NuScale Power, the only U.S. company with NRC-approved SMR technology, is accelerating commercialization through a 6GW mega-project and a strategic partnership with Doosan Enerbility.
As AI power demand surges in 2025, we analyze why NuScale has become the top small modular reactor (SMR) stock to watch.
1. The Dominant Force in the SMR Market
NuScale Power (NYSE: SMR) leads the small modular reactor (SMR) industry — a next-generation energy solution gaining traction amid the global AI data center power crisis and carbon neutrality policies.
As of 2025, NuScale remains the only company in the U.S. to receive design approval from the Nuclear Regulatory Commission (NRC), positioning it as the closest to full commercial deployment among SMR developers.
2. September 2025 — The Historic 6GW Contract
In September 2025, NuScale announced a 6GW SMR deployment program with the Tennessee Valley Authority (TVA) and ENTRA1 Energy, marking the largest nuclear contract in U.S. history — enough capacity to power the entire Dallas–Fort Worth metro area.
The project aims to address energy demand from AI data centers, semiconductor plants, and national defense infrastructure, aligning with the Trump administration’s energy security and nuclear independence initiatives.
This milestone signifies NuScale’s evolution from a research developer to a commercial nuclear power supplier.
3. Exclusive Regulatory Edge — Dual NRC Design Approvals
In May 2025, NuScale secured Standard Design Approval (SDA) from the NRC for its 77MWe SMR design, following its earlier 50MWe approval in 2023.
NuScale is currently the only company in the U.S. with two NRC design approvals.
The VOYGR-12 plant design (12 modules, 924MWe total) is under review, allowing flexible deployment options tailored to diverse customer needs.
In the nuclear sector, regulatory approval represents the ultimate competitive moat, and NuScale has already cleared that barrier twice.
4. Explosive Growth — Q2 2025 Financial Performance
| Item | Amount | YoY Change |
|---|---|---|
| Revenue | $8.05 million | +733% |
| Operating Loss | –$43.08 million | Loss narrowed |
| Net Loss | –$17.64 million | Significantly reduced |
| Cash & Equivalents | $300 million | Stable |
| Total Assets | $544 million | Solid |
Revenue surged, but continued R&D and infrastructure investments kept the company in the red.
However, analysts widely expect NuScale to reach breakeven around 2027, when full-scale power sales begin.
5. Manufacturing & Supply Chain — Partnership with Doosan Enerbility
South Korea’s Doosan Enerbility serves as NuScale’s core manufacturing partner, currently producing 12 SMR modules with an annual capacity of up to 20.
This partnership ensures NuScale can rapidly deliver large-scale orders, forming the backbone of its manufacturing competitiveness.
6. Expanding Global Order Pipeline
🇷🇴 Romania Project
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462MWe SMR plant under development
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Backed by a $98 million loan from the U.S. Export-Import Bank
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Expected to create ~400 U.S. jobs
🇺🇸 U.S. Army “Janus Program”
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Evaluating NuScale technology for micro-reactor deployment
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Stock surged 16% after announcement
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Emerging as a key energy supplier for AI data centers
Emerging Markets — Ghana & Poland
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Ghana: Agreement signed for a 12-module SMR plant
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Poland: Considering SMR adoption for energy security
The SMR market now extends beyond technology — linking geopolitics, energy security, and AI infrastructure into one strategic ecosystem.
7. Competitive Landscape
| Category | NuScale Power | X-Energy | Oklo |
|---|---|---|---|
| Technology | PWR-based SMR | 4th Gen HTGR | Liquid Metal Fast Reactor |
| NRC Approval | 2 Approvals | Pending | In Process |
| Commercialization | 2030 Confirmed | 2029–30 Expected | 2027 Target |
| Major Clients | TVA, Fluor, Doosan | Dow, DOE | Switch, INL |
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NuScale: Dominates in commercialization timeline and certification.
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X-Energy: Innovative high-temperature gas tech, but delayed approval.
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Oklo: Promising ultra-small modular design, yet no commercial record.
8. Institutional Activity
As of Q2 2025, institutional ownership stands at 39.4%.
Major investors include Private Wealth Partners LLC, with growing interest from ESG and clean-energy funds.
Analyst Coverage
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Barclays: Equal Weight (Target Price: $45)
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RBC: Sector Perform
Following investment bank coverage, institutional inflows have accelerated.
9. Stock & Valuation Overview
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Since IPO (2022): +300% cumulative gain
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Oct 1, 2025: $36.61 → Oct 15: $55.95 (+53%)
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P/S ratio: 585.5× — raising short-term overvaluation concerns
Despite the overheated valuation, NuScale remains the only SMR company combining technology, contracts, and regulatory clearance, leaving substantial long-term upside potential.
10. Key Risks
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High Valuation: Potential short-term correction due to lofty multiples
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Continued Losses: Ongoing R&D spending; profitability expected post-2027
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Project Delays: Licensing and construction timelines inherently lengthy in nuclear industry
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Intensifying Competition: Accelerating entries from X-Energy, Oklo, and TerraPower
11. Conclusion — The Core Beneficiary of the “Energy Renaissance”
NuScale Power stands as the front-runner in SMR commercialization, supported by NRC approval, large-scale contracts, and robust manufacturing partnerships.
With soaring power demand from AI data centers, semiconductors, and defense industries, SMRs are poised to become a critical backbone of modern infrastructure — and NuScale is uniquely positioned at the center of this shift.
“NuScale Power is designing the energy hub of the AI era.”
Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Investment decisions should be made based on your own judgment and responsibility.
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