NuScale Power Corporation (NYSE: SMR) has become one of the most closely watched “advanced nuclear” stocks in 2025—and one of the most volatile. As of Sunday, December 14, 2025, U.S. markets are closed, with SMR last settling at $18.34 on Friday, Dec. 12, after a sharp -13.57% one-day drop on heavy trading volume. [1]
What investors are reacting to right now is less about a single headline and more about a stack of catalysts and cross-currents: a looming shareholder vote that could double authorized shares, ongoing concerns about dilution and capital needs, a major shareholder’s planned stake monetization, and a steady drumbeat of analyst price-target revisions—all while the long-term bull case (data-center power demand and SMR deployment) remains mostly “future tense.”
Below is a detailed, publication-ready roundup of the latest SMR stock news, the current forecast landscape, and the most important near-term catalysts investors are tracking.
Where NuScale stock stands heading into the week of Dec. 15
SMR closed Friday, Dec. 12 at $18.34, and has traded in a wide 52-week band, with a 52-week low of $11.08 and a 52-week high of $57.42—a range that highlights how fast sentiment has swung in the nuclear theme trade during 2025. [2]
That volatility is now being fueled by a very specific, time-bound event: NuScale’s Special Meeting of Stockholders on Tuesday, Dec. 16, 2025, where shareholders are scheduled to vote on a major change to the company’s capital structure. [3]
Today’s (Dec. 14) “current” filings-driven headlines: institutional ownership moves
Because it’s a Sunday, the most “new” items dated Dec. 14, 2025 are largely filings-driven recaps. For example, multiple alerts highlight institutional position changes (based on prior-quarter SEC filings) including:
- A report that Headlands Technologies LLC reduced its SMR position during the second quarter (reported via an SEC filing but published today). [4]
- Another report that FORA Capital LLC took a position in NuScale (again, an ownership update surfaced through filings coverage dated today). [5]
These items rarely change the long-term story by themselves—but they matter in a stock like SMR because liquidity, supply/demand, and shareholder base composition can amplify moves in both directions.
The biggest near-term catalyst: the Dec. 16 vote to more than double authorized shares
What shareholders are voting on
NuScale’s proxy materials state the company plans to hold a virtual Special Meeting on Tuesday, Dec. 16, 2025 (11:00 a.m. ET). The primary proposal is to increase authorized Class A shares from 332,000,000 to 662,000,000. [6]
Why it matters for SMR stock
This is central to the current debate around SMR:
- Bull case framing: More authorized shares can provide flexibility for financing, strategic transactions, and equity compensation—important for a pre-commercial company scaling toward first deployments. [7]
- Bear case framing: Authorizing substantially more shares increases the potential for future dilution, and the proxy itself explicitly warns it is “impossible to predict” the dilutive impact of future issuance. [8]
The line that grabbed investors’ attention
NuScale also warns that if the proposal is not approved, the company could face financing constraints that “may create substantial doubt about [its] ability to continue as a going concern.” [9]
That language is one reason this vote is being treated as a high-stakes catalyst rather than a routine corporate housekeeping item.
Insider transaction spotlight: CFO’s Dec. 8 option exercise and share sale (Form 4)
One of the more discussed near-term headlines in early December has been insider activity, specifically the CFO.
A Form 4 filed with the SEC shows that on Dec. 8, 2025, NuScale CFO Robert Ramsey Hamady:
- Exercised employee stock options for 40,000 shares at $3.20 (transaction code “M”), and
- Sold40,000 shares at $22.17 (transaction code “S”), leaving 46,283 shares beneficially owned after the sale. [10]
The filing also notes the sale occurred automatically under a Rule 10b5-1 trading plan adopted on Sept. 9, 2025. [11]
How the market typically interprets this: option exercises paired with sales can be routine, particularly when executed under a pre-set trading plan. Still, in a sentiment-driven stock, insider selling headlines can add pressure—especially when the broader narrative already includes dilution concerns and a major shareholder’s selling plan.
The Fluor overhang: stake sales, structured monetization, and why it’s pressuring sentiment
A major piece of the SMR stock story in late 2025 is Fluor’s ownership and its path to monetization.
Fluor already sold a major block in October
Fluor announced it completed the sale of 15 million shares of NuScale Class A stock (converted in August 2025), generating net proceeds of $605 million. [12]
Fluor also disclosed it continued to hold 111 million NuScale LLC Class B units and associated Class B shares—representing about 39% of NuScale’s equity at the time of that release. [13]
Then came the Nov. 6 agreement: convert and monetize remaining stake by Q2 2026
NuScale and Fluor later announced an agreement under which Fluor will convert its remaining Class B units into Class A common stock and begin a structured monetization of shares with volume restrictions, with Fluor expecting to complete monetization by the end of Q2 2026. [14]
Importantly for the Dec. 16 vote, the same announcement says Fluor agreed to vote in favor of NuScale’s anticipated authorized share count increase and that the parties agreed to certain limitations on NuScale equity issuances through February 2026. [15]
Why investors care: even with volume limits, a large, time-defined selling program can act like a “supply overhang,” making rallies harder to sustain until the market can better quantify remaining selling pressure.
Financial snapshot: cash strength, dilution, and the Q3 loss that spooked the market
NuScale’s third-quarter 2025 update remains one of the most important anchors for any near-term stock discussion.
In its Q3 results release, NuScale reported it ended the quarter with $753.8 million in cash, cash equivalents, and investments, and disclosed it sold 13.2 million shares through an at-the-market (ATM) program for $475.2 million in gross proceeds. [16]
The same release explains that general and administrative expenses jumped significantly—driven primarily by recognition of a $495.0 million milestone contribution under its Partnership Milestones Agreement with ENTRA1. [17]
Meanwhile, market coverage of the quarter highlighted how large the accounting loss looked relative to the company’s current revenue base. For example, one report noted Q3 revenue of $8.24 million and a net loss of $532.65 million. [18]
What it means for investors: NuScale is not “capital starved” in the immediate sense—its cash position is meaningful. But the combination of (1) a funding-heavy commercialization runway, (2) ongoing equity issuance tools (ATM), and (3) an upcoming authorized share increase vote keeps dilution front-and-center.
Commercial momentum: TVA/ENTRA1, Romania, and the NRC design approval that underpins the long-term bull case
Despite the near-term capital structure noise, NuScale’s bull thesis still rests on whether it can translate “strategic agreements” into binding contracts and deployable projects.
The headline program: up to 6 GW in TVA territory via ENTRA1
NuScale’s press release about the TVA/ENTRA1 collaboration describes a program aiming to deploy six ENTRA1 Energy Plants, each powered by multiple NuScale modules, to provide up to 6 gigawatts of firm baseload power in TVA’s service region (with ENTRA1 financing/owning the plants). [19]
Reuters coverage has also framed the TVA/ENTRA1 effort as a significant driver of SMR interest, describing it in the context of proposed power purchase agreements and the broader U.S. push for small reactors. [20]
Romania remains a revenue-linked engineering track
NuScale’s Q3 release says its revenue increases were tied largely to engineering services supporting Romania’s RoPower effort and continued progress on Fluor’s Phase 2 FEED study. [21]
Regulatory foundation: NRC approval of the uprated 77 MW design
Earlier in 2025, Reuters reported the U.S. Nuclear Regulatory Commission approved NuScale’s 77 MW reactor design—an important milestone because NuScale sought the uprate to improve project economics versus its earlier 50 MW design approval. [22]
That Reuters report also noted NuScale’s CEO said the company was in talks with five “tier one hyper-scalers” under NDAs—language that often gets referenced in the AI data-center power narrative, even though translating interest into contracts is the harder step. [23]
SMR stock forecast: what analysts are signaling now (and why targets are all over the map)
Analyst forecasts for NuScale are unusually dispersed, reflecting how uncertain timelines and capital needs are for SMR commercialization.
Recent notable price-target changes
Here are the most market-relevant price-target updates investors have been discussing:
- Citi: cut its price target to $18.50 from $37.50 and kept a Sell rating, citing ongoing pressure risks tied to share sales and contract uncertainty. [24]
- Goldman Sachs: lowered its target to $23 from $27 and maintained a Neutral rating. [25]
- UBS: lowered its target to $20 from $38 and kept a Neutral rating, referencing Q3 results and milestone-payment timing. [26]
- RBC Capital: lowered its target to $32 from $35 and kept a Sector Perform rating after Q3 results. [27]
On the more constructive side, coverage in 2025 also included optimistic initiations—such as Cantor Fitzgerald initiating with an Overweight rating and a $55 target (October). [28]
Earnings outlook trend (another “forecast” investors watch)
Zacks-cited coverage has flagged that earnings expectations have been moving the wrong way in recent updates. One Nasdaq/Zacks piece noted that the Zacks Consensus Estimate for 2025 shifted to a loss of $1.64 per share, widening substantially versus prior expectations. [29]
How to interpret the spread: When one bank’s target is near the current share price and another implies triple-digit upside, it’s usually a sign the market is trying to price a binary question: will NuScale secure firm orders and execute on schedule before capital needs force more dilution?
The macro backdrop helping the “nuclear for AI” story—without guaranteeing winners
One reason SMR stocks surged earlier in 2025 is the scramble to power AI infrastructure. Reuters reporting this week described Big Tech’s evolving “all of the above” approach to securing electricity for data centers, including renewed attention to nuclear alongside gas and renewables. [30]
For NuScale specifically, that macro tailwind supports the narrative—but it doesn’t eliminate the execution hurdles: siting, financing, supply chain, fuel, regulatory sequencing, and the step from MOUs/collaborations to binding PPAs and EPC-ready projects.
What to watch next for NuScale (SMR) investors
With the stock in a sensitive zone after the December selloff, the next few catalysts are unusually well-defined:
- Dec. 16, 2025 shareholder vote on increasing authorized shares (and market reaction either way). [31]
- Any updates on Fluor’s structured monetization pace and how volume limits translate into real daily/weekly selling supply. [32]
- Clarity on TVA/ENTRA1 contracting steps (timelines, site selection, PPAs, financing structure). [33]
- Future capital-market actions, including ATM activity, as NuScale funds commercialization. [34]
Bottom line: why SMR stock is moving on structure and sentiment as much as “technology”
As of Dec. 14, 2025, NuScale stock is being priced like a high-beta option on whether the company can convert regulatory advantage and strategic partnerships into financeable, buildable projects—without overwhelming shareholders with dilution along the way.
The technology and macro story (SMRs for data centers and grid reliability) keeps bringing investors back. But in the near term, the stock’s direction may hinge less on “nuclear optimism” and more on capital structure decisions, share supply, and contract milestones—starting with the Dec. 16 authorized share vote and continuing through Fluor’s expected monetization window into Q2 2026. [35]
References
1. stockanalysis.com, 2. stockanalysis.com, 3. www.sec.gov, 4. www.marketbeat.com, 5. www.marketbeat.com, 6. www.sec.gov, 7. www.sec.gov, 8. www.sec.gov, 9. www.sec.gov, 10. www.sec.gov, 11. www.sec.gov, 12. newsroom.fluor.com, 13. newsroom.fluor.com, 14. www.nuscalepower.com, 15. www.nuscalepower.com, 16. www.nuscalepower.com, 17. www.nuscalepower.com, 18. www.tradingview.com, 19. www.nuscalepower.com, 20. www.reuters.com, 21. www.nuscalepower.com, 22. www.reuters.com, 23. www.reuters.com, 24. www.tipranks.com, 25. www.tipranks.com, 26. www.tipranks.com, 27. www.tipranks.com, 28. www.tipranks.com, 29. www.nasdaq.com, 30. www.reuters.com, 31. www.sec.gov, 32. www.nuscalepower.com, 33. www.reuters.com, 34. www.nuscalepower.com, 35. www.nuscalepower.com
