The only reactor approved by the U.S. regulator, billions in liquidity, and the largest SMR program in U.S. history—and yet SMR shares have lost a third of their value this year.
If there were a perfect story for a nuclear renaissance, NuScale Power $SMR would be a strong contender. The only company in the world with small modular reactor technology certified by the U.S. Nuclear Regulatory Commission. A pioneer that is several years ahead of the entire industry. And yet, the stock traded on the NYSE is hovering around $10 in June 2026—while a year ago it was trading above $57.
A regulatory monopoly that lasts 15 years
NRC certification for a 77-megawatt-electric reactor module is a key competitive advantage that cannot be bought or copied. The approval process typically takes several years, and NuScale was the first in the world to complete it; the certification remains valid for another 15 years.
Up to twelve modules can be combined at a single site, with a total output of up to 924 megawatts. The reactors utilize passive safety systems that do not require an external power supply for cooling—a technical feature that significantly reduces risks compared to conventional nuclear power plants.
But regulatory advantages alone don’t make money, and that’s where the complications begin.
Billions in Plans, Modest Revenues
The results for the first quarter of 2026 show why investors are nervous. Revenue fell sharply and losses deepened—the company is still burning through cash without a single commercial reactor in operation. On the other hand, NuScale holds approximately $1 billion in liquidity and capital resources, giving it sufficient operating headroom for several years ahead.
BofA resumed coverage in late May 2026 with a “Neutral” rating and a $12 price target, with analysts highlighting a key issue: real commercial revenue is pushed back to the early 2030s. Northland, on the other hand, maintains an “Outperform” recommendation with a $19 target, while Cantor Fitzgerald remains at “Buy.” The consensus among 17 analysts hovers around an average target price of $15.36 —more than 60% above the current price.
"Progress on key projects in Romania and TVA confirms that NuScale’s technology is ready for commercial deployment. The challenge for the company now is to convert these partnerships into concrete orders."
Northland Securities Analyst
A breakthrough called ENTRA1 and TVA
Despite weak market numbers, real milestones have emerged in recent months.
Partner company ENTRA1 Energy signed an agreement with the Tennessee Valley Authority to deploy up to 6 gigawatts of SMR capacity across seven U.S. states—the largest planned SMR program in U.S. history. The program calls for up to 72 NuScale reactor modules deployed across several sites. The agreement is non-binding for now, but it represents the largest institutional commitment the small modular reactor industry has seen to date.
At the same time, a project on paper in Romania has been successfully transformed into a concrete investment plan. In February 2026, the state-owned energy company Nuclearelectrica approved the final investment decision for a six-module power plant in Doicești—on the site of a former coal-fired power plant. It is the most advanced SMR project in all of Europe and, at the same time, the first instance where NuScale can begin discussing actual construction, not just a feasibility study.
"The priority for 2026 is the commercialization of our SMR technology, including full readiness for the production of the first modules."
John Hopkins, CEO of NuScale Power
Why the stock has nevertheless fallen 84% from its peak
The key question is simple: if the company has such partnerships, why is the market punishing the stock so harshly?
The answer lies in timing. The TVA agreement remains non-binding, and NuScale still hasn’t signed a single contract with guaranteed payments for a completed reactor. The Romanian project, meanwhile, faces a decision on next steps in mid-2026, while construction of the first commercial unit in the U.S. or Europe is realistically a matter for the end of this decade or the beginning of the next.
Meanwhile, the market bought into nuclear enthusiasm in 2024 far too early—the 52-week high of over $57 now looks like speculative overreach. It is being dragged down by slower monetization than investors expected and persistent losses.
Another factor is insider selling— CEO John Hopkins sold approximately 77,000 shares in March 2026, divesting himself of 69% of his direct stake. That is not a signal that instills confidence in the market.
The SMR market is growing, but competitors aren’t resting
According to analysts, the global small modular reactor market is expected to reach $10 to $16 billion by 2034, corresponding to annual growth of around 9%. Geographically, Asia and the Pacific lead the pack with a one-third share, but Europe is showing the fastest growth rate —which fits well with NuScale’s bet on Romania.
But the competition isn’t sleeping. Amazon $AMZN has invested $500 million in X-energy and ordered over 5 gigawatts of SMR capacity. Bill Gates’ TerraPower is building a demonstration reactor in Wyoming with the goal of launching by 2030. Oklo $OKLO has preliminary NRC approval for a microreactor in Idaho. Kairos Power is nearing construction of a 140-megawatt unit for the Tennessee Valley Authority.
NuScale has a regulatory lead, but the money and names behind its competitors are not insignificant.
A Bet on Patience
Shares are currently about a third cheaper than at the start of 2026. The analystconsensus sees fair value significantly higher, but with one important condition: agreements must be converted into actual construction contracts.
The company has enough cash to weather the transition period. NRC regulatory certification is a competitive moat that cannot be easily overcome.
At the same time, every one-year delay in the commercial launch means another year of burning through cash without revenue from reactor operations. And in an industry where schedules are traditionally delayed, this is a risk that must be taken seriously.