NEW YORK, December 30, 2025, 04:49 ET — Premarket
- NuScale Power shares fell in premarket trading, extending a late-December retreat in advanced nuclear names.
- Investors are weighing renewed scrutiny of small modular reactor economics and funding needs.
- Traders are watching for fresh customer commitments and the next earnings update.
NuScale Power shares fell 2.4% to $14.48 in premarket trading on Tuesday, after ending the prior session at about $14.84.
The move matters because “advanced nuclear” stocks have become a high-beta pocket of the market into year-end, swinging sharply on sentiment rather than earnings power. For investors, the debate has shifted from “who wins the SMR race” to “who can fund it without punishing shareholders.”
Small modular reactors, or SMRs, are smaller nuclear units designed to be built largely in factories and deployed in modules. Backers pitch faster construction and easier scaling than traditional large reactors, but many projects remain years from commercial operation.
Other U.S.-listed SMR developers also fell before the bell. Oklo dropped 3.7% and Nano Nuclear Energy slid 7.3% in premarket trading.
A Financial Times analysis published on Tuesday said enthusiasm for SMRs is already cooling, citing skepticism over whether smaller reactors truly deliver lower costs and faster builds at scale. 1
Analysts and investors have also focused on financing risk, a recurring pressure point for early-stage energy technology companies. In a research note summarized by TheFly, B. Riley Securities analyst Ryan Pfingst said “investor concerns have risen around potential dilution,” after NuScale’s shareholder-approved increase in authorized Class A shares. 2
Dilution is Wall Street shorthand for issuing more shares, which can reduce the ownership slice represented by each existing share. For companies that need large sums to develop and build projects, the market often pressures the stock when investors expect more equity sales.
NuScale is developing proprietary SMR technology and has sought to position itself as a first mover in U.S. deployment. The U.S. Nuclear Regulatory Commission approved NuScale’s 77-megawatt reactor design in 2025, a step the company has said is key to moving projects toward construction. 3
The company’s shares have become highly sensitive to any signal on cost, timelines and customer traction, because revenue from reactor deliveries is still a future event. That keeps trading focused on headlines around partnerships, regulatory progress and capital-raising pathways.
Investors are also looking ahead to the next earnings update, which Zacks lists for March 2, 2026. 4
