Can AI Data Center Demand Drive NuScale Power's Revenue Growth?

NuScale Power SMR is benefiting from rising power demand from AI-driven data centers, which is becoming a major tailwind for the company. Nowadays, artificial intelligence, advanced manufacturing and defense applications require continuous power. This is where NuScale Power believes its small modular reactors can meet rising power needs, which could support the company's future revenue growth as demand for power increases.

NuScale Power's small modular reactors can be deployed behind the meter, meaning close to the end user. This allows the company to supply power directly to data centers. Nuscale Power's small modular technology is certified by the United States Nuclear Regulatory Commission for off-grid use, which helps customers meet large and steady power demand without relying fully on the grid and reduces issues related to transmission and grid constraints.

The company also noted that hyperscalers are an important target market. These companies are investing in artificial intelligence infrastructure and need a long-term power supply. Through its partnership with ENTRA1 Energy, NuScale Power is working to deploy its reactors in large projects through a six-gigawatt program with the Tennessee Valley Authority, which aims to support large power demand.

However, management said that revenue growth from this opportunity will depend on execution. Material revenues will only be generated after power purchase agreements are signed and projects move into engineering and construction stages. Until then, artificial intelligence demand supports the long-term outlook, but near-term revenues hinge on project progress and deal closure. The Zacks Consensus Estimate for 2026 revenues is pegged at $91.1 million, indicating a year-over-year increase of around 202%.

NuScale Power Faces Stiff Competition

Despite NuScale Power’s advancements in small modular reactor technology, the company faces stiff competition in the nuclear energy industry from companies like Oklo OKLO and Constellation Energy CEG.

In January 2026, Oklo and Meta signed an agreement to support building a 1.2 GW nuclear power campus in Ohio, mainly to supply clean electricity for Meta’s data centers. Early site work starts in 2026, and the first phase could produce power by 2030. This shows how the buildouts for large-scale AI data centers are fueling the demand for clean energy.

In January 2026, Constellation Energy completed its acquisition of Calpine Corporation from Energy Capital Partners. The acquisition will enable Constellation Energy to provide reliable and cleaner electricity as U.S. power demand rises, fueled by the rapid growth in AI data centers.

NuScale Power’s Price Performance, Valuation & Estimates

Shares of NuScale Power have plunged 73.4% in the past six months compared with the Zacks Electronics - Power Generation industry’s decline of 68%.

NuScale Power 6 Month Price Return Performance

Image Source: Zacks Investment Research

In terms of forward 12-month Price/Sales (P/S), NuScale Power shares are trading at 18.91X, significantly higher than the industry’s forward 12-month P/S ratio of 6.75X. The Zacks Value Score of F also suggests that NuScale Power stock is overvalued.

NuScale Power Forward 12 Month P/S Ratio

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for 2026 is pegged at a loss of 59 cents per share. The current estimate has narrowed from a loss of 62 cents per share projected 30 days ago.

Image Source: Zacks Investment Research

NuScale Power currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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