NuScale Power: Small Reactor, Big Future?

NuScale Power is navigating the early stages of commercialization, reporting a 99% year-over-year revenue drop to $75,000 for the second quarter of fiscal 2026, ending June 30, 2026. Its operating loss also widened by 49% to $64 million during this period.

The company's appeal lies in its novel approach to nuclear energy. NuScale Power utilizes familiar water-cooled reactor technology and conventional fuel within a compact, simplified design. These small reactor modules are factory-built and can be deployed incrementally, enabling customers to scale their energy output over time rather than committing to a large initial project.

NuScale Power has secured Nuclear Regulatory Commission approval for its 77 MW reactor module. Revenue streams are anticipated from technology licenses, equipment, engineering, and services, with potential income starting years before plant operation. Customer payments for module manufacturing could also alleviate NuScale's working capital needs.

The company's success hinges on securing repeat orders. The Department of Energy suggests that multiple projects using the same design could reduce capital costs by approximately 40% and support commercial-scale production. NuScale's planned Doicesti project in Romania is slated to be its first major commercial undertaking.

Despite completing a key engineering phase for the Doicesti project on schedule and under budget, critical financing and commercial terms are still pending. The immediate challenge for NuScale Power is demonstrating that customers can finance their reactors at competitive prices. As of August 7, 2026, NuScale Power's stock traded at approximately $9.77 per share, reflecting a market capitalization of $4.2 billion and a forward price-to-sales ratio of 28.6.

NuScale Power ended the second quarter with substantial liquidity, around $1.9 billion, bolstered by approximately $984 million raised through common stock issuance in the first half of 2026. Analysts project the company's revenue could reach $2.1 billion by 2031, which at its current market valuation would represent a 10 times sales multiple.