NEW YORK, May 31, 2026, 13:01 EDT
- NuScale finished the shortened U.S. trading week up about 11%, closing Friday at $12.67.
- The move comes as investors weigh faster U.S. nuclear licensing against thin near-term revenue.
- Management is due at an RBC investor conference in New York on June 2.
NuScale Power (SMR.N) ended a holiday-shortened week higher, closing Friday at $12.67, up 3.94% on the day and about 11% above its May 22 close, as traders returned to small-reactor names after the Memorial Day break. The NYSE was shut Monday for Memorial Day, leaving four regular sessions in the week.
What matters now is not one fresh company contract. It is the mix: Washington is trying to speed nuclear licensing, power demand from data centers remains a market theme, and NuScale still has to turn a large pipeline into binding orders.
A small modular reactor, or SMR, is a smaller nuclear unit designed to be built in repeatable modules rather than as one large, custom plant. NuScale says its NuScale Power Module can generate 77 megawatts of electricity, and the company’s 77-MWe design received U.S. Nuclear Regulatory Commission approval in May 2025.
NuScale CEO John Hopkins said this month that demand for reliable, carbon-free power “has never been greater,” while pointing to $1 billion in liquidity at the end of the first quarter, the Framatome supply-chain partnership and progress on the TVA program. NuScale Power
That TVA program remains the stock’s central commercial argument. TVA and ENTRA1 Energy announced last year a plan to develop up to 6 gigawatts of new nuclear generation in TVA’s seven-state region using NuScale technology; a power purchase agreement, or PPA, would be the long-term contract under which electricity output is sold.
The numbers are still early-stage. NuScale reported first-quarter revenue of $565,000, down from $13.4 million a year earlier, and a net loss of $46.7 million. It also had $341.1 million in cash and $549 million in short-term investments, no debt, and a large at-the-market, or ATM, share-sale program that lets a company issue stock into the market over time.
Policy is the other leg of the trade. Reuters reported last week that the NRC was rolling out reforms intended to accelerate approval of SMR designs, including a newer Part 53 pathway. Adam Stein, director of nuclear energy innovation at the Breakthrough Institute, told Reuters Events that if developers use Part 53 properly, it “could completely change how we license reactors.” Reuters
Peers were in the frame too. Oklo said it was selected for advanced negotiations with the U.S. Department of Energy over using surplus plutonium as fuel, a reminder that next-generation nuclear companies are competing not only on reactor design but also on fuel access. Oklo co-founder and CEO Jacob DeWitte called fuel supply constraints “a key throttle” for advanced reactors. Oklo
BofA’s recent view, as reported by Investing.com, captured the split. The firm put a Neutral rating and $12 target on NuScale, citing the company’s first-mover regulatory position and conventional low-enriched uranium fuel, but also slower conversion of agreements into firm deals and rising funding risk before manufacturing revenue arrives.
But the downside case is plain. NuScale said the TVA-ENTRA1 collaboration is contingent on one or more PPAs, and its Romania work with RoPower is not expected to restart until financing supports pre-EPC work, an early engineering and procurement phase before construction. NuScale also said ENTRA1 is its exclusive global partner and that NuScale generally needs ENTRA1’s consent to pursue opportunities without it.
The week ahead gives investors a live forum, not a guaranteed catalyst. NuScale lists management participation at the RBC Capital Markets Global Energy, Power & Infrastructure Conference in New York on June 2. Traders will listen for anything more concrete on TVA, project finance, supply-chain contracts and the timing of first revenue-bearing deployment work.
For now, NuScale trades less like a company priced on current earnings and more like an option on whether approved SMR technology can become ordered, financed hardware. The week’s bounce says investors are still willing to watch that story. It does not yet say the hard part is done.
