NuScale Power (SMR) Stock Today, November 26, 2025: ENTRA1 Deal Deepens Amid Share Expansion and High‑Risk, High‑Reward Debate

NuScale Power Corporation (NYSE: SMR) shares are trying to stabilize today, November 26, 2025, after a vicious sell‑off that has cut the advanced nuclear developer’s market value by more than half since mid‑October. Investors are digesting a flood of fresh research and corporate updates, from deeper analysis of its flagship 6‑gigawatt ENTRA1/Tennessee Valley Authority (TVA) small modular reactor program to a proposal to double the company’s authorized share count and new institutional buying disclosures. ^[1]

At the same time, today’s coverage from Zacks, The Motley Fool, Trefis, Simply Wall St, AInvest and others shows just how polarizing NuScale has become: a company with a unique regulatory lead in small modular reactors (SMRs), a very large potential project pipeline – and equally large concerns around cash burn, dilution and timelines that stretch into the next decade. ^[2]

NuScale Power stock price today: small bounce after a brutal month

As of late U.S. trading on Wednesday, NuScale stock is trading around $19 per share (about $19.0 on the BATS real‑time quote), up roughly 1–2% on the day. The stock has changed hands between approximately $18.2 and $19.3 today, with volume near 20 million shares, as it claws back a sliver of Tuesday’s 6% drop that followed UBS cutting its price target from $38 to $20. ^[3]

Even after today’s bounce, SMR is still deep in correction territory. The shares surged to all‑time highs in mid‑October – trading in the mid‑$50s and peaking around $53–57 depending on the data source – before sliding more than 50% over the last 21 trading days into the high teens. Trefis estimates the stock is down 51.6% over that span, while Motley Fool notes that a name which had been up nearly sixfold since its 2022 SPAC debut has now fallen back to merely modest outperformance versus the S&P 500. ^[4]

On a longer view, Zacks calculates that NuScale shares remain up about 4% year‑to‑date, but that pales next to the earlier fourfold gain – and to the performance of more established nuclear names like BWX Technologies. ^[5]

At today’s price, NuScale’s equity value sits around $5–5.5 billion, with enterprise‑value estimates near $5.2 billion, implying very rich multiples for a business that generated less than $70 million of revenue over the last year. ^[6]

Key NuScale headlines published on November 26, 2025

Major SMR‑focused stories dated November 26, 2025 include:

Zacks: ENTRA1/TVA 6 GW deal moves forward, but risk remains high
A Zacks note (syndicated via Nasdaq, Finviz and Yahoo) digs into NuScale’s partnership with ENTRA1 Energy and TVA, highlighting a plan to deploy up to 6 gigawatts (GW) of capacity – roughly 72 NuScale Power Modules across as many as six plants, with first power targeted around 2030. NuScale paid $128.5 million to ENTRA1 in Q3 as a milestone contribution and ended the quarter with $753.8 million in cash. Zacks stresses, however, that the TVA agreement is still a nonbinding term sheet, that power‑purchase agreements are not yet signed, and that SMR trades on a forward price‑to‑sales multiple above 60x with a Zacks Rank #5 (Strong Sell). ^[7]
Zacks: SMR vs. BWXT – technology lead vs. financial strength
A companion Zacks piece compares NuScale with BWX Technologies (BWXT). It notes NuScale remains the only SMR vendor with U.S. Nuclear Regulatory Commission (NRC) design approval and already has 12 modules in production for the first ENTRA1/TVA project. Still, Zacks concludes BWXT is the better pick “for now”, pointing to BWXT’s strong backlog, government contracts and much lower valuation. Year‑to‑date, Zacks estimates SMR shares up about 4% versus 56% for BWXT, with NuScale trading around 60.5x forward sales compared to roughly 4.5x for BWXT. ^[8]
Motley Fool: “NuScale Stock Could Be a Hidden Gem for Nuclear Energy Investors in 2025”
In an article republished by Nasdaq and Yahoo Finance, Motley Fool contributor Leo Sun argues that NuScale “could be a hidden gem” thanks to its NRC‑approved 77‑MWe reactor design, modular plant configurations up to 924 MWe, and long‑term potential from Romanian (RoPower) and TVA projects. The piece notes the stock recently hit a record high $53.43 on October 15 before pulling back to around $19 and estimates that analysts expect revenue to compound near 98% annually from 2024 to 2027, albeit from a very low base. It also acknowledges that NuScale still trades at more than 100x near‑term sales and is unlikely to be profitable for years. ^[9]
Motley Fool: “Can SMR Stock Beat the Market?”
Another Motley Fool note, syndicated via Finviz, asks whether NuScale can still beat the market after tumbling from the high‑$50s to the high‑teens. The author points out that SMR now lags the S&P 500 over one‑ and three‑year periods despite having briefly outperformed by a wide margin. The article links the drop to cooling enthusiasm around AI‑driven power demand, a poorly received Q3 report, and continued selling by major shareholder Fluor, and warns that shares could retest prior lows even if the long‑term thesis proves out. ^[10]
Motley Fool: “Better Nuclear Play: NuScale Power vs. Oklo”
A comparative piece looks at NuScale versus fast‑rising rival Oklo (OKLO). StockAnalysis’ summary highlights that NuScale already has an NRC‑approved SMR system, whereas Oklo is still working to obtain formal design approval for its micro‑reactors that plan to use recycled nuclear fuel. Both companies, the summary notes, are trading at premium valuations and carry substantial execution risk despite strong investor interest. ^[11]
Simply Wall St: Share expansion and new CAO reshape the equity story
Simply Wall St published a narrative titled “Will NuScale Power’s Share Expansion Reflect a Bold Growth Vision or Dilute Investor Value?”. It explains that NuScale has proposed a planned amendment to its certificate of incorporation to increase authorized Class A common shares, and has appointed David Tonnel as Chief Accounting Officer effective November 22, 2025. The article notes that a special shareholder meeting on December 16, 2025 will vote on increasing authorized Class A stock from 332 million to 662 million shares, taking total authorized capital to 842 million shares – a move framed as necessary to fund growth but one that raises dilution concerns. Simply Wall St’s base narrative projects $402.3 million in revenue and $42.2 million in earnings by 2028, implying 121.5% annual revenue growth, and suggests a fair value near $40.50 per share, while acknowledging wide dispersion in community estimates. ^[12]
Trefis: “Would You Still Hold NuScale Power Stock If It Fell Another 30%?”
Trefis focuses on NuScale’s crash, noting that the stock is down 51.6% over the last 21 trading days and now trades around $18.73. Their snapshot describes NuScale as a $2.8 billion company with about $64 million of revenue, last‑twelve‑month revenue growth of 765.7%, an operating margin near –984%, and valuation metrics such as a P/E of –7.3 and P/EBIT of –4.4. Historically, Trefis calculates that NuScale (and its predecessors) have delivered a median 94.9% return within a year following sharp dips, but it warns that the stock could still drop to roughly $13 (another 20–30% downside) before any rebound. ^[13]
MarketBeat: SG Americas builds a position; Q3 miss and valuation recap
A MarketBeat alert reports that SG Americas Securities LLC opened a new NuScale stake of about 15,988 shares valued around $632,000 in the second quarter. Several smaller funds also modestly increased positions, bringing institutional and hedge‑fund ownership to roughly 78.4% of the float. The same piece revisits NuScale’s Q3 numbers: EPS of –$1.85 vs. –$0.11 expected, revenue of $8.24 million vs. $11.29 million estimate, a negative net margin of 594.6%, and a negative return on equity of 51.3%. It lists a 52‑week range of $11.08–$57.42, a market cap near $5.6 billion and a P/E ratio of –6.54. ^[14]
AInvest: “High‑Risk, High‑Reward Bet in the Nuclear Energy Revolution”
AI‑driven analysis site AInvest labels NuScale a classic “high‑risk, high‑reward” nuclear play. It highlights Q3 revenue of $8.24 million, a 1,600%+ year‑over‑year increase that still missed forecasts, and estimates trailing‑12‑month EBITDA at about –$443 million, with an enterprise value of roughly $5.1 billion – about 117x trailing revenue. The article notes that NuScale finished Q3 with around $754 million in cash but argues that, without major binding contracts, continued large annual losses could force further capital raises. ^[15]
Recent context: Zacks “Bear of the Day” and UBS downgrade
Although not dated today, this week’s Zacks “Bear of the Day” feature remains highly relevant, flagging rising losses and the planned liquidation of a stake representing roughly 39% of the company as major overhangs. Meanwhile, NAI500’s recap of Tuesday’s trading explains that UBS analyst Jon Windham slashed his SMR target from $38 to $20 while maintaining a neutral rating, citing weak Q3 cash flows, revenue shortfalls and doubts about the most aggressive AI‑energy‑demand scenarios. ^[16]

ENTRA1–TVA: the 6 GW program that defines the bull case

Across today’s coverage, NuScale’s ENTRA1–TVA partnership sits at the heart of the long‑term story. Under the current framework, ENTRA1 intends to deploy up to 6 GW of NuScale SMR capacity across TVA’s seven‑state service region – described by Zacks as the largest SMR program announced in U.S. history. That plan could translate into around 72 NuScale Power Modules installed across as many as six plants, with the first facility targeted to begin generating power in 2030. ^[17]

To support early work, NuScale made a $128.5 million milestone payment to ENTRA1 in Q3 2025 and reported $753.8 million of cash and investments at quarter‑end, boosted by a $475.2 million equity raise. Management and Zacks both note that total milestone contributions could reach several billions of dollars across all six potential projects before NuScale receives firm equipment orders, underscoring the sheer scale – and risk – of the program. ^[18]

However, the TVA arrangement remains a nonbinding term sheet. TVA is still evaluating nuclear options, and ENTRA1 must finalize its own power‑purchase agreements before construction can proceed. Zacks stresses that meaningful revenue may not arrive until well into the next decade, which is one reason it keeps SMR at a Strong Sell rating despite acknowledging NuScale’s regulatory lead. ^[19]

Competition is also intensifying. Zacks points to GE Vernova’s BWRX‑300 SMR, being accelerated through a partnership with Samsung C&T, and to BWX Technologies’ expanding role supplying components for multiple advanced reactor designs, as signs that NuScale’s first‑mover edge may narrow over time. ^[20]

Capital structure, share expansion and the Fluor overhang

One of the biggest storylines today is NuScale’s aggressive capital‑raising posture.

A Definitive Proxy Statement shows that NuScale has called a special virtual stockholder meeting for December 16, 2025, asking investors to approve an amendment increasing authorized Class A common stock from 332 million to 662 million shares, raising total authorized capital stock to 842 million shares. ^[21]
In parallel, an early‑November 8‑K filing details a new at‑the‑market (ATM) program allowing NuScale to sell up to $750 million of Class A shares through designated agents, replacing a prior ATM facility. ^[22]
NuScale’s most recent financials show 167.6 million Class A shares outstanding as of September 30, 2025, up from 122.8 million at the end of 2024 – a substantial increase in less than a year. ^[23]

On top of that, long‑time strategic partner Fluor Corporation is exiting its stake. A joint press release on November 6 explains that Fluor will convert its remaining Class B units into Class A shares and then gradually monetize its holdings by the end of Q2 2026, subject to volume limits designed to avoid crushing the share price. In exchange, Fluor has agreed to vote in favor of the authorized‑share increase, reduce its economic rights under a tax receivable agreement, and waive certain claims, while NuScale accepted temporary restrictions on additional equity issuance through February 2026. ^[24]

Zacks’ bearish note and other commentary emphasize that these moves create a dual overhang: the likelihood of further dilution as NuScale taps its ATM facility to fund milestone payments, and the prospect of ongoing selling pressure as Fluor systematically exits a stake representing a very large chunk of the company’s equity. ^[25]

Leadership and governance: a new chief accounting officer

NuScale is also reshaping its finance leadership. An SEC Form 8‑K filed November 17 and related coverage reveal that the board unanimously appointed David Tonnel as Chief Accounting Officer, effective November 22, 2025, with Tonnel assuming the role of principal accounting officer. He joined NuScale in early 2025 as Senior Vice President, Accounting, after prior senior roles at offshore driller Transocean. He replaces Jacqueline F. Engel, who completed her service as interim vice president, accounting, on the same date. ^[26]

Simply Wall St links this appointment to NuScale’s more complex capital structure and milestone accounting, arguing that investors should watch how the company’s financial reporting evolves as it balances large cash balances, multi‑billion‑dollar project commitments and expanded equity programs. ^[27]

Fundamentals: fast‑growing revenue, deep red ink

NuScale’s Q3 2025 results help explain the sharp reaction in the stock:

Revenue: $8.24 million, up about 1,635% year‑over‑year, driven mainly by engineering and design work (e.g., for the RoPower project in Romania), but still below analyst expectations of roughly $11.29 million. ^[28]
Earnings: A loss of $1.85 per share, missing the consensus loss of $0.11 by $1.74. The swing was heavily influenced by recognizing a $495 million ENTRA1 milestone contribution within general and administrative expenses. ^[29]
Profitability: Q3 featured a negative net margin of about 595% and a negative return on equity of roughly 51%, according to MarketBeat’s summary. ^[30]

AInvest estimates NuScale’s trailing‑12‑month EBITDA at about –$443 million and its enterprise value at roughly 116–117x trailing revenue, while Trefis pegs last‑twelve‑month revenue at about $64 million and the operating margin near –984%. Together, these highlight why many analysts describe SMR’s valuation as “speculative” even after the recent pullback. ^[31]

On the positive side, NuScale finished Q3 with approximately $753.8 million in cash and investments and no debt, yielding a cash‑to‑assets ratio near 0.78. That gives the company meaningful runway to fund ENTRA1‑related milestone payments and ongoing R&D, especially when combined with the new $750 million ATM facility. But with heavy negative operating cash flow—Motley Fool cites roughly $256 million of negative operating cash flow in the first nine months of 2025—several commentators warn that delays in converting its pipeline into firm contracts could force more dilutive equity raises over time. ^[32]

How analysts and models view SMR after the crash

Street opinion on SMR is sharply divided:

Traditional analyst coverage
MarketBeat counts three Buy, seven Hold and six Sell ratings, for an overall “Reduce” consensus and an average 12‑month target price of $36.12, nearly double today’s quote but down from earlier in the year. Recent moves include UBS cutting its target from $38 to $20 this week while maintaining a neutral rating, and earlier cuts from firms like RBC and BNP Paribas, the latter downgrading NuScale to “strong sell” in October. ^[33]
Zacks
Zacks assigns NuScale a Rank #5 (Strong Sell), citing widening loss expectations for 2025 — its consensus EPS estimate has deteriorated from around –$0.50 to –$1.64 per share over the last month — and a forward price‑to‑sales multiple of roughly 60.5x, well above industry averages near 4–25x. In its SMR vs. BWXT comparison, Zacks concludes investors are better off in BWXT for now, even though NuScale holds important technology advantages. ^[34]
Quant and AI‑driven ratings
Danelfin, an AI stock‑rating platform, classifies SMR as “High Risk” as of November 26 and shows an average 1‑year target price of about $39.12, again well above the current price but reflecting considerable uncertainty. AInvest’s AI‑assisted note calls NuScale a “moonshot” whose valuation assumes successful 2030 deployments and large utility contracts, and warns that missing those milestones could cause the stock to “crater.” ^[35]
Long‑term bulls
On the other side, multiple Motley Fool articles published today emphasize NuScale’s NRC‑certified designs, modular architecture (up to 924 MWe per plant) and positioning as a potential core supplier of firm, low‑carbon power to data centers, hydrogen projects and industrial customers. The “hidden gem” article notes that analysts expect revenue to grow from roughly $37 million to $289 million between 2024 and 2027, and that the broader SMR market could grow at more than 40% annually through 2035, though it also stresses that investors should prepare for extreme volatility and a long wait for profitability. ^[36]
Historical resilience argument
Trefis points out that after past major drawdowns, NuScale has historically delivered a median 94.9% one‑year return, suggesting that sharp dips have sometimes been buying opportunities. Still, the firm cautions that history is no guarantee, especially now that the stock carries much richer multiples and faces unprecedented capital needs. ^[37]

Institutional flows, insider selling and ownership structure

Despite the volatility, institutional investors remain deeply involved in SMR:

MarketBeat’s 13F recap shows SG Americas Securities LLC initiating a $632,000 position, alongside incremental purchases by other funds, bringing institutional and hedge‑fund ownership to about 78.37%. ^[38]
At the same time, insider activity has been heavily skewed toward selling. MarketBeat notes that insiders sold approximately 15 million shares over the last 90 days, worth more than $600 million at the time of sale, much of it tied to Fluor’s ongoing monetization. Zacks and other analysts have highlighted this planned disposal of a stake representing nearly 39% of NuScale’s equity as a major sentiment headwind. ^[39]

Risks investors are focused on

Several themes recur across today’s NuScale coverage:

AI energy narrative under scrutiny – NAI500’s write‑up on Tuesday’s 6% drop notes that reports of Meta exploring Alphabet’s more energy‑efficient TPU chips have prompted some recalibration of just how severe future AI power demand might be, at least in the near term. If AI infrastructure proves less power‑hungry than the most bullish forecasts assume, part of the premium NuScale has enjoyed as an “AI energy” story could unwind. ^[40]
Long timelines and nonbinding agreements – The ENTRA1–TVA framework is still a term sheet, not a binding set of contracts, and NuScale’s first U.S. reference plant is not expected to produce power until around 2030, meaning substantial revenue and cash flows are many years away. ^[41]
Cash burn and dilution – With hundreds of millions of dollars in annual negative EBITDA and heavy milestone payments due before firm orders arrive, commentators worry NuScale may have to lean heavily on its ATM program and increased share authorization, diluting existing holders. ^[42]
Regulatory and political uncertainty – While NuScale’s designs have U.S. NRC certification, international approvals, local permitting and political support remain sources of risk, particularly in Europe where market structures and regulatory regimes vary widely. ^[43]
Intensifying competition – Established players like BWX Technologies and GE Vernova, as well as high‑profile start‑ups such as Oklo, are racing to commercialize their own advanced reactors, potentially eroding NuScale’s first‑mover advantage. ^[44]

Why some investors still like NuScale despite the volatility

Despite all those risks, a sizable cohort of analysts and investors remains bullish on SMR:

NuScale is still the only SMR vendor with an NRC‑certified design, and its 77‑MWe NuScale Power Module™ can be deployed in arrays up to 924 MWe per plant, providing flexible, carbon‑free baseload power suitable for data centers, hydrogen production, district heating and industrial processes. ^[45]
The ENTRA1–TVA program and the Romanian RoPower project offer potential beachheads for broader global adoption once initial plants demonstrate safety and economics. Zacks and Motley Fool both note that NuScale’s regulatory head start gives it a chance to capture a meaningful slice of an SMR market projected to grow rapidly over the next decade. ^[46]
Several commentators highlight NuScale’s “asset‑light” model, where partners shoulder much of the construction cost while NuScale focuses on design, licensing and services. If the technology is widely adopted, this could translate into high‑margin licensing and service revenue once reactors are online – though that outcome depends on the company navigating the next several years without overly diluting shareholders. ^[47]

In short, the bullish argument is that NuScale may be overvalued on current numbers but undervalued relative to its long‑term optionality if SMRs become a backbone of the global clean‑power system. The bearish argument is that the company’s valuation already bakes in flawless execution on multiple mega‑projects that remain years and many regulatory hurdles away.

What today’s developments mean for SMR stock

Put together, today’s news flow reinforces one clear message: NuScale Power is a high‑beta, high‑uncertainty story stock.

On the positive side, the ENTRA1–TVA deep‑dive, “hidden gem” commentary and strong cash balance support a narrative in which NuScale plays a central role in the next wave of nuclear deployment, particularly for AI‑driven and industrial energy demand.
On the negative side, the proposed doubling of authorized shares, Fluor’s planned exit, Zacks’ Strong Sell stance, and UBS’s steep price‑target cut underscore just how fragile that narrative could prove if contracts slip, politics shift or capital markets become less forgiving.

For existing shareholders, the next key milestones to watch include:

The December 16, 2025 vote on increasing authorized shares. ^[48]
Any movement from term sheets to binding PPAs on the ENTRA1–TVA program and other flagship projects. ^[49]
The pace and transparency of Fluor’s share sales under its monetization agreement. ^[50]
Updates on cash burn and equity issuance in upcoming earnings reports and filings. ^[51]

For prospective investors, the divide between “hidden gem” and “strong sell” in today’s coverage is a reminder that SMR belongs, if at all, in the speculative corner of a diversified portfolio, not at its core.

Disclaimer: This article is for informational and educational purposes only and does not constitute investment, legal or tax advice. NuScale Power is a complex, high‑risk equity. Before making any investment decision, you should conduct your own research, review the company’s official filings and, where appropriate, consult a licensed financial adviser.