1. Will NuScale Power finally get its nuclear power plant online?

NuScale holds the distinction of being the first company in the U.S. to get approval from the Nuclear Regulatory Commission for its small modular reactor (SMR) design. Recently, they received clearance for an expanded version of that design. Presently, there are 74 SMR projects in progress globally, but only NuScale has the green light to build them in the U.S.

This early approval could give NuScale a competitive edge, potentially allowing the company to construct its plant and start operations before its rivals can follow suit. That would enable it to gather vital proof points relating to cost and operational metrics in real-world scenarios. However, it’s worth noting that NuScale hasn’t yet launched an operational plant. Some of its major projects, like the SMR plant site in Romania, which was agreed upon over five years ago, are running into delays.

Current estimates suggest that NuScale might begin operations as soon as 2030, though some forecasts think 2032 or beyond is a more realistic timeframe. Back in 2019, the company had anticipated reaching this milestone by 2027, but given the pace of developments, that prediction now seems overly optimistic.

2. What is the deal between NuScale and TVA?

A standout project in NuScale’s pipeline involves a 6-gigawatt utility-scale initiative for the Tennessee Valley Authority, serving several states. It currently holds the title of the largest SMR project under development in the U.S., with construction slated to kick off by late 2028 and completion expected in 2032.

If NuScale manages to deliver this project as planned, it could significantly change the game. Still, the company has a history of significant order cancellations, which leaves the market in a bit of a cautious “wait and see” mode. In essence, while there are promising avenues for growth over the next five years, whether those will actually come to fruition remains a legitimate concern.

3. NuScale’s financial situation could be turbulent

As NuScale’s losses continue to increase, the absence of substantial real-world traction in its project pipeline becomes apparent. The company recorded a net loss of $664 million in 2025, marking its highest loss to date.

To bridge the funding gap, NuScale had to offload a significant portion of its stock. Since its public debut, the company has inflated its share count by roughly 1,500%. Over the past year alone, shares have more than doubled, resulting in a smaller piece of the pie for investors.

The future of NuScale’s stock price remains uncertain. It hinges on how well the company can construct reactors and whether it can secure capital without continuing to dilute shareholder value in the way it has in recent years.