From its dominant position as a leader in semiconductor architecture to its success in generating boatloads of cash, Nvidia (NVDA 1.79%) is a company that commands steadfast attention from investors. Plus, the fact that it's the first company to achieve a $5 trillion market cap certainly suggests that it doesn't deserve short shrift.
But investors are constantly looking to the future, and for them, one of the most pressing questions is which company is the next Nvidia. Could it be NuScale Power (SMR 6.69%)? Let's take a look to see if NuScale Power has what it takes.
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There's a slight resemblance between Nvidia and NuScale Power -- but it's only slight
Nvidia may hail from the land of semiconductors, and NuScale Power may occupy a spot on the nuclear energy landscape. However, the two companies share a similarity in that they're both industry leaders. With its impressive graphics processing units (GPUs), Nvidia is an undeniable leader in artificial intelligence (AI).
NYSE: SMR
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NuScale Power itself is a leader as it's the only small modular reactor (SMR) company with a design that the U.S. Nuclear Regulatory Commission has approved. This provides it with a clear competitive advantage over competitors like Oklo and Nano Nuclear Energy.
With both companies operating in areas where technological innovation is essential, it's certainly reasonable, therefore, to draw some initial comparisons between Nvidia and NuScale Power.
Will NuScale Power fuel growth in this metric where Nvidia has excelled?
Despite some similarities between the companies, it's important to appreciate the tremendous scale of Nvidia's cash generation machine. In fiscal 2025 and 2024, Nvidia generated free cash flow of $60.7 billion and $26.9 billion, respectively. NuScale Power, on the other hand, only generated revenue of $8.1 million in the second quarter of 2025.
Since NuScale Power -- in addition to SMR peers -- has no SMR facilities in operation, there's no certainty that the operation of these advanced nuclear facilities will be a profitable endeavor and one that lends itself to the generation of free cash flow -- let alone on the scale of Nvidia's free cash flow machine.
There are numerous skeptics who question whether SMR companies will be able to overcome the regulatory hurdles and capital-intensive nature of these projects to not persistently operate at a loss.
Should investors click the buy button on NuScale Power stock even if it's not the next Nvidia?
Investors should certainly temper any expectations that NuScale Power will become the next Nvidia anytime soon. With NuScale Power's market cap of $6 billion, it would need to grow by an astronomical 83,233% before it reached the level of Nvidia.
But that doesn't mean it's not worth a place in one's portfolio. For nuclear energy investors looking for a great growth opportunity, NuScale Power may be worth adding to their dance cards. It's critical, however, that they carefully examine the risks of a NuScale Power investment before choosing to start a position.
