NuScale Power Stock Slumps Nearly 20% to Start 2026

Company Overview - NuScale Power specializes in developing small modular reactors (SMRs) for nuclear power plants, with its reactors being prefabricated and designed to reduce construction costs [2] - The company is the only SMR manufacturer to have received Standard Design Approvals (SDAs) from the U.S. Nuclear Regulatory Commission (NRC) for its 77 MWe SMR design [2] Recent Developments - NuScale initially aimed to deploy six 77 MWe SMRs for a 462 MWe nuclear plant in Idaho but abandoned the project due to rising costs in 2023 [3] - Currently, NuScale is subcontracting for Fluor to build a similar 462 MWe plant in Romania, generating most of its revenue from front-end engineering and design (FEED) studies for this project, which has received its final investment decision [3][4] - The company has a new agreement with the Tennessee Valley Authority (TVA) to deploy up to six gigawatts of SMR capacity across seven states, with reactors expected to come online by 2032 [4] Financial Projections - Analysts project NuScale's revenue to increase from $31.5 million in 2025 to $286.8 million in 2028, driven by growth in the cloud, AI, and data center markets [5] - The company's current market capitalization is $3.75 billion, trading at 13 times its projected 2028 revenue [5] Market Challenges - The collapse of the Idaho project and other delays raise concerns about the company's ability to execute its plans, especially as investors shift towards more conservative investments amid macroeconomic pressures [6] - The successful deployment of the first reactors in the early 2030s could justify the company's premium valuation, but uncertainties remain [6]