Shares of NuScale Power (SMR 1.57%) logged their worst month in 2025 as they plunged 55.4% in November, according to data provided by S&P Global Market Intelligence.
At one point in the year, NuScale Power stock was up a staggering 200%. After November's big fall, its year-to-date gain has dropped to only 19%, as of the time of this writing. What went wrong with the once red-hot nuclear energy stock?
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NuScale Power isn't selling anything yet
NuScale Power is developing small modular reactors (SMRs) called VOYGR based on its core technology, the NuScale Power Module (NPM). Each NPM can generate 77 Mwe (megawatt electric), and each VOYGR plant is scalable to accommodate up to 12 NPMs. That's where the appeal of SMRs lies: they can be installed in compact and remote locations and are scalable as required, none of which is possible in traditional nuclear power plants.
Amid the ongoing global shift from fossil fuels to clean energy, nuclear energy is garnering significant attention as a crucial carbon-free energy source. With President Donald Trump aggressively pushing to deploy advanced nuclear technologies, including SMRs, investors expect big things ahead for NuScale Power.
They also already expect to see the impact on NuScale Power's numbers, and that's where part of the problem lies.
NYSE: SMR
Key Data Points
NuScale Power is still a start-up and has yet to commercialize its technology. Whatever little revenue it earns currently is for engineering services provided to RoPower in Romania. Also, NuScale requires a lot of money to develop plants, making fundraising an ongoing concern.
So when NuScale reported its third-quarter numbers on Nov. 6 and its numbers "missed" Wall Street estimates, the stock sank. The company posted a net loss of $273 million on $8 million in revenue. It also issued shares during the quarter to raise $475 million.
Soon after, several analysts slashed their price targets on the stock, adding to the pressure on the stock price. One of the most notable cuts was from UBS, with analyst Jon Windham reducing NuScale Power's price target from $38 per share to $20 per share, citing headwinds such as delays in the Romania project and potential further stock dilution.
Keep an eye on this
NuScale Power has an exclusive partnership with ENTRA1 Energy to commercialize its SMR technology globally. It's a crucial partnership, as much of NuScale's financial and execution burden is passed on to ENTRA1 Energy. ENTRA1 Energy recently secured a contract to deploy up to 6 gigawatts of nuclear power capacity to the Tennessee Valley Authority across seven states in the U.S. The deployment will utilize NuScale Power SMRs. ENTRA1 could also receive up to $25 billion in funding under the $550 billion U.S.-Japan Framework Agreement.
On the other hand, NuScale Power's largest shareholder, Fluor, plans to sell its stake in the nuclear energy company in 2026. That's something you'd want to watch out for.
