NEW YORK — As of 3:31 p.m. ET on Friday, December 26, 2025, U.S. stocks are trading in a light-volume, post‑Christmas session with major indexes hovering near record territory and the market’s “Santa Claus rally” window now underway. 1
Against that backdrop, NuScale Power Corporation (NYSE: SMR) is notably weaker into the afternoon, underscoring how company-specific capital structure headlines can dominate performance even when the broader market is calm.
NuScale Power stock price today: SMR down sharply into the last hour
At roughly 3:19 p.m. ET, SMR traded at $14.84, down $1.24 from the prior close (about ‑7.7%). The session has been volatile: high $16.00, low $14.82, with about 18.5 million shares traded so far.
By comparison, the broader tape is close to flat: SPY is essentially unchanged, QQQ is modestly higher, and DIA is slightly lower—typical for a “coasting” year‑end session with limited catalysts. 1
What that means for SMR investors: when the market’s quiet, liquidity and positioning effects (dilution worries, block selling fears, short interest dynamics) can have an outsized impact on high‑beta names like NuScale.
Why NuScale Power stock is moving: dilution risk is back in focus
1) Share authorization was doubled — a signal investors read as “more equity may be coming”
On December 16, 2025, NuScale held a special stockholder meeting where investors approved an amendment that increased authorized Class A common shares from 332,000,000 to 662,000,000. The company filed the amendment in Delaware, and it became effective that day, according to the company’s Form 8‑K filed December 17, 2025. 2
Importantly, NuScale’s own proxy materials caution that:
- stockholders do not have preemptive rights, and
- issuing additional Class A shares (unless pro‑rata) can dilute ownership and voting power, potentially significantly. 3
That’s the core tension: management frames authorization as financial flexibility, while the market often prices it as future dilution optionality—especially for capital‑intensive developers that are not yet generating steady commercial revenue.
2) A $750 million at‑the‑market (ATM) program adds “supply overhang” concerns
NuScale also has a relatively fresh equity financing tool available. In a November 7, 2025 Form 8‑K, the company disclosed a new ATM offering program for up to $750,000,000 in Class A common stock, with multiple banks acting as sales agents and commissions up to 3% of gross proceeds. 4
ATM programs can be efficient financing mechanisms—but for traders, they often translate into a simple question: “How much stock might be sold into strength?”
The fundamentals: NuScale’s latest financial snapshot shows progress and pressure
NuScale’s most recent quarterly release (for Q3 2025) illustrates why capital structure headlines matter so much for the stock.
Liquidity is sizable — but so are the costs
NuScale reported it ended Q3 with $753.8 million in cash, cash equivalents, and short‑ and long‑term investments, after selling 13.2 million shares through an ATM program during the quarter and generating $475.2 million in gross proceeds. 5
Revenue exists — but losses remain large
In the same Q3 2025 release, NuScale reported:
- Quarterly revenue of $8.242 million (vs. $0.475 million in the prior‑year quarter). 5
- Loss from operations of $538.4 million for the quarter, alongside a dramatic increase in general and administrative expense (shown at $519.2 million for the quarter in the published statement of operations). 5
For long‑term investors, the takeaway is not just the size of losses—it’s the structural reality that first‑of‑a‑kind nuclear commercialization is expensive, and the financing path (equity issuance, strategic partners, government support) remains a key driver of valuation.
The catalyst story: why NuScale still draws investor attention
Despite near-term financing anxiety, NuScale remains one of the most watched names in the advanced nuclear / SMR category because it has tangible regulatory progress and large‑scale “power demand” narratives behind it.
NRC approval for the larger 77 MW design is a major milestone
Reuters reported that the U.S. Nuclear Regulatory Commission approved NuScale’s 77‑megawatt reactor design in 2025, an important hurdle for commercialization. NuScale CEO John Hopkins described the uprated design as more economical and said the company has been in talks with multiple hyperscalers under NDAs, according to Reuters. 6
TVA and ENTRA1 keep the “data center baseload” theme alive
One of the most consequential narrative tailwinds for the sector is soaring electricity demand tied to AI and data centers. Reuters reported that the Tennessee Valley Authority (TVA)—the largest U.S. public power supplier—has leaned into SMR partnerships, including with NuScale, in part to meet rising load requests. 7
Reuters also highlighted that TVA cited about 11 gigawatts of requested load for AI and data centers in its region, and described how offtake structures like PPAs can help de‑risk projects—an approach that could matter for any NuScale-linked deployments. 7
NuScale’s own Q3 2025 materials also referenced its strategic partner ENTRA1 signing a “landmark agreement” with TVA tied to deploying up to six gigawatts of NuScale SMR capacity. 5
Europe remains an opportunity — but also a reality check
Internationally, Reuters has also emphasized that U.S. SMR developers (including NuScale) face regulatory, supply chain, and competitive challenges in Europe, even as announcements proliferate. This matters because global expansion narratives often underpin investor enthusiasm in early-stage energy technology. 8
Fluor’s stake and potential selling pressure: another overhang investors track
NuScale’s shareholder base includes strategic and legacy stakeholders. In November 2025, NuScale and Fluor announced an agreement related to the conversion and monetization of Fluor’s remaining stake in NuScale. 9
Even without day‑to‑day selling disclosure, investors frequently treat “planned monetization” as a potential supply risk—especially in a stock that can move aggressively on volume.
Wall Street forecasts and analyst views: big upside targets, but widening disagreement
Forecasting NuScale is inherently difficult because the timeline to meaningful commercial deployment can be long—and financing risk is front and center. That uncertainty shows up in wide price target ranges and frequent revisions.
Consensus targets imply large upside — with heavy caveats
- MarketBeat’s compiled analyst forecast lists an average price target around the mid‑$30s, with estimates ranging roughly $20 to $60 (figures vary by contributor and update date). 10
- StockAnalysis similarly shows a consensus price target in the mid‑$30s. 11
Those targets can look dramatic relative to today’s price, but investors should treat them as scenario-weighted opinions, not promises—especially in a name where dilution and project timing can quickly reshape the equity story.
Recent target cuts highlight “timeline + funding” sensitivity
Several research notes and aggregators flagged downward target revisions in late 2025:
- UBS cut its price target (reported at $20) and cited near‑term headwinds tied to funding needs, Fluor monetization, and project timelines. 12
- B. Riley Securities maintained a Buy rating while lowering its target to $24 (from a higher prior level), reflecting tempered near‑term expectations. 13
The valuation debate: “unrealistic expectations” warnings are part of the narrative
Earlier in the cycle, Bank of America’s Dimple Gosai warned that SMR-related valuations (including NuScale) were being pushed by optimistic deployment assumptions; she downgraded NuScale to underperform in that context, as reported by financial media. 14
A key trading accelerant: short interest remains elevated
NuScale is a stock where positioning can matter as much as fundamentals in the short run. Data aggregators show short interest at a notably high level (roughly a quarter of float in mid‑December figures), which can:
- magnify downside when sentiment breaks, and
- fuel sharp rebounds if positive news triggers forced covering. 15
What investors should know before the next session
Because it’s currently during regular NYSE trading hours, the near‑term “next session” question is really about what happens into the close, after-hours, and into next week’s year‑end tape. Reuters described the overall market as “light-volume” and largely lacking catalysts today—conditions that can increase single‑stock volatility. 1
Here are the practical items SMR investors tend to monitor heading into the next trading day (and the final days of the year):
1) Watch for any fresh capital markets signals
- Any new SEC filings, updated prospectus supplements, or disclosures tied to equity issuance can move the stock quickly.
- With an ATM framework already in place and authorized shares expanded, financing headlines can drive the next leg more than macro factors. 4
2) Expect “thin tape” behavior through year-end
Year‑end sessions can be prone to:
- wider spreads,
- faster momentum swings, and
- more pronounced reactions to relatively small news.
Reuters’ Ryan Detrick (Carson Group) characterized the broader market’s posture today as investors “catching our breath” after a strong run—often a sign that positioning, not fundamentals, can dictate short-term moves. 1
3) Keep an eye on partner-driven project updates
For NuScale, the most market-moving upside catalysts typically relate to:
- binding offtake / PPA announcements,
- concrete deployment timelines with counterparties like utilities, and
- regulatory or site progress tied to first deployments.
The TVA/ENTRA1 narrative remains a centerpiece of the bull case. 7
4) Know what you own: a “commercialization call option” with real financing risk
NuScale has meaningful technology and regulatory milestones, but it also disclosed:
- relatively modest revenue compared with costs, and
- continuing need for flexibility to issue shares for corporate purposes. 5
That combination is why SMR can act less like a typical industrial stock and more like a high‑volatility commercialization option—often rallying hard on “proof points” and selling off hard on “funding” fears.
Bottom line for SMR stock right now
In today’s calm, post‑holiday market, NuScale Power stock is under pressure—and the weight is coming primarily from equity supply/dilution optics, not a sudden change in the broader market’s direction.
For investors, the near-term playbook is straightforward:
- treat capital structure as a first‑order driver (authorized shares + ATM capacity),
- follow project and offtake milestones as the main long-term rerating path, and
- respect the stock’s high-volatility profile (short interest + year-end liquidity).
