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NuScale Power is entering a critical period as it seeks to translate its small modular reactor (SMR) approvals into commercial momentum. Over the next five years, the company’s growth trajectory will likely hinge on three catalysts: whether it can get a nuclear plant online, how its deal with the Tennessee Valley Authority (TVA) progresses, and whether its financing needs continue to drive shareholder dilution.
NuScale was the first company to obtain approval from the U.S. Nuclear Regulatory Commission for an SMR design. Regulators later approved an upscaled version of its designs for manufacture. While 74 SMR projects are currently under development worldwide, only NuScale is permitted to build an SMR in the U.S.
Early approval could provide an advantage by allowing NuScale to establish real-world proof points on costs and operating metrics before competitors catch up. However, the company has not yet built an operating plant. Several major efforts, including a prospective SMR project in Romania agreed to more than five years ago, have faced continuous delays.
NuScale’s most prominent U.S. project in development is a 6-gigawatt utility-scale initiative for the Tennessee Valley Authority. The project is described as the largest SMR effort currently in development in the U.S., with construction slated to begin by late 2028 and completion targeted for sometime in 2032.
If NuScale delivers as expected, the project could be a major milestone. Still, the company has previously experienced cancellations of large orders, and the market appears to be in a “wait-and-see” posture. The timing and outcome of the TVA project remain key uncertainties for the next five years.
With limited real-world traction in its project pipeline, NuScale’s losses have continued to grow. In 2025, the company reported a net loss of $664 million, the largest in its history.
To address financing needs, NuScale has sold large blocks of stock. Since going public, the company has increased its share count by roughly 1,500%. Over the past 12 months, the share count has more than doubled, leaving investors with a smaller ownership stake.
Where NuScale stock could be five years from now depends on whether it can build reactors and whether it can fund operations without further severe dilution—an issue that has shaped recent results.
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