As of 4:25 a.m. ET in New York on Saturday, December 27, 2025, U.S. stock markets are closed for the weekend. On the last trading day (Friday, Dec. 26), NuScale Power Corporation (NYSE: SMR) ended at $14.85, down about 7.68% on the day, after trading between $14.75 and $16.00 with roughly 24.9 million shares changing hands.
That steep single-day move arrived during a thin, post-Christmas session in which the major U.S. indexes finished only slightly lower and remained close to all-time highs—classic “holiday tape” where smaller names can swing harder than usual. [1]
So what just happened to SMR stock, what are investors watching next, and what’s the real-world checklist before Monday’s open?
The weekend setup: markets are closed, but SMR’s story isn’t
The New York Stock Exchange’s standard schedule means no regular trading on Saturday, and the next regular session is Monday, Dec. 29 (unless a rare exchange-wide closure occurs). [2]
When a volatile, headline-sensitive stock like NuScale sells off sharply into a weekend, two things tend to matter most by the time the opening bell arrives:
- Whether any weekend news changes the narrative (contracts, financing, regulatory updates, SEC filings).
- Whether Friday’s move was “just liquidity” (holiday profit-taking) or a signal investors are repricing a real risk (like dilution or share overhang).
On the macro side, Wall Street has been trading in a supportive backdrop for growth and long-duration stories: the Fed’s most recent decision (Dec. 10) was a quarter-point rate cut, lowering the target range to 3.50%–3.75%. [3] Lower rates can help speculative equities—but they don’t cancel company-specific dilution risk. NuScale lives right at that intersection.
Why NuScale (SMR) stock can swing so violently: it’s a “future reactor” stock trading in the present
NuScale isn’t a utility with steady nuclear cash flows. It’s closer to a nuclear technology commercialization story—meaning the stock price is often driven by:
- regulatory milestones,
- customer/project announcements,
- financing headlines,
- and share structure / dilution expectations.
Those last two—financing and share supply—have been especially loud in recent NuScale developments.
The big overhang investors keep circling: Fluor’s stake monetization and share authorization
Fluor’s planned sell-down (structured, but still an overhang)
On Nov. 6, 2025, NuScale and Fluor announced an agreement under which Fluor will convert its remaining Class B units into NuScale Class A common shares and “promptly begin a structured monetization,” with volume restrictions intended to reduce market disruption. Fluor said it expects to complete monetizing its stake by the end of Q2 2026. [4]
Even with volume limits, this is the kind of thing traders translate into one word: supply. The market often prices in the possibility that shares will be sold, not just the moment they actually hit the tape.
Authorized shares were doubled in mid-December
Then, in an SEC filing tied to a Dec. 16, 2025 special meeting, NuScale reported shareholders approved an amendment increasing authorized Class A shares from 332,000,000 to 662,000,000. [5]
This does not mean the company immediately issued hundreds of millions of new shares. But it does mean NuScale has more capacity to raise equity in the future—something early-stage companies often need. For investors, that’s a classic trade-off:
- More runway to fund commercialization,
- but higher dilution risk if capital is raised through stock.
NuScale’s own proxy materials laid out the purpose of the special meeting and the authorized share increase. [6]
NuScale’s cash position is big—but it came with dilution
In its Q3 2025 results (reported Nov. 6), NuScale said it ended the quarter with $753.8 million in cash, cash equivalents, and investments. [7]
But the same report noted NuScale sold 13.2 million shares via an at-the-market (ATM) program, generating $475.2 million in gross proceeds during the quarter. [8]
This matters for how investors interpret Friday’s drop:
- A company raising large amounts of capital can look stronger (more runway).
- But repeated equity issuance trains the market to fear future dilution, especially if commercialization timelines extend.
In other words: NuScale can be financially better positioned and still trade lower if investors decide the next chapter is “more shares.”
The bullish pillar: U.S. regulatory progress and “AI power demand” tailwinds
NRC approval of NuScale’s uprated design
A core positive for NuScale is regulatory progress. In late May 2025, the U.S. Nuclear Regulatory Commission approved NuScale’s uprated 77 MWe small modular reactor design—an important hurdle on the path to deployment. Reuters reported CEO John Hopkins framed the approval as improving economics and enabling deployment if customers move quickly, while also noting critics’ concerns about SMR costs and nuclear waste. [9]
The U.S. Department of Energy also highlighted the NRC approval as a milestone for the uprated design. [10]
NuScale’s own announcement called it a “historic moment,” emphasizing the 77 MWe design and continued work with regulators. [11]
Policy and analyst narrative: nuclear as an “AI infrastructure” power source
Earlier in 2025, nuclear-related stocks rallied after Trump administration executive orders aimed at accelerating reactor approvals and strengthening nuclear fuel supply chains. Investopedia reported Goldman Sachs analysts flagged NuScale as well-positioned to benefit if the Department of Energy selects it for facilities supporting AI-driven infrastructure demand, and noted broader sector enthusiasm. [12]
Whether those policy tailwinds translate into signed projects is the real question—but the narrative itself can move SMR stock fast.
The international catalyst investors keep watching: Romania’s SMR project timeline
Romania is one of the most concrete “real project” storylines in NuScale’s orbit.
Reuters reported Romania expects a preliminary investment decision in 2025 related to a small modular reactor plant at Doicești, with state nuclear company Nuclearelectrica partnering with NuScale and targeting completion of a first module by end-2029, plus referenced U.S. financial support potentially totaling $4 billion. [13]
Separately, industry outlet NucNet reported Sweden’s Studsvik would provide design evaluation and verification software tied to the Romania SMR project, underscoring continued ecosystem activity around that plan. [14]
Investors tend to treat Romania as a “show me” case: if milestones stay on track and financing holds, it supports the commercialization narrative; if it slips, the market may revert to viewing NuScale as mostly “promise, not revenue.”
Another tailwind: global SMR interest is rising, but competition is too
NuScale benefits when governments and utilities get serious about nuclear buildouts—even when NuScale isn’t the chosen supplier—because it validates the category.
For example, Reuters reported Sweden’s Vattenfall applied for state aid under Sweden’s nuclear expansion plans and is considering SMR suppliers such as Rolls-Royce and GE Vernova, with a supplier choice expected in 2026. [15]
This is good news for the “SMRs are real” thesis—but it also reminds investors that NuScale won’t have the field to itself.
Analyst forecasts and price targets for SMR stock: optimistic, but treat as scenario ranges
Across widely followed market-data aggregators, the current picture is broadly bullish on paper:
- MarketBeat shows an average 12-month price target around the mid-$30s, with targets ranging roughly $20 to $60 (counts vary by source). [16]
- StockAnalysis lists a consensus “Buy” and an average target also around the mid-$30s, with a similar $20 to $60 range. [17]
- TipRanks similarly shows a wide target range and an average implying large upside from recent prices. [18]
Two reality checks worth keeping in mind:
- NuScale is a high-volatility, catalyst-driven stock, so targets can lag fast-moving conditions.
- Targets often embed assumptions about commercialization timelines and financing that may or may not hold.
In other words, treat price targets less like “predictions” and more like conditional bets: If NuScale wins projects and funds them without punishing dilution, the upside case exists; if not, targets can fall quickly.
What investors should know before the next session: the Monday checklist
With the market closed right now, the practical question becomes: what could change between now and Monday morning?
Here are the items that matter most for SMR stock into the next open:
1) Watch for dilution/issuance headlines (the #1 near-term sensitivity)
- Fluor’s plan to monetize its stake is real and time-bound (targeting completion by end of Q2 2026). [19]
- NuScale now has expanded authorized shares, creating more flexibility to raise equity. [20]
Even if nothing happens immediately, these factors can amplify price moves because traders price the possibility of incremental share supply.
2) Track concrete project milestones, not just “nuclear hype”
- Romania’s preliminary decision timing and financing headlines can swing sentiment. [21]
- NuScale’s commercialization push with ENTRA1/TVA is part of the company’s narrative, but investors will look for binding steps, schedules, and funding clarity. [22]
3) Macro tape still matters for speculative stocks
Friday’s broader market was quiet and close to highs, with analysts citing profit-taking in thin trading. [23]
If Monday opens risk-on, high-beta names like SMR can bounce hard; if risk-off, they often get hit first.
4) Keep an eye on the next earnings window—but don’t assume the date is finalized
Some calendars estimate NuScale’s next report around early March 2026 (after market close), but companies can change dates. [24]
NuScale’s investor relations page is the more authoritative place for confirmed timing when it’s posted. [25]
Bottom line: SMR stock is being pulled between “nuclear momentum” and “equity-supply gravity”
NuScale has real positives: a regulatory milestone for its uprated design, a global macro narrative around nuclear as clean firm power for data centers and industry, and headline projects (notably Romania) that keep the commercialization thesis alive. [26]
But the market is also clearly sensitive to the financial mechanics: share sales (ATM), expanded authorized shares, and a major holder (Fluor) explicitly planning to monetize over the coming quarters. [27]
That tension—big vision vs. share supply—is likely to keep SMR stock volatile into the next session.
References
1. www.reuters.com, 2. www.nyse.com, 3. www.federalreserve.gov, 4. www.nuscalepower.com, 5. www.sec.gov, 6. www.sec.gov, 7. www.nuscalepower.com, 8. www.nuscalepower.com, 9. www.reuters.com, 10. www.energy.gov, 11. www.nuscalepower.com, 12. www.investopedia.com, 13. www.reuters.com, 14. www.nucnet.org, 15. www.reuters.com, 16. www.marketbeat.com, 17. stockanalysis.com, 18. www.tipranks.com, 19. www.nuscalepower.com, 20. www.sec.gov, 21. www.reuters.com, 22. www.nuscalepower.com, 23. www.reuters.com, 24. www.marketbeat.com, 25. www.nuscalepower.com, 26. www.reuters.com, 27. www.nuscalepower.com
