NEW YORK, July 4, 2026, 17:02 EDT
- U.S. equity markets were shut Friday for the observed Independence Day holiday, leaving Thursday’s close as the latest regular-session print.
- NuScale Power Corporation NYSE:SMR closed at $9.76 on July 2, down 3.84% on the day and down 3.4% from June 26.
- The stock sits near the low end of its 52-week range, but the company still has a large cash pile and thin current revenue.
- The next disclosed company event is NuScale’s second-quarter call on Aug. 5 at 5 p.m. ET.
NuScale Power Corporation NYSE:SMR goes into the July 6 session with a less tidy story than the nuclear-stock theme suggests. The stock fell in a four-session week, but the bigger point is the gap between price, revenue and cash.
NuScale closed Thursday at $9.76. That put the shares only about 10% above their 52-week low of $8.85 and about 83% below the 52-week high of $57.42. Short interest was 69.5 million shares, equal to 20.72% of the float, and up 14.32% in the latest Barron’s data.
| Instrument | Last close | Change from June 26 close | July 2 move | July 2 volume |
|---|---|---|---|---|
| NuScale Power Corporation NYSE:SMR | $9.76 | -3.4% | -3.84% | 28.19 mln |
| Oklo Inc. NYSE:OKLO | $52.36 | +4.7% | -0.17% | 9.68 mln |
| Nano Nuclear Energy Inc. NASDAQ:NNE | $20.03 | +0.8% | -3.47% | 3.10 mln |
| iShares Russell 2000 ETF NYSEARCA:IWM | $297.58 | -0.8% | -0.58% | 20.73 mln |
The table uses June 26 and July 2 closes; percentages are calculated from published daily data.
The split with Oklo mattered. Oklo said on July 1 the U.S. Department of Energy had approved the Documented Safety Analysis for its Groves Isotope Test Reactor, moving the project into final pre-startup review. Oklo CEO Jacob DeWitte said “Groves now moves into the final phase before startup.” NuScale’s fresh company news was not a contract but the date for its August earnings call. Oklo
The market is valuing NuScale as a project-option stock, not as a company with much current sales. Using Thursday’s close and NuScale’s 352.6 million fully diluted shares at March 31, the implied equity value is about $3.44 billion. That is roughly 1,430 times first-quarter revenue annualized.
| NuScale measure | Latest confirmed figure | Read-through for investors |
|---|---|---|
| July 2 close | $9.76 | Near the low end of the 52-week range |
| 52-week range | $8.85-$57.42 | Stock still far below last year’s high |
| Q1 2026 revenue | $0.6 mln | Current sales base remains very small |
| Liquidity and capital resources, March 31 | about $1.0 bln | Funding runway is not the near-term issue |
| Fully diluted shares, March 31 | 352.6 mln | Dilution math is central to valuation |
| Shares sold after March 31 | 22.36 mln | Equal to about 6.5% of March 31 total shares |
NuScale’s first-quarter slide deck listed 343.1 million total shares and 352.6 million fully diluted shares at March 31. Its transcript put liquidity at about $1 billion at March 31 and more than $1.2 billion by early May, while revenue fell to $0.6 million from $13.4 million a year earlier.
That is the article’s core number. Reported liquidity and capital resources equaled about $2.86 per fully diluted share at March 31. Thursday’s price was $6.90 above that figure. The market is paying for future orders, licensing work and module contracts, not the current income statement.
Chief Financial Officer Ramsey Hamady was blunt on the May call, saying, “we are pre-revenue companies focused on a technology” that has not been deployed. He also said NuScale hoped to stop talking in burn-rate terms and be operationally cash-flow positive by the end of the year.
The bridge is ENTRA1 and the Tennessee Valley Authority. Hamady said a TVA power purchase agreement could bring site-specific and pre-OEM services, and pointed to about $8 million of RoPower-related revenue earned over 2024 and 2025 before an OEM contract.
NuScale still has one thing many advanced nuclear peers do not: a completed U.S. regulatory design review for its US460 small modular reactor. The Nuclear Regulatory Commission’s standard design approval covers a 77-megawatt electric module, six modules and 462 megawatts total power; the Federal Register said the approval lets the design be referenced in licensing applications.
Chief Executive John Hopkins said in May that demand for reliable, carbon-free power “has never been greater,” and called NuScale the only SMR technology provider with a U.S. NRC-approved design. That lead has not yet removed the stock’s contract risk. NuScale Power
The balance sheet also comes with supply risk for shareholders. NuScale’s 10-Q said the company entered a $1 billion at-the-market stock sale program in February, sold 3.16 million Class A shares in the first quarter for $37.9 million in gross proceeds, and had $962.1 million still eligible for sale at March 31. After the quarter, it sold another 22.36 million Class A shares for $216.8 million in gross proceeds.
That is why the week ahead is less about the last quote and more about proof. The disclosed calendar item is Aug. 5, when NuScale reviews second-quarter results; until then, the trade is whether TVA and ENTRA1 move from planning toward binding documents, and whether any revenue tied to that work can arrive before more share sales change the per-share math.
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