NuScale Power's Shares Tumble Amid $750M Equity Raise and SMR Uprate Approval

Introduction

NuScale Power Corporation (ticker: SMR) is a publicly traded American company headquartered in Corvallis, Oregon. Founded in 2007, NuScale designs and markets small modular reactors (SMRs) that deliver factory-built nuclear power modules. Its VOYGR™ power plant concept—scalable from 50 MWe to 924 MWe—was the first SMR design certified by the U.S. Nuclear Regulatory Commission (NRC) in 2020.

Corporate Structure

NuScale Power operates in the utilities industry with its principal technology centered on the NuScale Power Module™ (NPM). The company employs between 201 and 500 staff across research, engineering, project management, licensing, and support functions. Major facilities include the headquarters in Corvallis, Oregon, and manufacturing partnerships—most notably with Doosan Enerbility in South Korea—for component production.

Nuclear reactor by Frédéric Paulussen

Recent Developments and News

• May 30, 2025
  The NRC approved NuScale’s uprated module design, increasing output from 50 MWe to 77 MWe per module and enabling up to 462 MWe per plant with six modules.
• November 6, 2025
  NuScale Power reported third quarter 2025 operating results and closed the day at $32.46 per share.
• November 7, 2025
  • Filed a Form 8-K disclosing material agreements and corporate updates.
  • Filed a prospectus (Rule 424(b)(5)) to offer up to $750 million of Class A common stock under a new sales agreement with commissions capped at 3.0% of gross proceeds.
• Project Partnerships
  • In collaboration with TVA and ENTRA1 Energy, NuScale is advancing a 6-GW SMR program across TVA’s seven-state region.
  • Front-end engineering is underway for RoPower’s 462 MWe deployment in Romania, with three uprated modules in production.
• Project Termination
  In November 2023, the Utah Associated Municipal Power Systems (UAMPS) terminated its planned 12-module SMR project after estimated overnight costs rose from $3.6 billion to $9.3 billion.

Financial and Strategic Aspects

As of market close on November 6, 2025, key metrics from Yahoo Finance include:

• Share price: $27.18 (down 16.27% on November 7, 2025)
• Volume: 10,850,414 shares traded
• Market capitalization: $5.29 billion
• Enterprise value: $5.17 billion
• Price/Sales (ttm): 81.84
• Price/Book (mrq): 7.64
• Revenue (ttm): $56.13 million
• Net loss (ttm): $124.08 million
• EPS (ttm): –$1.19
• Total cash (mrq): $420.75 million

NuScale is raising capital through equity to fund module production, expand front-end engineering work, and support emerging contracts. The $750 million Class A common stock offering indicates a focus on liquidity ahead of construction and licensing milestones for international and domestic SMR deployments.

Market Position and Industry Context

NuScale Power is the only U.S. company with an NRC-certified SMR design. Its 77 MWe modules leverage natural convection for passive safety—shutting down and self-cooling indefinitely without operator action, power, or additional water. SMRs are being considered for baseload support alongside renewables, process heat, desalination, and hydrogen generation. Partnerships span utilities (TVA), data centers (via ENTRA1), industrial end users, and government programs supported by more than $575 million from the U.S. Department of Energy.

tl;dr

On November 7, 2025, NuScale shares opened at $27.18, down 16.27% following a Form 8-K filing and a prospectus to sell up to $750 million of new equity. The company is preparing for module deliveries—12 uprated 77 MWe units in production—and front-end engineering of a 462 MWe plant in Romania. NRC approval of the uprated design on May 30, 2025, and ongoing partnerships with TVA/ENTRA1 establish the near-term project pipeline. The equity raise aims to bolster cash reserves (currently $420.75 million) to finance reactor deployments and licensing activities into 2026.