NuScale Power (SMR): The Regulatory and Operational Engine of the Nuclear Renaissance

The global energy landscape is undergoing a seismic shift, and at its center stands NuScale Power (NASDAQ: SMR), a company positioned to capitalize on the resurgence of nuclear energy. With decarbonization mandates sweeping the globe and renewable energy costs proving inconsistent at scale, small modular reactors (SMRs) have emerged as the missing link in the clean energy equation. NuScale, the first and only SMR developer to secure U.S. Nuclear Regulatory Commission (NRC) design certification, is now primed to dominate this $500 billion market opportunity. Let’s dissect why this is a must-watch stock for investors seeking exponential growth in the coming decade.

The Regulatory Edge: Why NuScale’s NRC Milestone Is Unmatched

The NRC’s impending approval of NuScale’s uprated 77-MWe SMR design by July 2025 (as confirmed in its latest regulatory docket) is not just a technical milestone—it’s a moat-defining event. This certification, which comes after a rigorous 24-month review, allows NuScale to reference its pre-approved design in future site-specific licensing applications, slashing the time and cost required to bring projects online. Competitors like GE Hitachi and Holtec International are still years behind in their own NRC processes.

This advantage is critical: NuScale’s VOYGR-6 configuration, capable of scaling from 308 MWe to 924 MWe, offers utilities and industrial customers flexibility no other SMR can match. The NRC’s blessing also opens doors to international markets, where NuScale has already secured agreements in Romania, Poland, and Jordan. The company’s RoPower Doicești project in Romania—targeting a 462-MWe plant—has advanced to Phase 2 FEED studies, with Fluor Corporation’s involvement ensuring technical rigor and investor confidence.

Operational Momentum: Q1 2025 Revenue Beat Signals Commercialization Liftoff

NuScale’s first-quarter results delivered a stark rebuttal to skeptics who dismissed it as a “concept stock.” Revenue soared to $13.4 million, obliteration analyst estimates of $4.26 million and marking a staggering 850% year-over-year jump. This was fueled by progress on the RoPower project, including payments tied to its FEED study and technology licensing agreements. Even more compelling: the company narrowed its quarterly loss to $35.3 million, down from $44.0 million in Q1 2024, thanks to higher gross margins and cost discipline.

The stock’s 21% surge post-Q1 earnings reflects investor recognition of NuScale’s transition from R&D to revenue generation. With $521 million in cash reserves and an at-the-market offering that raised an additional $102 million, the company is financially fortified to scale manufacturing and advance its pipeline.

Manufacturing Milestones: Scaling Production Ahead of Demand

NuScale’s partnership with Doosan Enerbility is a masterstroke. The South Korean conglomerate has already begun producing 12 modules, with capacity to ramp to 20 modules annually as contracts materialize. This is no theoretical timeline: the company’s first customer—Utah Associated Municipal Power Systems (UAMPS)—is targeting a 2029 operational start for its Idaho-based plant.

The scalability of SMRs is NuScale’s secret weapon. Unlike traditional reactors requiring decades and billions to build, its modular design allows projects to be deployed in phases, reducing upfront capital risks. For industries like data centers, which demand reliable power at scale, this is a game-changer. NuScale’s CFO has even hinted that supply chain bottlenecks will ease post-first contract, suggesting a virtuous cycle of production efficiencies ahead.

Global Demand: The $500 Billion SMR Market Is Coming Online

The International Atomic Energy Agency estimates that 300+ SMRs could be operational by 2035, driven by decarbonization targets and energy security priorities. NuScale’s first-mover advantage is already translating to deals:

• Romania: The RoPower project, now in Phase 2 FEED, could secure a final investment decision by late 2025, with construction timelines aligning to its 2030 operational target.
• Poland & Czech Republic: NuScale is in advanced talks to replace aging coal plants with carbon-free SMRs, tapping into $30 billion in EU funding earmarked for clean energy transitions.
• Jordan: A 77-MWe demonstration plant could become the Middle East’s first SMR, leveraging NuScale’s passive safety design to meet water desalination and power needs.

Why Now Is the Inflection Point

The pieces are aligning for NuScale to become the Tesla of nuclear energy—a disruptor that reshapes an industry. The NRC’s July 2025 approval removes the last major regulatory hurdle, while Q1’s revenue beat proves its commercial traction. With manufacturing ramping and a global pipeline of projects, the company is set to deliver $250 million+ in annual revenue by 2026 (per internal guidance).

The stock’s valuation—currently at 15x 2026E revenue—seems modest against peers in renewable infrastructure. Consider that NextEra Energy (NEE) trades at 18x sales, while nuclear specialist Westinghouse’s parent, Brookfield Business Partners (BBU), commands a 20x multiple. NuScale’s discount is a mirage; its SMR technology is the only scalable, bankable solution to the world’s energy trilemma (affordability, reliability, sustainability).

Investment Thesis: SMR is a Buy Now, Hold Forever Story

This isn’t a trade—it’s a generational call. NuScale’s trifecta of regulatory certainty, operational execution, and global demand creates a moat that renewables can’t match. The stock’s 2025 target of $30–$40 (versus $22 today) is conservative given its pipeline. For investors, the question isn’t whether to buy SMR—it’s how much.

The nuclear renaissance is here. The question now is: Will you board the train or watch it pass you by?