projects including a 462 MWe deployment in Doicesti, Romania and up to 6 GW of planned capacity for the Tennessee Valley Authority. Year to date through Monday's close, NuScale is down 35% and Oklo is down 39%, while BWX Technologies is roughly flat and Fluor is up 38%, reflecting a market split between revenue-generating nuclear names and pre-revenue developers.

GE Vernova is quietly building a small modular reactor business that could put it ahead of high-profile nuclear startups Oklo and NuScale. The company's BWRX-300 design is already under construction in Ontario and is expected to become the first grid-scale SMR in the Western world by the end of the decade. In the second quarter, GE Vernova secured two more early work agreements for its SMR in the U.S., and in mid-August its joint venture GE Vernova Hitachi Nuclear Energy signed an agreement with Blue Energy to deploy a 2.5-gigawatt gas-plus-nuclear power plant in Texas, with a final investment decision possible in 2027. Unlike Oklo and NuScale, which posted minimal revenue and significant net losses in the second quarter, GE Vernova generated $11.1 billion in revenue and $5.5 billion in cash from operating activities, providing ample funding for long-term SMR investments.

Oklo shares fell 25.8% in July as investors demanded proof of execution after the pre-revenue nuclear startup missed a July 4 Department of Energy deadline for first criticality at its initial reactor. The sell-off hit early-stage small modular reactor developers hardest, with NuScale Power dropping about 16%, while operators of existing fleets like Vistra lost only 1%. Oklo subsequently achieved first criticality at its Groves Isotope Test Reactor on August 6, becoming the first reactor under the DOE's Reactor Pilot Program to reach that milestone on a greenfield private site. The company's second-quarter net loss doubled to $48.5 million, missing estimates, and it raised full-year cash-use guidance to $120–150 million for operating activities and $400–500 million for capital spending. Oklo does not expect to deploy its first Aurora powerhouse before 2028 and calls that target ambitious, citing supply chain, construction, macroeconomic, and design complexities.

NuScale Power's advanced small modular reactors will not be deployable until the early 2030s at the earliest, making the company a speculative long-term play rather than a solution for the immediate power needs of AI data centers. The company holds a Standard Design Approval from the U.S. Nuclear Regulatory Commission for its 50 MW and 77 MW reactor designs, a first-mover advantage in the sector. Its only firmly committed project is the Doicești Small Modular Reactor project in Romania, which received a Final Investment Decision earlier this year but is not expected to have its first module operational until 2033. NuScale is also pursuing a potential deal with the Tennessee Valley Authority for up to 6 GW of capacity, though no firm agreements are in place, and has signed a memorandum of understanding with Curio and Framatome to evaluate a closed-loop nuclear fuel cycle.

NuScale Power reported quarterly earnings on August 5, posting a loss of $0.13 per share in line with expectations, but revenue of just $80,000 missed estimates by 93% and was down 99% from the prior quarter. The company has no commercial projects under construction, as customers have not yet committed to payments, though its CFO expects a power purchase agreement with a U.S. utility customer by the end of 2026 that could allow construction to begin. NuScale operates in the small modular reactor market, which may benefit from rising electricity demand driven by AI data centers, but meaningful revenue remains dependent on securing binding customer commitments.

Among five nuclear stocks driving market enthusiasm, only Cameco and Centrus Energy sell nuclear fuel today, while Oklo, NuScale Power, and Nano Nuclear Energy remain pre-commercial developers with a combined market value of about $12 billion against roughly $12 million in trailing revenue. Cameco, with a market value of about $41 billion, booked about $2.5 billion in trailing-12-month revenue and raised its full-year outlook for realized uranium prices and revenue despite second-quarter production disruptions. Centrus Energy, valued at about $3.6 billion, generated about $474 million in trailing revenue and operates America's first facility licensed to produce high-assay low-enriched uranium, the fuel most advanced reactor designs require. The three developers hold billions in cash and are pursuing regulatory milestones and first commercial deployments, with Oklo reporting a first-half net loss of $81.6 million on $1.2 million in second-quarter revenue, NuScale holding the first NRC-certified small modular reactor design but only $10.7 million in trailing sales, and Nano Nuclear yet to record any revenue. The sell-off has pushed NuScale about 83% below its 52-week high, Oklo about 77% below, and Nano Nuclear about 70% below, while Cameco sits about 29% below its peak.

NuScale Power Corporation is scheduled to release its second-quarter 2026 results on August 5 after market close. The Zacks Consensus Estimate for revenues is $1 million, down 87.6% from the year-ago quarter, while the consensus loss estimate is $0.13 per share, unchanged over the past seven days and matching the prior-year loss. NuScale has missed earnings estimates in each of the last four quarters, with an average negative surprise of 579.4%, and its first-quarter revenues fell to $565,000 from $13.4 million a year earlier due to completed project milestones. Despite commercial progress including advanced power purchase agreement discussions for a planned 6-gigawatt deployment and a liquidity position that grew to more than $1.2 billion by early May, the company carries a Zacks Rank #4 (Sell) and an Earnings ESP of 0.00%, indicating no clear signal of an earnings beat. With the stock down more than 80% over the past year and trading at a premium valuation relative to peers, the risk-reward profile appears unfavorable ahead of the release.

NuScale Power shares have fallen 38% in 2026, and the company's heavy cash burn could push the stock lower over the next five years. The company holds the only small modular reactor design approved by the Nuclear Regulatory Commission and has partnered with ENTRA1 Energy to develop power plants, with the Tennessee Valley Authority committing to buy 6 gigawatts of power using NuScale's technology. However, NuScale has never built a reactor, and its projects with the Tennessee Valley Authority, Poland, and Romania are not expected to generate revenue until 2030, missing the main AI data center build-out. Free cash flow was negative $750 million over the last 12 months while revenue remains negligible, raising concerns about the company's financial sustainability.

Shares of NuScale Power have plummeted 45.5% year to date, even after soaring 23.4% in January, as investors sour on the advanced nuclear reactor company. The stock had rocketed 445% in 2024 amid enthusiasm for AI-driven data center power demand, but recent selling has no clear catalyst. NuScale Power remains the only company with small modular reactor designs approved by the U.S. Nuclear Regulatory Commission, and it sees opportunities beyond data centers, including hydrogen production, water desalination, and micro-reactors for remote communities. The global small modular reactor market was valued at $3.6 billion in 2025 and is projected to reach $15.6 billion by 2035, growing at a 12.7% compound annual growth rate, according to Global Market Insights.

NuScale Power stock has fallen more than 80% since last summer, erasing much of its earlier 1,800% surge driven by AI energy demand. The company’s small modular reactor technology is approved by regulators and seen as a potential solution for powering data centers, with Bank of America estimating a $10 trillion nuclear energy opportunity. However, project delays and cancellations, including a Romanian development pushed to 2034, have raised doubts about near-term execution. A key milestone could come as early as December with a potential power purchasing agreement for a 6GW project with the Tennessee Valley Authority, but no operational facilities are expected before the end of the decade. The stock is likely to remain highly volatile as investor confidence in the project pipeline fluctuates.

NuScale Power Chief Financial Officer Robert Ramsey Hamady sold 20,000 Class A common shares on June 30, 2026, for approximately $202,800 at a weighted average price of $10.14 per share. The transaction, executed under a Rule 10b5-1 trading plan adopted in March 2026, reduced his direct holdings by 17.07% to 97,192 shares. Hamady retains 165,625 stock options, maintaining a significant equity stake. The sale occurred as NuScale's stock approached a 52-week low of $8.55 on July 8, following first-quarter revenue of just $565,000, down from $13.4 million a year earlier.

NuScale Power shares dropped 7.4% as mounting project delays, weak operational results, and the absence of binding customer contracts cast doubt on the company's path to large-scale commercial deployment of its small modular reactors. The company reported a deeper first-quarter loss, and class action lawsuits have added to investor concerns. Despite holding a first-of-its-kind U.S. regulatory approval and an exclusive global commercialization partnership with ENTRA1 Energy, NuScale has yet to secure a firm power purchase agreement, leaving the timeline for first power delivery uncertain. The delays and unresolved execution risks are increasingly at odds with rising nuclear demand from AI data centers, reshaping the earlier investment narrative built around accelerated commercialization.

NuScale Power shares have tumbled 75% over the past year and are now trading below $10, a sharp reversal from the all-time high of $57.42 reached in October 2025. The developer of small modular reactors has yet to sign any binding customer contracts for its Nuclear Power Modules and does not expect first deliveries before 2031. The company also faces investor class action lawsuits over a partnership with ENTRA1 that requires NuScale to pay milestone fees without guaranteed revenue. Despite holding U.S. Nuclear Regulatory Commission approval for its SMR design, the stock remains under pressure after a 61% drop in the final quarter of 2025 and a sell-off by its largest shareholder, Fluor.

Nuclear energy stocks have slumped in the first half of 2026 after a strong 2025, with advanced reactor start-ups Oklo and NuScale Power down 27% and 30% year to date, respectively, while uranium miner Cameco is up 7% year to date but down 27% from its February peak. Oklo and NuScale have experienced larger price swings due to long implementation timelines for their technologies, with Oklo down 73% from its 52-week high and NuScale down 83%. Cameco, a mature company with high-grade mines in Canada and a 49% stake in Westinghouse, is positioned to benefit more immediately from growing uranium demand and the nuclear build-out. The long-term industry tailwinds remain in place, but advanced reactor technologies are not expected to operate at commercial scale until the 2030s.

Jim Cramer said he prefers GEV over NuScale Power, calling NuScale “too speculative” during the lightning round of his show. When a caller asked about NuScale, Cramer stated, “It's too speculative for me. I like GEV… GEV is safer. GEV's safer.” He noted that NuScale, which is developing small modular nuclear reactors, has seen its stock fall from $57 to around $17, down just 3% for the year, but warned it still has a lofty valuation. Since his comments aired, the stock has declined nearly 42%.