NuScale Power

APublic (NYSE: SMR)Founded 2007🇺🇸Portland, Oregon

CEO

John Hopkins

Overview

NuScale Power is a public small modular reactor developer commercializing its NRC-approved 77 MWe NuScale Power Module through ENTRA1-led deployments. In 2025 it advanced a nonbinding program with TVA for up to 6 GW of NuScale capacity, completed Phase 2 FEED work for the RoPower project in Romania, and expanded its industrial-process-heat positioning. NuScale remains pre-deployment and ended Q1 2026 with about $1B in liquidity and capital resources, with 2026 centered on manufacturing readiness, fuel supply, and converting its development pipeline into binding projects.

Main Products

VOYGR-12

In Development

Full-scale SMR power plant with 12 modules generating up to 924 MWe of carbon-free electricity.

Full-scale configuration — pursuing international deployment in Romania with RoPower, targeted early 2030s.

Total Output924 MWe

Modules12 × 77 MWe

Reactor TypePressurized water reactor (PWR)

Site Footprint~35 acres

PipelineRomania (RoPower), South Korea (KHNP)

Target First DeploymentEarly 2030s

NuScale Power Module

In Development

Self-contained 77 MWe pressurized water reactor module with integrated steam generators.

NRC Standard Design Approval (2020) and Design Certification (2023) received — first physical module not yet constructed.

Electrical Output77 MWe per module

Thermal Output250 MWt per module

Height23 m (76 ft)

Diameter4.6 m (15 ft)

Fuel TypeStandard LEU (< 5% enriched)

Refueling Interval~24 months

NRC CertificationDesign Certification (2023)

VOYGR-6

In Development

Mid-size SMR plant configuration with 6 modules producing up to 462 MWe.

Mid-size configuration targeting international markets — agreements signed with Romania and South Korea.

Total Output462 MWe

Modules6 × 77 MWe

Homes Powered~350,000

PipelineRomania, South Korea, Kazakhstan

What's Next

Convert the TVA-ENTRA1 program into specific projects

NuScale's biggest near-term commercial milestone is helping ENTRA1 and TVA translate their nonbinding 6 GW framework into specific sites, project structures, and deployment sequencing across the TVA region.

2026-2027

Advance Romania beyond completed FEED work

After completing Fluor's Phase 2 FEED study for the RoPower Doicești plant, NuScale's next task is moving the Romanian project into its next execution and financing phases.

Late 2020s

Reach first-module manufacturing and fuel readiness

NuScale says its main 2026 priority is ensuring full readiness to manufacture the first NuScale Power Module while scaling fuel and supply-chain support with partners such as Framatome.

2026

Expand industrial process-heat use cases

NuScale is trying to turn chemical-plant and petrochemical use cases into commercial demand, including its 2026 work with Ebara Elliott Energy on integrating NuScale modules into industrial steam systems.

2026-2027

Operations & Revenue

StatusPre-revenue

Pre-deployment. NuScale has no operating reactors yet, but it finished RoPower Phase 2 FEED work, is advancing ENTRA1-led commercialization including the TVA program, ended Q1 2026 with $1B in liquidity and capital resources, and is focusing 2026 on first-module manufacturing and fuel-supply readiness.

Pipeline & Contracts

DOE Cost-Share Agreements

Over $600M in Department of Energy funding to support SMR design development and certification.

International Licensing & Engineering

Agreements with RoPower (Romania) and KHNP (South Korea) for SMR deployment, providing engineering and licensing revenue.

Key Metrics

Employees

330+

Est. Annual Revenue

$0.6M in Q1 2026; $31.5M in FY2025

Cash & Investments

$1.0B liquidity and capital resources (Q1 2026)

Market Cap

~$4.39B (Apr. 2026)

Module Output

77 MWe each

Timeline

2026Commercialization shifts to manufacturing and fuel readiness

NuScale says 2026 is focused on ensuring readiness for first-module manufacturing. It also expands its fuel-supply partnership with Framatome to support future U.S. and European deployments.

2025NRC approves uprated 462 MWe design

NRC approves the final uprate rule, certifying the uprated 77 MWe power module — bringing total VOYGR-6 plant output to 462 MWe, up from the original 300 MWe (6 × 50 MWe) design.

2024International agreements

Signs agreements for SMR deployments in Romania, South Korea, and other international markets.

2023CFPP project cancelled

Carbon Free Power Project in Idaho cancelled due to rising costs, refocusing commercial strategy.

2022Goes public via SPAC

NuScale lists on the NYSE under ticker SMR through a merger with Spring Valley.

2020NRC design approval

Receives Standard Design Approval from the NRC — a first for any SMR in the United States.

2016NRC application submitted

NuScale submits the first-ever SMR Design Certification Application to the NRC.

2008Fluor investment

Fluor Corporation becomes a major investor and strategic partner.

2007Founded

NuScale Power spins out of Oregon State University research led by Dr. José Reyes.

Funding

Round	Date	Amount	Investors
DOE funding	2013–2020	$600M+	U.S. Department of Energy
Fluor investment	2008–2020	$500M+	Fluor Corporation
SPAC merger	2022	$380M	Spring Valley Acquisition Corp