NuScale Power (SMR 5.13%), the developer of small modular reactors (SMRs) recently celebrated a huge milestone. After years of planning, it is officially moving forward with its first SMR project: six NuScale modules at a former coal plant in Romania.
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For several years now, NuScale has been the only U.S. nuclear company with an SMR design certified by the Nuclear Regulatory Commission (NRC). That first-mover advantage, however, hasn't led to explosive sales. Its reactor technology is costly -- as the cancelled Idaho National Labs project in 2023 demonstrated -- and there's some question whether it will be more cost-efficient than other clean energy alternatives, like wind or solar.
Still, NuScale's reactor design addresses many of the pain points of traditional nuclear. Its modules are small and pre-made in factory, so they can be more easily assembled on site with the capacity to add more in increments. This makes them especially attractive to data center developers that need continuous round-the-clock electricity to power artificial intelligence (AI).
NYSE: SMR
Key Data Points
In 2025, Bank of America estimated that nuclear energy represents a $10 trillion market opportunity right now. Let that sink in. It called SMR technology one of the most "consequential technologies for the next 25 years." If NuScale captured even 5% of that potential market, it would represent about $500 billion in sales -- about 15,000 times more than its third-quarter revenue of $8.24 million.
NuScale currently carries a $4 billion market value. For an investment of $1,000 to grow into $100,000, the stock's market valuation would also need to grow to about $400 billion. Is that likely to happen? It's mathematically possible, sure, but the probability is extremely low. At any rate, the company would need several large-scale deployments of its technology -- I'm talking hundreds of reactors -- with no major cancellations and operation costs under complete control.
In short, it would need to become one of the most important energy companies in the country. Nuclear does represent a major opportunity right now. But it's an opportunity measured in decades, not years. NuScale is still a risky bet on a future of nuclear. The upside could be immense, but don't expect it to happen overnight.
