NuScale Achieves High Market Valuation: NuScale Power Continues to Rely on Equity Sales and SMR Memorandums of Understanding

Corvallis (USA) - The U.S. Small Modular Reactor (SMR) provider NuScale Power Corporation reported third?quarter 2025 revenues of approximately USD?7.8?million, compared with USD?0.5?million in Q3?2024. The company’s operational business thus remains very small.

General and administrative costs (G&A) rose by USD?502?million in Q3?2025, largely due to the recognition of a USD?495?million milestone contribution under the partnership with ENTRA1 Energy LLC. At the same time, research and development (R&D) expenses were slightly reduced.

Despite the very low revenues and high accounting costs, NuScale holds USD?753.8?million in liquidity, almost entirely raised through its own equity sales (13.2?million shares - USD?475?million) under its at?the?market (ATM) programme. Operating income does not cover ongoing costs - the company is currently almost entirely funded by the capital markets.

NuScale points to an agreement between ENTRA1 and the Tennessee Valley Authority (TVA) for the potential deployment of up to 6?GW of SMRs - so far the largest SMR announcement in the U.S.. However, this agreement is a memorandum of understanding, not a binding construction contract.

The company also plans a project in Romania for the first SMR deployment in Europe. The project status remains preliminary: it is fundamentally at the level of planning, engineering contracts and studies, not of a construction start or binding implementation.

Although NuScale holds a design approval from the U.S. Nuclear Regulatory Commission (NRC), there is so far no operational SMR power plant project, no finished production chain and no clear construction timeline.

The NuScale share price currently stands at around USD?30, having peaked above USD?57 in 2025 so far.

Source: IWR Online, 11 Nov 2025