NuScale Power Corporation (SMR)
NYSE
Nuclear Energy
Future Energy
Investment Thesis
NuScale Power is developing the world’s first NRC-approved small modular reactor design. SMRs are the answer to the AI era’s power problem: data centres need reliable, carbon-free baseload that wind and solar cannot provide. NuScale’s VOYGR plant design can be factory-built and deployed in 3 years vs 10+ for traditional nuclear — changing the economics entirely.
Key Drivers
- NRC Approval: Only SMR design with full NRC design certification — a multi-year regulatory moat.
- AI Data Centre Demand: Microsoft, Google, and Amazon all exploring nuclear for data centre baseload power.
- Export Potential: Romania, Poland, and Philippines are evaluating NuScale deployments.
Risk Factors
- Project Cancellations: UAMPS Carbon Free Power Project cancellation (2023) highlights commercial risk.
- Pre-Revenue: No deployed plants; revenue is licensing and services — cash burn until first deployment.