NuScale Power (SMR +7.73%) is still in the early stages of commercialization. The company's revenue fell 99% year over year to just $75,000 in the second quarter of fiscal 2026 (ending June 30, 2026), while its operating loss widened 49% to $64 million.
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However, the mismatch between today's business and what NuScale Power could eventually become is exactly what makes the stock interesting.
Why NuScale Power could scale
NuScale Power uses familiar water-cooled reactor technology and conventional nuclear fuel, but in a smaller, simpler design. The company's small reactor modules can be factory-built and added over time, allowing customers to start smaller and expand later instead of committing immediately to one massive nuclear project.
NYSE: SMR
Key Data Points
NuScale Power has already secured approval from the Nuclear Regulatory Commission for its reactor module, which can generate 77 megawatts (MW) of electricity. The company expects to earn revenue from technology licenses, reactor equipment, engineering, and services that can begin about five years before a plant starts operating and continue throughout its life. Customers are also expected to pay for module manufacturing as it begins, which could reduce the amount of working capital NuScale Power needs to provide.
NuScale Power needs repeat orders
The Department of Energy estimates that repeat advanced nuclear projects could cut capital costs by about 40%, while five to 10 projects using the same design could help support commercial-scale production.
NuScale Power's planned Doicesti project in Romania could become its first major commercial project. The company has completed a major engineering phase on schedule and under budget, although key financing and commercial terms remain unresolved. Hence, the next challenge is proving that customers can finance their reactors at competitive prices.
At about $9.77 per share (as of Aug. 7, 2026), NuScale Power had a market capitalization of $4.2 billion. The stock trades at about 28.6 times forward one-year sales, indicating that investors are already paying a premium for future growth.
NuScale Power ended Q2 with roughly $1.9 billion of liquidity after raising about $984 million through common stock issuance during the first half of 2026. A fivefold return would require a market value of about $21 billion. Analysts expect the company's revenue to reach around $2.1 billion by 2031, which would still value it at about 10 times sales at that market capitalization.
Hence, NuScale Power would need continued growth beyond 2031, while keeping further shareholder dilution under control.
Significant risks, but also real opportunity
NuScale Power's Utah Associated Municipal Power Systems (UAMPS) project was canceled in 2023 after it failed to attract enough customer commitments. The project's target electricity cost had increased from $58 per megawatt-hour to $89. Additionally, customers had committed to only 120 MW of capacity, compared with roughly 370 MW required.
The next major milestone is a firm order for NuScale Power's reactor modules. Romania has already signed licensing and engineering agreements with the company, but it has not yet placed a binding order for the modules themselves. ENTRA1 and the Tennessee Valley Authority (TVA) are also discussing a much larger program that could eventually use up to 6 gigawatts of NuScale capacity. But the agreement remains nonbinding.
If NuScale Power can turn projects into repeat reactor orders, its business could shift from small, uneven engineering and licensing revenue to much larger reactor sales and long-term services.
