In Development
VOYGR-12
Full-scale SMR power plant with 12 modules generating up to 924 MWe of carbon-free electricity.
NuScale Power is a public small modular reactor developer, headquartered in Corvallis, Oregon, commercializing its NRC-approved 77 MWe NuScale Power Module through ENTRA1-led deployments.
Latest update Sep 18, 2026
01
Overview
In 2025-26 it advanced a nonbinding program with TVA for up to 6 GW of NuScale capacity (CEO John Hopkins still targeting a binding PPA by year-end 2026, last restated on the August 5 earnings call, with no definitive agreement as of mid-September), secured a Final Investment Decision for the Romanian RoPower project, and launched a strategic petrochemical process-heat partnership with Ebara Elliott Energy. The Romania path now has a sharper political overhang: a July 2026 government control-body audit alleged schedule slippage and cost overruns at Doicesti, Nuclearelectrica CEO Cosmin Ghita resigned on August 26, 2026 amid those findings, and the Extraordinary General Meeting that failed for lack of quorum on September 10 reconvened on September 11 and voted unanimously to publish the control-body report. Ghita's mandate ends October 2, 2026, with Mihai Laurentiu Gioara taking over as interim CEO on October 3. A September 14 Bursa recap of the published report said Doicesti is blocked by disputes among Nuclearelectrica, RoPower, and Nova Power & Gas (contractual disagreements, litigation, contested evaluations); the recommendations are to resolve the disputes and resume implementation, not to cancel the NuScale-based project. Energy Secretary of State Cristian Busoi said the ministry will still evaluate RoPower FID conditions at the end of September before mandating how its shareholder representatives vote. Shares closed at $8.61 on September 11 after UBS cut the stock to Sell with a $6 target and were still trading in the mid-$8 to low-$9 range through September 17, with no new company press release after the September 1 MillenniTEK pellets announcement. NuScale remains pre-deployment (minimal engineering and licensing revenue; no commercial reactor order) and ended Q2 2026 with about $1.9B in cash, cash equivalents and investments, on Q2 revenue of $75,000 and a net loss of $50.1M. 2026 work is centered on first-module manufacturing readiness - components for 12 modules are in production - and on September 1, 2026 NuScale and MillenniTEK said they had fabricated first-of-a-kind boron-oxide pellets for the module's passive emergency core cooling system.
bursa.roUpdated Sep 18, 2026
Analysis · 5 min read · Jun 27, 2026The long view on NuScale Power: strategy, technology and what to watch02
What's next4
2026
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. Components for 12 power modules are already in production; in June 2026 NuScale contracted Paragon Energy Solutions to complete final design of the module's safety-related instrumentation-and-control systems. On September 1, 2026 NuScale and MillenniTEK announced they had fabricated first-of-a-kind boron-oxide pellets for the module's passive emergency core cooling system, a concrete manufacturing-readiness step. The first physical module is still not complete.
2026
Execute the Romania RoPower pre-EPC phase
TargetEnd of September 2026 (FID-conditions evaluation); 2026-2027 (pre-EPC)
After Nuclearelectrica shareholders approved the Final Investment Decision for the Doicesti project in February 2026, NuScale's job is to support a ~15-month pre-EPC phase aimed at producing a Class 2 budget, identifying contractors, extending the technology license, and finalizing pre-EPC and environmental agreements. NuScale's Q2 2026 10-Q still says it will not restart work until a financed pre-EPC is signed. That path now has a sharper political overhang: a Romanian Prime Minister's Control Body audit released July 27, 2026 found the project roughly 20 months behind schedule with cost estimates risen to about $6.5B, and on August 26, 2026 Nuclearelectrica CEO Cosmin Ghita resigned amid those findings. The Extraordinary General Meeting that failed for lack of quorum on September 10 reconvened on September 11 and voted unanimously to publish the full control-body report; Ghita's mandate ends October 2, with Mihai Laurentiu Gioara taking over as interim CEO on October 3. A September 14 Bursa recap of the published report said Doicesti is blocked by disputes among Nuclearelectrica, RoPower, and Nova Power & Gas, and recommended resolving those disputes rather than cancelling the project. Energy Secretary of State Cristian Busoi said the ministry will still evaluate RoPower's FID conditions at the end of September and only then mandate how its shareholder representatives vote - that end-of-September evaluation remains the near-term watch item.
By end of 2026
Close a binding TVA power purchase agreement
NuScale's biggest near-term commercial milestone is converting the ENTRA1-TVA nonbinding 6 GW framework into a binding power purchase agreement. Under the Partnership Milestones Agreement with ENTRA1, a binding PPA or energy off-take deal would trigger a Milestone 2 Contribution equal to 35% of the total milestone payment for the project (following the 15% Milestone 1 payment already recognized as the $507.4M charge booked in FY2025); as of this update, discussions with TVA remain active but no definitive agreement has been signed. CEO John Hopkins continues to target resolution by the end of 2026, which would unlock site-specific project structures and clear the way for construction to begin.
2027
Demonstrate high-temperature petrochemical process heat
Through its strategic partnership with Ebara Elliott Energy, NuScale is targeting a commercial-scale high-temperature steam compressor demonstration that would let SMRs deliver process heat above 500 °C for petrochemical customers, with the compressor build targeted for completion by 2027. The partners presented progress on the collaboration at the World Petrochemical Conference in Houston on March 24, 2026. No later public update has moved the 2027 demonstration target or named a field-test host site as of September 18, 2026.
03
Latest news11
Romania publishes NuScale Doicesti SMR audit
Nuclearelectrica's reconvened Extraordinary General Meeting on September 11 voted to publish the Prime Minister's Control Body report on the Doicesti small modular reactor project, covering an inspection from October 15, 2025 to March 20, 2026. The report says the December 2025 cost estimate was $6.5 billion, about $3.8 billion above the original figure, and that FEED 2 finished 20 months late; it criticizes site selection and the Nova Power & Gas joint venture and does not cancel NuScale's reactor design. The Energy Ministry is still due to evaluate RoPower's final-investment-decision conditions at the end of September.
NuScale and MillenniTEK fabricate first-of-a-kind safety pellets
NuScale Power said on September 1, 2026 that it and manufacturing partner MillenniTEK have successfully fabricated first-of-a-kind boron-oxide pellets for the passive emergency core cooling system used in NuScale's small modular reactor design. Upon ECCS actuation, the pellets are designed to dissolve into the reactor coolant and help control core reactivity without operator intervention, a manufacturing milestone NuScale says advances the specialized components needed as it works toward commercial deployment of its NRC-approved SMR technology.
Ontario's threat to cut uranium exports lifts nuclear stocks
Ontario Premier Doug Ford said on August 24 that Canada should be ready to cut off US access to electricity and critical minerals, naming high-grade nickel and uranium refined at Cameco's Blind River facility, the world's largest commercial uranium refinery, after the US imposed 50% tariffs on about $20 billion of Canadian goods. Canada supplied 32% of the uranium delivered to US reactor operators in 2025, and the threat pushed uranium prices to a seven-month high on August 27, lifting Oklo and NuScale shares along with the broader US nuclear supply chain on bets that supply-chain risk favors domestic small modular reactor developers.
NuScale deploys nuclear-specific AI to speed reactor engineering
NuScale Power said August 25 it is deploying purpose-built AI tools, combining Nuclearn's AtomAssist platform with NPX's nuclear project experience, to help engineering and knowledge-management staff find and apply technical information faster across its SMR program. An initial proof of concept cut the time needed to find relevant information by as much as 80 percent, though the release describes an internal workflow deployment rather than a new customer contract or revenue event.
NuScale launches $750 million at-the-market equity program
NuScale Power entered a sales agreement on August 11 with UBS Securities, B. Riley Securities, Canaccord Genuity, Craig-Hallum, Texas Capital Securities and Tuohy Brothers to sell up to $750 million of Class A common stock over time through an at-the-market offering. NuScale controls sale volume, timing and minimum price, pays up to a 2% commission to the agents, and says net proceeds will fund general corporate purposes including working capital and capital expenditures as it scales its small modular reactor business.
NuScale, Curio and Framatome sign nuclear fuel-cycle MOU
NuScale Power, fuel-recycling startup Curio, and reactor and fuel supplier Framatome signed a memorandum of understanding on August 6 to evaluate turning materials recovered through Curio's NuCycle technology into fuel for future reactors. The companies plan technical assessments, feasibility studies, and supply-chain analysis toward possible development and commercialization agreements, as NuScale works to line up fuel supply behind the 12 power modules it already has in production.
NuScale reports Q2 2026 results, still chasing binding TVA deal
NuScale Power reported Q2 2026 revenue of $75,000, down sharply from $8.05M a year earlier after completion of RoPower FEED Phase 2 work, with net loss widening to $50.1M from $37.6M. The company ended the quarter with about $1.9 billion in cash, cash equivalents and investments, up roughly $900M from Q1, while its exclusive commercialization partner ENTRA1 Energy continues discussions with the Tennessee Valley Authority toward a definitive power purchase agreement for a potential 6 GW deployment that management still hopes to sign by year-end 2026.
NuScale taps Paragon to finalize reactor safety control systems
NuScale Power awarded Mirion's Paragon Energy Solutions a contract, announced June 16, to complete final design work on three instrumentation-and-control systems for the NuScale Power Module - the safety-related Module Protection System, the Safety Data Interface System for post-accident monitoring, and the Plant Protection System - all built on Paragon's Highly Integrated Protection System platform. The scope includes independent verification and validation of the Module Protection System software, a step toward qualifying the safety-critical controls. The award advances NuScale's supply chain as it already has components for 12 power modules in production.
Japan pledges up to $25B for NuScale small modular reactors
Reports over the weekend of June 13-14 said Japan plans to invest up to $25 billion in NuScale Power and U.S.-led small modular reactor projects, part of a broader nuclear commitment exceeding $65 billion within Japan's roughly $550 billion U.S. investment package negotiated in trade talks. NuScale (NYSE: SMR) shares jumped more than 5% in overnight trading into June 15 on the news, which centers on building out an SMR supply chain inside the United States and supporting global deployment of NuScale's reactors with commercialization partner ENTRA1. The pledge is one of the largest international commitments to American SMR technology to date.
NuScale adds former NRC chair Klein and Harshaw to board
NuScale Power announced on June 2 that it elected Dr. Dale E. Klein and Stuart A. Harshaw to its Board of Directors at the May 29 annual meeting of stockholders, expanding the board to nine directors with eight independent. Klein chaired the U.S. Nuclear Regulatory Commission from 2006 to 2009 and brings four decades of technical and regulatory experience as a UT Austin professor emeritus; Harshaw is president and CEO of Nickel Creek Platinum Corp. and a former senior Vale Canada nickel executive, adding nuclear-regulatory and capital-project depth as NuScale works to convert its RoPower, ENTRA1/TVA, and Framatome pipeline into firm orders.
Goldman and Citi cut NuScale price targets after Q1 reset
Goldman Sachs cut its NuScale Power price target to $9 from $10 (Neutral) and Citi cut to $7 from $9 (Sell), with both moves landing on June 3 amid a roughly 13% intraday slide and a wave of investor scrutiny following Q1 revenue of just $0.6M, a ~$44M net loss, and ~$316M of negative free cash flow. The downgrades come even as NuScale advances the 6-module RoPower project in Romania, a potential 6 GW ENTRA1/TVA program in the U.S., and an expanded Framatome fuel-supply deal - but underline how dependent the company's roughly $1B liquidity runway is on turning that pipeline into firm orders.
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Products3
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Key metrics
- Employees
- 428
(as of Dec 31, 2025; FY2025 10-K). The Q2 2026 10-Q cites increased headcount but does not disclose a newer census
- Est. annual revenue
- $75,000 in Q2 2026
(vs. $8.05M in Q2 2025, after completion of RoPower FEED Phase 2 work); $0.6M in Q1 2026; $31.5M in FY2025
- Cash & Investments
~$1.9B at Jun 30, 2026, up ~$900M from Q1 2026. Still the latest reported liquidity figure as of Sept 18, 2026; Q3 results have not been released.
- Market Cap
- ~$3.4B as of Sept 17, 2026
(Motley Fool quoted SMR at $9.04 that session after the Sept 11 close of $8.61, when UBS cut the stock to Sell and its price target to $6 from $10). The bounce was a sector move after the House passed the Ratepayer Protection Act and Holtec cancelled an IPO, not a new NuScale contract. Still no binding TVA PPA; Q3 earnings are estimated for November 5, 2026 and have not been confirmed by the company.
- ATM Equity Program
Up to $750M of Class A shares, launched Aug. 11, 2026 under an existing shelf registration, for general corporate purposes including working capital and potential acquisitions. As of Sept 18, 2026 the program is registered capacity, not evidence that the full $750M has been issued.
06
Operations & revenue
Operating status
Pre-deployment
Pre-deployment. NuScale has no operating reactors yet and books only minimal engineering and licensing revenue. The ENTRA1-led TVA 6 GW program is still moving toward a binding power purchase agreement that CEO John Hopkins last targeted for year-end 2026 on the August 5 earnings call, with no definitive agreement as of mid-September. Romania's RoPower project has cleared Final Investment Decision, but a government control-body audit flagged shortcomings at Doicesti and Nuclearelectrica CEO Cosmin Ghita resigned on August 26, 2026. The Extraordinary General Meeting that failed for lack of quorum on September 10 reconvened on September 11 and voted unanimously to publish the control-body report; Ghita's mandate ends October 2, with Mihai Laurentiu Gioara taking over as interim CEO on October 3. A September 14 Bursa recap of that report said the project is blocked by disputes among Nuclearelectrica, RoPower, and Nova Power & Gas, and recommended resolving those disputes rather than cancelling the NuScale-based plant. Energy Secretary of State Cristian Busoi said the ministry will still evaluate RoPower FID conditions at the end of September before mandating a shareholder vote on the current path. Shares closed at $8.61 on September 11 after UBS cut the stock to Sell with a $6 target and later sessions through September 17 printed in the mid-$8 to low-$9 range with no new NuScale press release. The company ended Q2 2026 with about $1.9 billion in cash, cash equivalents and investments. 2026 work focuses on first-module manufacturing and fuel-supply readiness: components for 12 power modules are in production, and on September 1 NuScale and MillenniTEK said they had fabricated first-of-a-kind boron-oxide pellets for the module's passive emergency core cooling system.
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Timeline28
2026
Control-body recap: Doicesti blocked by shareholder disputes
On September 14, 2026, Bursa reported that the published Prime Minister's Control Body report finds the Doicesti SMR project in a blockage caused by disputes among Nuclearelectrica, RoPower Nuclear, and Nova Power & Gas, including contractual disagreements, litigation, and contested evaluations. The report still treats the project as a national strategic objective and recommends resolving the disputes and resuming implementation, with the Energy Ministry to monitor closely. It is not a cancellation of the NuScale VOYGR-based plant. The ministry's end-of-September evaluation of RoPower FID conditions remains the next decision point.
Nuclearelectrica EGM publishes Doicesti control-body report
On September 11, 2026, Nuclearelectrica's reconvened Extraordinary General Meeting voted unanimously (93% of share capital present) to publish the Prime Minister's Control Body report on the Doicesti SMR project. The published report restates the ~20-month delay and ~$6.5B cost estimate, and recommends that the Energy Ministry review the legality of the Nuclearelectrica-Nova Power & Gas joint venture and consider accountability for officials who negotiated the investor agreement. Cosmin Ghita's mandate ends October 2, 2026, with Mihai Laurentiu Gioara taking over as interim CEO on October 3. The ministry's end-of-September evaluation of RoPower FID conditions remains the next decision point; the EGM did not cancel the NuScale-based project.
Romanian SMR EGM postponed after Energy Ministry skips first sitting
On September 10, 2026, Nuclearelectrica's Extraordinary General Meeting called to take note of the Prime Minister's Control Body report on the Doicesti SMR project failed for lack of quorum after the Energy Ministry, the majority shareholder, did not attend - the first EGM since Cosmin Ghita announced his resignation as CEO. The meeting was reconvened for September 11. Energy Secretary of State Cristian Busoi said the ministry will evaluate RoPower's FID conditions at the end of September and only then mandate how its shareholder representatives vote on whether the NuScale-based project continues on the current path.
MillenniTEK fabricates first-of-a-kind boron-oxide ECCS pellets
On September 1, 2026, NuScale and Knoxville-based MillenniTEK announce they have successfully fabricated first-of-a-kind boron-oxide pellets for the NuScale Power Module's passive emergency core cooling system. The pellets are designed to dissolve into reactor coolant on ECCS actuation to help control core reactivity without operator intervention, a manufacturing-readiness step toward first-module production.
Nuclearelectrica CEO resigns amid Doicesti control-body findings
On August 26, 2026, Cosmin Ghita resigned as CEO of Romania's state nuclear operator Nuclearelectrica after Acting Prime Minister Ilie Bolojan's control body identified shortcomings in the RoPower joint venture and the 462 MWe Doicesti SMR project itself and recommended examining whether executives should be held accountable. Nuclearelectrica has rejected the findings. The Energy Ministry said it respects the resignation and was told it came in the context of a new professional opportunity; a 90-day notice period may be shortened by mutual agreement before a successor is selected. An Extraordinary General Meeting on September 10-11, 2026 is still set to formally discuss the control-body report.
Curio-NuScale-Framatome closed-loop fuel MOU
On August 6, 2026, NuScale signs a strategic memorandum of understanding with Curio and Framatome to evaluate an integrated closed-loop nuclear fuel solution using Curio's NuCycle recycling technology, aimed at strengthening the U.S. nuclear fuel supply chain alongside NuScale's existing Framatome fuel-design work.
Romanian control body report criticizes Doicești governance; shareholders keep NuScale as sole technology
A Romanian Prime Minister's Control Body audit, covering October 2025 to March 2026 and released July 27, 2026, finds the Doicești SMR project roughly 20 months behind its original schedule with total cost estimates risen to about $6.5B (from a 2022-era baseline near $2.7B), and flags the no-bid selection of private partner Nova Power & Gas and a land purchase priced far above market value as irregularities. Nuclearelectrica and Nova Power & Gas reject the findings on July 28, 2026, saying no company decision produced a quantifiable loss. The report follows a July 15, 2026 shareholder vote, with majority owner the Romanian Ministry of Energy, that rejected a proposal to reassess the SMR strategy against other reactor technologies and sites, keeping NuScale's VOYGR as the chosen supplier. An Extraordinary General Meeting on September 10-11, 2026 will formally discuss the control body report.
Deploys nuclear-specific AI tools with Nuclearn and NPX
NuScale announces a strategic alliance with Nuclearn and NPX to deploy nuclear-specific AI tools - combining Nuclearn's AtomAssist nuclear AI platform with NPX's nuclear project and AI-implementation experience - across NuScale's engineering and knowledge-management functions. An initial proof of concept found the tools could cut the time needed to find relevant engineering and licensing information by as much as 80% while preserving full traceability back to controlled source documents. Shares rose on the news, part of a broader late-August rally even as RBC Capital cut its price target on the stock.
2026
Q2 2026 results: cash position grows, TVA PPA still pending
Reporting Q2 2026 results on August 5, 2026, NuScale posts revenue of $75,000 (down from $8.05M a year earlier following completion of RoPower FEED Phase 2 work) and a net loss of $50.1M, widening from $37.6M. Cash, cash equivalents and investments rise to about $1.9 billion, up roughly $900M from Q1, while ENTRA1 Energy continues discussions with the Tennessee Valley Authority toward a definitive power purchase agreement for a potential 6 GW deployment that management still hopes to sign by year-end 2026.
Opens Houston operations center
On April 29, 2026, NuScale opens a new Operations Center at CityCentre in Houston, Texas, citing the city's position as an energy capital to support project execution and customer coordination with petrochemical, data-center, and grid customers.
Paragon to complete final design of safety I&C systems
Announced June 16, 2026, NuScale awards Mirion's Paragon Energy Solutions a contract to complete final design work on three instrumentation-and-control systems for the NuScale Power Module - the safety-related Module Protection System, the Safety Data Interface System for post-accident monitoring, and the Plant Protection System - all built on Paragon's Highly Integrated Protection System platform. The scope includes independent verification and validation of the Module Protection System software, advancing qualification of safety-critical controls as NuScale already has components for 12 power modules in production.
Opens 12th Energy Exploration Center at UVA Wise
On June 10, 2026 the University of Virginia's College at Wise debuts a NuScale Energy Exploration (E2) Center - NuScale's 12th globally and its second in Virginia. Funded by a grant from the Virginia Clean Energy Innovation Bank (powered by the Virginia Department of Energy), the center provides an immersive simulation and training environment that mirrors the operation of an SMR plant built around NuScale Power Modules, part of NuScale's effort to build the SMR workforce pipeline.
S-1 filing and analyst downgrades pressure the stock
NuScale files a Form S-1 registration statement with the SEC on June 8, 2026 that would enable additional share sales, reviving investor concern about dilution and sending SMR lower; in the same stretch Citi reiterated a Sell rating and cut its price target on the stock to $7. The selloff underscores that NuScale remains pre-revenue and dependent on its roughly $1B-plus cash position to fund operations until the ENTRA1-led TVA program and other projects convert into binding contracts.
Board expands with former NRC chair Klein and Harshaw
On May 29, 2026 NuScale's annual meeting of stockholders elects Dr. Dale E. Klein and Stuart A. Harshaw to its Board of Directors, expanding the board to nine directors with eight independent. Klein chaired the U.S. Nuclear Regulatory Commission from 2006 to 2009 and is a UT Austin professor emeritus with four decades of nuclear-industry experience; Harshaw is president and CEO of Nickel Creek Platinum Corp. and a former senior Vale Canada executive who has run nickel, copper and refining operations.
Fluor completes full exit from NuScale stake
On April 23, 2026, anchor investor and former majority shareholder Fluor Corporation completes the sale of its remaining 40 million NuScale shares for $473M in gross proceeds, following a 71-million-share, $1.35 billion sale in February 2026. The exit brings Fluor's cumulative gross proceeds from its roughly $570M NuScale investment to about $2.43 billion since September 2025, ending Fluor's ownership stake entirely.
Ebara Elliott petrochemical heat partnership
On March 19, 2026 NuScale and Ebara Elliott Energy announce a strategic collaboration to demonstrate a high-temperature steam compressor pairing NuScale's NRC-approved SMR with adiabatic compression, targeting petrochemical process heat above 500 °C. The compressor demonstration is targeted for completion by 2027.
Q4/FY2025 results book a $507.4M ENTRA1 milestone payment
Reporting fourth-quarter and full-year 2025 results on February 26, 2026, NuScale discloses it recognized Milestone Contribution 1 of $507.4M under its Partnership Milestone Agreement with ENTRA1 Energy, split across 2025 and 2026 cash outflows. The contribution drove full-year revenue higher on paper but was accompanied by a sharply wider operating loss, underscoring that NuScale is funding its commercialization partner well ahead of any binding, revenue-generating project.
Securities fraud class action filed over ENTRA1 disclosures
On February 18, 2026, investors file Truedson v. NuScale Power Corporation, et al. (Case No. 3:26-cv-00328, D. Or.), alleging NuScale and certain officers made materially false or misleading statements about ENTRA1 Energy's experience and capabilities as commercialization partner. The suit covers purchasers of NuScale Class A stock between May 13, 2025 and November 6, 2025 - the period ending with a 12.4% two-day stock drop after NuScale acknowledged ENTRA1 lacked significant experience building nuclear projects.
Romania RoPower Final Investment Decision
Shareholders of Romanian state nuclear operator Nuclearelectrica approve the Final Investment Decision for the Doicești SMR project, clearing the way for the pre-EPC phase of a six-module 462 MWe NuScale plant at the former coal-plant site.
Commercialization 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.
2025
2024
2023
2022
2020
2016
2008
2007
08
Funding
$1.5Bdisclosed across 3 rounds with a stated amount
Cumulative disclosed raise · dated rounds
