NuScale Power Has Lost 70%—But $7 Could Offer a Clearer Entry Point

Key Takeaways

• NuScale Power’s stock has fallen roughly 70% over the past year, reducing its market capitalization to about $4 billion.

• The company ended June with approximately $1.9 billion in cash, cash equivalents, and investments.

• A price near $7 would provide a stronger margin of safety if NuScale’s commercial projects move forward.

Shares of NuScale Power (NYSE: SMR) have declined about 70% in the past year and now trade near $9.70. That is a substantial drop from the stock’s $57.42 52-week high, but it still may not offer enough margin of safety for me to buy.

NuScale has made meaningful progress. Its 77-megawatt small modular reactor design received Nuclear Regulatory Commission approval in 2025, and the company has established a supply chain involving more than 60 specialized partners. Building that foundation is a major achievement for a nuclear-energy business still developing commercially.

Commercial partner ENTRA1 Energy is also working with the Tennessee Valley Authority, or TVA, on a possible deployment of up to 6 gigawatts of NuScale reactors. The project could ultimately use 72 modules and become one of the largest nuclear-energy deployments in U.S. history.

Image source: Getty Images.

The potential project remains significant, but it is not yet secured. ENTRA1 and TVA have not signed a definitive power-purchase agreement, and NuScale has not generated meaningful commercial revenue. Its second-quarter revenue was only about $75,000, leaving the stock highly speculative at its current price.

A substantial financial cushion

NuScale nevertheless finished June with approximately $1.9 billion in cash, cash equivalents, and investments. That balance sheet provides considerable flexibility for a company at this stage of development, although raising the capital has diluted existing shareholders.

During the first six months of 2026, NuScale sold nearly 89.7 million shares through an at-the-market offering, generating about $985 million after expenses. The offering strengthened its cash position but also increased the risk of additional capital raises in the future.

At roughly $9.70 per share, NuScale has a market capitalization of about $4 billion. Given its limited revenue and lack of a binding order for its first major commercial nuclear project, I would find that valuation difficult to justify.

Why $7 would be more attractive

A share price of $7 would place NuScale about 28% below its current level and slightly under its $7.21 52-week low. I would begin with a small position near that price—not because $7 automatically makes the company inexpensive, but because it would offer a better margin of safety while preserving substantial upside if the TVA project proceeds.

I could also justify paying more than $7 if ENTRA1 enters into a binding agreement with TVA and gives NuScale a concrete route toward deploying dozens of reactors. At $7, I would be interested; below $6, I would become more aggressive.

Is NuScale a buy today?

Before investing in NuScale Power, it is important to weigh the technology’s long-term promise against the company’s current lack of meaningful revenue, unfinished commercial projects, and potential for further share dilution.

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