NuScale Power: Is Now the Time to Buy Before the SMR Revolution Takes Off?

The small modular reactor (SMR) sector is poised to redefine the energy landscape, offering scalable, carbon-free power solutions for a decarbonizing world. At the forefront of this revolution is NuScale Power, a company that has secured critical regulatory approvals and signed landmark agreements to deploy gigawatts of SMR capacity. Yet, for investors, the question remains: Is NuScale a speculative bet or a transformative opportunity?

Regulatory Lead and Technological Edge

NuScale's 77 MWe SMR design received Standard Design Approval (SDA) from the U.S. Nuclear Regulatory Commission (NRC) in May 2025, ahead of schedule. This certification, the second for NuScale after its 50 MWe design, validates its passive safety systems and modular architecture, which allow for incremental deployment and reduced capital risk. The SDA enables NuScale to reference the design in construction and operating license applications, streamlining future projects.

This regulatory lead positions NuScale as the first U.S. SMR developer to achieve commercial viability. Competitors like BWX Technologies and GE Vernova are still navigating licensing processes, giving NuScale a critical first-mover advantage.

Project Pipeline and Strategic Partnerships

NuScale's RoPower Doicești project in Romania, a 462 MWe plant powered by six 77 MWe modules, is in the Front-End Engineering and Design (FEED) phase. This project, if completed, would serve as a global reference for SMR deployment. Meanwhile, the company's 6 GW agreement with ENTRA1 Energy and the Tennessee Valley Authority (TVA) could transform the U.S. energy grid, with commercial operations targeting 2030.

However, timelines remain fluid. The TVA project, for instance, hinges on finalizing power purchase agreements. Delays in Romania's FEED process and U.S. regulatory hurdles underscore the sector's inherent risks.

Financials: A Tale of Promise and Peril

NuScale's Q3 2025 results highlight both potential and peril. While the company raised $475.2 million through an at-the-market equity offering, boosting liquidity to $753.8 million, its operational revenue was a modest $8.24 million-below analyst expectations-and it reported a net loss of $1.85 per share.

Analysts project revenue growth to $293 million by 2027, assuming successful project execution. Yet, with a 2025 revenue forecast of just $40 million, NuScale's path to profitability remains unproven. The company's ability to convert its $753.8 million cash reserves into revenue will be pivotal.

Market Dynamics and Long-Term Projections

The SMR market is expected to expand from $6.66 billion in 2025 to $10.95 billion by 2035, growing at a 5.1% CAGR. NuScale's 6 GW TVA project alone could generate $1.5 billion in revenue by 2035 if executed at a 40% CAGR. However, this assumes NuScale captures a significant market share amid competition from GE Vernova's BWRX-300 and BWX Technologies' advanced fuel initiatives.

Analysts remain divided. A $35.50 price target (69% above the current $16.31) reflects optimism about NuScale's long-term potential, but risks such as regulatory delays, high capital costs, and unproven commercial scalability persist.

Risks and Rewards: A High-Stakes Bet

Investing in NuScale is akin to backing a high-risk, high-reward venture. The company's first-mover status, NRC-approved design, and strategic partnerships create a compelling narrative for a 10x return by 2035. Yet, its operational losses, uncertain deployment timelines, and intense competition demand caution.

For patient investors, the key is diversification and patience. NuScale's SMR technology could become a cornerstone of the clean energy transition, but success hinges on securing firm contracts, navigating regulatory complexities, and demonstrating commercial viability.

Conclusion: A Calculated Gamble

NuScale Power embodies the promise and peril of the SMR sector. While its regulatory lead and project pipeline suggest a transformative role in the energy transition, near-term volatility and operational challenges cannot be ignored. For investors with a 10-year horizon and a tolerance for risk, NuScale offers a unique opportunity to capitalize on the SMR revolution-if they're willing to weather the turbulence.

As the world races to decarbonize, the question isn't whether SMRs will matter-it's whether NuScale can execute its vision before the competition closes the gap.