NuScale Power SMR is moving ahead with its plan to support up to 6 gigawatts (GW) of new nuclear capacity through its partnership with ENTRA1 and the Tennessee Valley Authority (TVA). The program includes about 72 small modular reactor modules across multiple sites, making it the largest planned small modular reactor deployment in the United States. The first plant, which will use 12 modules, is targeted to begin delivering power around 2030.
To reach this goal, several steps must be completed. TVA and ENTRA1 must finalize site selection, complete engineering work and convert the current term sheet into a binding power purchase agreement (PPA). NuScale Power says these discussions are progressing, but no firm contract has been signed yet. The company also continues to focus on the combined operating license application process, which is needed before construction can begin.
NuScale Power is supporting early project work through milestone payments under its Partnership Milestone Agreement. It paid $128.5 million toward the first milestone in the third quarter of 2025. The company ended the period with $753.8 million in cash, helped by a recent at-the-market equity raise. Management believes this provides enough room to fund early development work before equipment orders begin.
For now, the timeline depends on coordinated progress across engineering, licensing, supply chain planning and customer decisions. The above factors demonstrate that NuScale Power’s 2030 target remains achievable, but delays in PPA negotiations, licensing steps, or site work could push the date out. The 6GW program represents a major opportunity for NuScale Power, where the company's long-term growth is dependent on whether the company and its partners can keep development on schedule.
NuScale Power Faces Stiff Competition
Despite NuScale Power’s advancements in small modular reactor technology, the company faces stiff competition in the nuclear energy industry from companies like BWX Technologies BWXT and GE Vernova GEV.
In September 2025, GE Vernova and Samsung C&T formed a partnership to speed up the rollout of GE Vernova’s BWRX-300 SMR in markets outside North America. The two companies will work together to build a strong supply chain and improve project delivery for these reactors.
In October 2025, BWX Technologies signed new agreements with Rolls-Royce SMR to design and supply steam generators and other key components for advanced reactors. The company's experience in nuclear manufacturing, along with its recent plant expansion in Canada, strengthens its position in the SMR supply chain.
NuScale Power’s Price Performance, Valuation & Estimates
Shares of NuScale Power have plunged 55.6% in the past six months against the Zacks Computer and Technology Sector’s growth of 23.3%.
NuScale Power 6 Month Price Return Performance
Image Source: Zacks Investment Research
From a valuation standpoint, NuScale Power trades at a forward price-to-sales ratio of 105.38X compared with the sector’s average of 6.62X.
NuScale Power Forward 12-Month P/S Ratio
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2025 is pegged at a loss of $1.64 per share. The current estimate has widened from a loss of 46 cents projected 60 days ago. NuScale Power reported earnings of 42 cents per share in the year-ago quarter.
Image Source: Zacks Investment Research
NuScale Power currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
