NuScale fuels investor imagination for mini nuclear power plants despite heavy losses - here’s why
Corvallis – NuScale Power Corporation, developer and provider of small modular nuclear reactors (SMR), continues to make headlines despite low revenues and heavy operating losses. Major announcements ignite investor imagination and have driven the stock price to an all-time high of over USD 50. Yet NuScale currently lives less from operating income than from investor expectations, regulatory milestones, and strategic partnerships.
Finances: Heavy losses, low revenues, and record market capitalization
In the first half of 2025, NuScale generated revenues of around USD 21.4 million (H1 2024: USD 2.3 million), derived from engineering services, license fees, and studies. Against this stood high operating costs and expenses, resulting in an operating loss of USD 78.4 million (H1 2024: USD 85.9 million). The net loss attributable to Class A shareholders was USD 49.3 million (H1 2024: USD 44.2 million). These figures show that the company is currently far from profitable operations and remains heavily dependent on stock issuances for financing. Nonetheless, the company has at times been valued at nearly USD 7 billion (Class A shares) on the stock exchange.
Technical status and implementation of NuScale’s mini nuclear power plants
NuScale has received U.S. Nuclear Regulatory Commission (NRC) approval for its 77 MWe SMR design-a prerequisite for construction and operation. However, no commercial reactor has yet been built or put into service. To date, activities have been limited to studies, front-end engineering (FEED), and partnerships. Planned projects-including collaboration with ENTRA1 Energy and TVA for the potential installation of up to 6 GW of SMR capacity, as well as the RoPower Doice?ti project in Romania—remain in early planning, permitting, and intent phases. NuScale itself does not expect its first commercial module to be operational before 2030.
Marketing, electricity costs, and political opportunities for small nuclear power plants
Marketing SMR modules has so far been marked by difficulties and setbacks. Utah Associated Municipal Power Systems (UAMPS) withdrew from the program due to cost overruns. For the Utah project, levelized costs of electricity (LCOE) were estimated at around USD 89/MWh (8.9 cents/kWh), based on 2023 construction costs of USD 9.3 billion. By comparison, the 2021 estimate was still at USD 58/MWh (5.8 cents/kWh). Until the planned completion in 2030, inflation, rising construction costs, and delays were expected to push LCOE even higher, prompting UAMPS to exit.
On the other hand, U.S. President Trump’s policies offer hope for stronger support and market development. Whether cheaper renewables-available more quickly to the market—mini nuclear power plants, or a combination will dominate the energy market remains to be seen. For investors, this means that NuScale investments currently depend heavily on political frameworks, regulatory progress, and expectations, while profitable electricity generation from mini nuclear plants is still a distant prospect.
Conclusion and outlook
NuScale can currently sustain operations almost exclusively through the sale of its own shares (ATM program), given the lack of revenues from realized SMR projects. A consistently high stock price is therefore necessary to continue raising substantial funds from share sales.
Regular announcements of new partnerships, projects, and market opportunities repeatedly rekindle investor hopes. Whether these announcements will ever result in a billion-dollar operating business, as suggested by NuScale’s stock market valuation, is currently nothing more than a wager on an uncertain future several years from now – without any safeguards.
Source: IWR Online, 13 Sep 2025
