If you’ve spent any time looking at energy plays lately, you’ve probably seen the ticker SMR popping up on every "nuclear renaissance" watchlist from Reddit to the Wall Street Journal. It’s NuScale Power Corp. They’re the ones building those mini-reactors—officially known as Small Modular Reactors (SMRs)—that are supposed to save the grid, power AI data centers, and somehow keep the planet from overheating all at once.
But honestly? The reality of nuscale power corp stock is a lot messier than the glossy investor decks suggest.
📖 Related: Sims Metal Stockton California: What Most People Get Wrong About Selling Scrap
It’s been a wild ride. Just look at the charts. In late 2025, the stock basically fell off a cliff, losing over 60% of its value in the final quarter alone. People were panicking. Then, January 2026 rolls around, and suddenly the stock is surging again, up 40% in a matter of weeks. It’s enough to give any retail investor whiplash.
What’s Actually Moving the Needle Right Now?
To understand where this is going, you have to look at the massive tug-of-war between high-tech hype and cold, hard engineering reality. NuScale has a "first-mover" advantage—which is a fancy way of saying they were the first ones to get their design certified by the U.S. Nuclear Regulatory Commission (NRC). That’s a big deal. You can't just build a nuclear reactor in your backyard; the red tape is miles long.
However, being first doesn't mean you're winning.
Remember the Carbon Free Power Project (CFPP) in Idaho? That was supposed to be the crown jewel. It was the proof of concept. And then, in late 2023, it was unceremoniously killed because costs were spiraling. It was a reality check for the entire industry. Since then, the company has pivoted. They aren't just trying to build one big utility plant; they’re looking at huge industrial deals, like the 6-gigawatt program with ENTRA1 Energy and the Tennessee Valley Authority (TVA).
The Dilution Problem Nobody Likes to Talk About
Here is a number that should make you pause: 662 million.
That is the new number of authorized Class A shares shareholders recently approved, up from 332 million. Basically, NuScale doubled the amount of stock they can issue. Why? Because nuclear R&D is incredibly expensive and they need the cash. When a company creates more shares, your piece of the pie gets smaller. It’s called dilution, and it’s why the stock took a massive hit in December 2025.
Add to that the fact that Fluor Corporation—NuScale’s biggest shareholder—is planning to exit its position by the middle of 2026. When a major backer announces they’re leaving, it creates a lot of "overhead supply." It’s hard for a stock to go to the moon when a giant corporation is standing there ready to sell millions of shares the moment the price ticks up.
The AI Connection: Is it Hype or Hope?
Every tech giant is currently obsessed with power. Amazon, Google, and Microsoft are all hunting for carbon-free energy to run their massive AI clusters. This is arguably the biggest tailwind for nuscale power corp stock.
Nuclear is the only thing that provides "baseload" power (meaning it stays on 24/7) without dumping carbon into the air. Wind and solar are great, but the sun sets and the wind stops. AI doesn’t stop.
- Scalability: NuScale’s VOYGR plants are modular. You can start with four modules and scale up to twelve.
- The Trump Factor: With the current administration’s aggressive push for American energy independence and deregulation in 2026, nuclear is back in the spotlight in a big way.
- Safety: Their VOYGR-77 design is engineered to shut down safely without any operator action or even a power source. It’s basically "walk-away safe."
But here is the catch. These things take forever to build. We are looking at 2030—maybe—before the first commercial units from these new deals actually start pumping electrons into the grid. If you’re buying the stock today, you aren't buying a power company. You’re buying a venture capital-style bet on a future technology.
Comparing NuScale to the New Kids on the Block
NuScale isn't the only game in town anymore. The SMR space is getting crowded.
| Company | The Vibe | The Status |
|---|---|---|
| Oklo (OKLO) | Backed by Sam Altman; focuses on microreactors. | Fast-moving, higher "tech" multiple. |
| GE Vernova | The industrial titan. | Massive supply chain, but slower to pivot. |
| Nano Nuclear (NNE) | Micro-reactors for remote sites. | High risk, high reward. |
Analysts are all over the place. Bank of America’s Dimple Gosai recently bumped the stock to "Neutral," while others still have a "Sell" rating because of the cash burn. The consensus price target sits around $35, which suggests a lot of upside from the current $20 range, but that assumes everything goes perfectly. And in the world of nuclear engineering, "perfect" is a rare word.
The Verdict on NuScale Power Corp Stock
If you’re looking for a safe, dividend-paying utility stock, this is not it. This is a speculative tech play disguised as an energy stock.
The bulls will tell you that the ENTRA1 partnership is a game-changer and that the world has no choice but to use SMRs to meet climate goals. They’re probably right. The bears will point to the fact that the company is still losing hundreds of millions of dollars a year and just doubled its share count. They’re also right.
💡 You might also like: Finding a one hundred dollar bill template: What you actually need to know about the legalities and use cases
It’s a classic story of "execution risk." Can they actually build these things on time and on budget? We won't know the answer to that for years.
Your Next Steps
- Check the 10-K filings: Specifically, look at the "Risk Factors" section. It's long, but it’s where they hide the real concerns about their partnership with ENTRA1 and the TVA.
- Monitor Fluor’s Exit: Keep an eye on the volume of SMR stock in the second quarter of 2026. If Fluor sells its stake gracefully, it could remove a major weight from the stock's price.
- Watch the PPAs: Until those "term sheets" with the Tennessee Valley Authority turn into binding Power Purchase Agreements (PPAs), the revenue is just a projection on a spreadsheet.
- Size Your Position: Because of the 8%–10% daily volatility, this isn't a stock you go "all in" on. Most pros treat it as a small, high-upside portion of a broader energy portfolio.
The nuclear future is definitely coming, but whether NuScale is the one to lead it—or just the one that paved the way for others—is the multi-billion dollar question.
Actionable Insight: If you’re holding SMR, pay close attention to the March 2, 2026, earnings call. Investors will be looking for concrete updates on the TVA site selection and whether the company has any more plans to tap the equity markets for cash. Any delay in the 2030 timeline will likely trigger another sell-off.