NEW YORK, August 21, 2026, 15:15 EDT —
- NuScale shares rose 4.5% to $9.48 in afternoon trading.
- A new $750 million stock program equals 19.3% of current market value.
- Cash and investments totaled $1.89 billion at June 30, with no debt.
NuScale Power Corporation NYSE:SMR shares rebounded 4.5% on Friday. The gain masks a larger valuation question: how much dilution investors will accept to finance a long commercialization runway.
The company can sell up to $750 million of new Class A stock. That authorization equals 19.3% of NuScale’s $3.89 billion market value at 15:15 EDT. It follows $984.5 million of net at-the-market proceeds raised during the first half.
Cash provides the counterweight. NuScale held $1.89 billion across cash and investments at June 30. That was nearly half Friday’s market capitalization, and the company reported no debt.
| Market snapshot | Value |
|---|---|
| Share price | $9.48 |
| Day change | +4.47% |
| Market capitalization | $3.89 billion |
| Volume | 32.14 million |
| Three-month average volume | 32.67 million |
| 52-week range | $7.21–$57.42 |
The stock remained close to the bottom of its yearly range. Friday’s price sat only 4.5% of the distance from the low to the high. The one-year share-price change was negative 74.1%.
| Funding and dilution measure | Amount | Relative measure |
|---|---|---|
| Cash and investments, June 30 | $1.893 billion | 48.7% of market value |
| First-half ATM net proceeds | $984.5 million | 25.3% of market value |
| New ATM authorization | Up to $750 million | 19.3% of market value |
| Illustrative new shares at $9.18 | 81.7 million | 19.9% of June Class A shares |
Dilution has already been material. Class A shares outstanding increased 28.8% from year-end to June 30. The latest prospectus illustrates 81.7 million additional shares at $9.18, but actual issuance will depend on prices and management decisions.
| Operating measure | Latest | Comparison |
|---|---|---|
| Second-quarter revenue | $75,000 | $8.05 million a year earlier |
| Second-quarter net loss | $47.5 million | $0.13 per share |
| Class A shares, June 30 | 410.4 million | 318.5 million at year-end |
| Accumulated deficit | $824.4 million | As of June 30 |
Revenue fell 99.1% from a year earlier. That comparison is volatile because NuScale remains a pre-deployment technology supplier. Investors are therefore pricing regulatory progress, customer conversion and future capital needs more heavily than current sales.
| Analyst recommendation | Number | Share of 18 analysts |
|---|---|---|
| Strong Buy | 5 | 27.8% |
| Buy | 1 | 5.6% |
| Hold | 10 | 55.6% |
| Sell | 1 | 5.6% |
| Strong Sell | 1 | 5.6% |
Analyst caution is visible in recent calls. Texas Capital kept a Buy rating on Thursday but reduced its target to $12 from $15. Royal Bank of Canada cut its target to $10 from $14 on August 11 and retained Hold.
| Price-target measure | Target | Return from $9.48 |
|---|---|---|
| Low | $6.00 | -36.7% |
| Median | $11.00 | +16.1% |
| Average | $12.63 | +33.3% |
| High | $20.00 | +111.1% |
Commercial milestones remain central. NuScale said talks continued with Tennessee Valley Authority through Entra1 toward a definitive power-purchase agreement. Its six-module project in Romania also advanced during the quarter.
“We hold the only U.S. Nuclear Regulatory Commission design certification in the SMR industry,” Chief Executive John Hopkins said in the results statement. The regulator approved NuScale’s larger 77-megawatt design in 2025. Reuters
Risks: Contract timing may slip, customers may not reach final investment decisions, and project costs could rise. Continued stock issuance could also dilute existing holders, even if it extends NuScale’s operating runway.
Friday’s bounce shows traders still respond to the nuclear-growth thesis. The balance-sheet data suggests the next test is different: converting that liquidity into firm projects before another large share-count increase.
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