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NuScale Power
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Latest analysis
Updated Aug 11, 2026
NuScale establishes $750M at-the-market equity offering to fund operations and growth.
NuScale Power filed an 8-K on August 11, 2026, announcing a Sales Agreement with six investment banks to conduct an at-the-market (ATM) offering of up to $750 million in Class A common stock. The ATM program grants NuScale discretion over timing, volume, and pricing of share sales, with a 2% commission to sales agents. This capital-raising mechanism signals NuScale's need for sustained funding to progress its small modular reactor (SMR) development and commercialization activities, with no specified deployment timeline or customer commitments disclosed in this filing.
Tone: neutralRevenue
$31.5M
SMR 10-K · FY 2025
Employees
428
Revenue FY2024
$37M
Founded
2007
Profile
SMR 10-K Item 1 · Feb 26, 2026NuScale Power develops and commercializes small modular reactor (SMR) technology centered on its proprietary NuScale Power Module, a 77 MWe light water reactor that integrates the reactor core, steam generators, and pressurizer into a single factory-built vessel. The company targets utilities, governments, technology companies, and industrial offtakers seeking reliable, carbon-free baseload power. It has received two NRC Standard Design Approvals and is the only SMR developer to have done so.
Read filing description ↓ Collapse description ↑
NuScale is redefining nuclear power through the development of proprietary and innovative SMR technology that the Company believes will deliver safe, scalable, cost-effective and reliable carbon-free power. The Company's core technology, the Light Water Nuclear Reactor NuScale Power Module (NPM), can generate 77 MWe and is premised on well-established nuclear technology principles, with a focus on the integration of components, simplification or elimination of systems and use of passive safety features. The Company believes this results in a safe and highly reliable power plant suitable to be sited close to where electricity, water desalinization, hydrogen production or process heat is needed. Since 2007, over $1.8 billion has been invested in the development of NuScale technology, including more than $578.3 million from DOE under a series of cost-share programs. In September 2020, the Company's 12-module design became the first and only SMR to receive an SDA from the Nuclear Regulatory Commission. In May 2025, the NRC finalized their review and approved the Company's second SDA application and the associated licensing topical reports for NuScale's 6-unit 77 MWe NPM design. NuScale SMR-based power plants are composed of multiple NPMs scalable from one to twelve modules in a single installation, with typical scales of 12-module (924 MWe), six-module (462 MWe) and four-module (308 MWe) versions. Potential offtake customers are a mix of domestic and international governments, utilities, state-owned enterprises and technology and industrial companies in need of carbon-free, reliable energy. The company has contracted with ENTRA1 as its exclusive global strategic partner for commercialization and development of power plants utilizing NPMs, and has one international customer, RoPower Nuclear S.A., advancing a project in Romania.
Primary products
- NuScale Power Module (NPM)
- Nuclear Steam Supply System (NSSS) Equipment
- Technology license
- Regulatory licensing support
- Start-up testing and commissioning support
- Accredited training programs
Business segments
End markets
Geographies
Named customers
“NuScale's SMR technology is currently the only NRC-approved SMR technology capable of meeting the growing demand for carbon-free baseload generation.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue declined from $37.0 million in 2024 to $31.5 million in 2025, reflecting the pre-commercialization nature of the business where all revenue arises from engineering and licensing fees and services provided to potential customers.
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