The Infinite Unknown

Summary

NuScale Power (NYSE: SMR) is a Portland, Oregon-based small modular reactor developer and the only SMR company to receive a Standard Design Approval (SDA) from the U.S. Nuclear Regulatory Commission — the most advanced regulatory milestone of any non-operating advanced reactor developer. The VOYGR plant uses 77 MWe pressurized water reactor modules, up to 12 per plant (924 MWe total).

Despite being the regulatory leader, NuScale faces severe execution and financial challenges following the November 2023 cancellation of the UAMPS Carbon Free Power Project (CFPP) — its flagship first deployment. The company has pivoted to the data center market as its primary growth narrative, securing agreements with Standard Power (Ohio/Pennsylvania, 24-module) and the TVA/ENTRA1 Energy partnership.

However: As of April 2026, no NuScale module has broken ground. The stock is down 70%+ from 2025 highs, the company faces class action lawsuits related to the ENTRA1 partnership, and the path to first construction remains uncertain.

For data center BTM: NuScale’s VOYGR is a grid-connected SMR plant (77 MWe modules, 300–900 MWe plant size) — it is not a behind-the-meter product in the traditional sense. Data center operators contracting NuScale power would receive energy through a long-term PPA, not via co-located on-site generation. For true BTM nuclear (reactor physically on or adjacent to the data center campus), Oklo (75 MWe), Kairos (50 MWe), or microreactors (Radiant, eVinci) are better fits.

Key Facts

• Company name: NuScale Power Corporation
• Ticker: NYSE: SMR
• HQ: Portland, Oregon, USA
• Founded: 2007 (spun out of Oregon State University research)
• CEO: John Hopkins (since 2022; prior CEO was Tom Mundy; nuclear industry background)
• Technology: VOYGR small modular pressurized water reactor (PWR)
  • Module output: 77 MWe per module (uprated from 60 MWe; new SDA issued May 2025)
  • Plant configurations: VOYGR-12 (12 modules, 924 MWe), VOYGR-6 (462 MWe), VOYGR-4 (308 MWe)
  • Cooling: Integral pressurized water; passive safety via natural circulation; no active ECCS pumps needed
  • Fuel: Standard low-enriched uranium (LEU, ~4.95% enriched) — same as conventional LWR; no HALEU required
  • Walk-away safe: Passive cooling indefinitely without operator action or AC power
  • NRC SDA: Standard Design Approval issued July 2022 for 60 MWe module; updated to 77 MWe in May 2025 — first and only NRC SDA for any SMR
• Funding: Primarily equity; IPO via SPAC merger (2022); $1.3B liquidity at end 2025 (Goldman Sachs estimate)
• Manufacturing partner: Doosan Enerbility (South Korea); modules in manufacturing process

Regulatory Milestone: NRC Standard Design Approval

NuScale holds the only NRC-approved standard design for any SMR (as of April 2026). This is a significant competitive advantage:

• The SDA certifies the reactor design independently of any specific site
• Site-specific Combined License Applications (COLAs) can reference the SDA, reducing site-specific review burden
• The SDA demonstrates NuScale’s design meets NRC safety standards

However: The SDA is a design certification, not a construction or operating license. NuScale still needs site-specific COLAs and construction permits for actual deployments.

May 2025 uprate: NRC approved an uprated 77 MWe standard design, replacing the original 60 MWe SDA. The uprate improves economics (more MWe from same hardware) but required additional NRC review — demonstrating regulatory engagement capacity.

UAMPS Carbon Free Power Project (CFPP): The Collapse

What was CFPP: The Carbon Free Power Project was NuScale’s flagship first deployment — a 462 MWe (6-module VOYGR) plant at Idaho National Laboratory, developed in partnership with Utah Associated Municipal Power Systems (UAMPS), a cooperative of 48 municipal utilities.

Timeline:

• 2015: NuScale and UAMPS begin CFPP development
• 2017–2021: Early engineering, DOE cost-share grants ($1.4B over project lifetime), site licensing
• 2021–2022: Cost estimates begin to rise; from initial ~$3B to ~$5B, then to ~$9.3B
• October 2023: UAMPS member utilities fail to purchase sufficient power (only 1/3 of required subscribers): UAMPS cannot commit to project
• November 2023: UAMPS and NuScale mutually terminate CFPP

Why costs escalated: First-of-a-kind construction, supply chain inflation, SMR manufacturing learning curve costs, and NuScale’s own challenges managing the first-of-a-kind licensing and engineering simultaneously drove costs from initial $5,800/kW estimates to ~$20,000+/kW — nearly 3.5× conventional nuclear, making the economics unworkable for municipal utilities.

Impact: NuScale’s stock fell ~40% on CFPP cancellation announcement; the company laid off ~30% of staff (154 employees, December 2023); multiple securities class action lawsuits were filed (plaintiffs allege NuScale misled investors about CFPP cost trajectory and UAMPS subscription status).

Post-UAMPS Pivot: Data Center Strategy

Following CFPP cancellation, NuScale aggressively reoriented toward the data center market:

Standard Power (Ohio & Pennsylvania)

• Agreement: Standard Power, a blockchain/crypto-focused colocation company, signed a framework agreement with NuScale for 24 VOYGR modules across two sites:
  • Ohio (~12 modules, ~924 MWe)
  • Pennsylvania (~12 modules, ~924 MWe)
• Total planned capacity: ~1,848 MWe (1.85 GW)
• Announced: October 2023
• Status (April 2026): Agreement remains active; no construction has started; timeline uncertain. Standard Power needs to secure site-specific permitting and additional capital before construction. NuScale does not control Standard Power’s execution.
• ⚑ Caveat: Standard Power is primarily a blockchain/crypto mining company. Crypto demand cycles are volatile. Whether this project advances to construction depends on Standard Power’s financial position and crypto market conditions.

TVA / ENTRA1 Energy Partnership

• Agreement: Tennessee Valley Authority (TVA) and ENTRA1 Energy signed an agreement referencing up to 6 GW of NuScale SMR capacity
• ENTRA1 Energy: A newly formed nuclear development company; limited public track record
• NuScale role: Technology provider / licensor
• Financial impact: NuScale recorded a $495M payment to ENTRA1** in Q3 2025 under the partnership terms — a cash outflow that drove a **$532M Q3 2025 net loss
• ⚑ Controversy: Securities class action plaintiffs allege NuScale overstated ENTRA1’s qualifications and experience when announcing the partnership; questions about whether a $495M payment to an undisclosed partner for a speculative future deal was properly disclosed to investors

Financial Position & Stock Performance (April 2026)

The Numbers

• Revenue: ~$31.5M total revenue over the last year (engineering services, licensing fees; pre-construction revenue model)
• Operating losses: Deeply negative; operating margin of -1,000%+ (development-stage company burning cash)
• Q3 2025 net loss: ~$532M (driven by $495M ENTRA1 payment)
• Liquidity (end 2025): ~$1.3B (Goldman Sachs estimate; includes ATM program capacity)
• ATM (At-the-Market) offering: $1B ATM program launched 2025; provides on-demand equity capital raise capacity at cost of dilution
• Market cap: Highly volatile; peaked above $2B in 2025; approximately $600M–800M range as of April 2026 (down 70%+ from 2025 high)

Securities Litigation

Multiple class action lawsuits filed in 2024–2026:

• UAMPS-related claims: Alleged NuScale misled investors about CFPP cost trajectory and subscriber status
• ENTRA1-related claims: Alleged NuScale overstated ENTRA1’s qualifications; improper disclosure of $495M payment terms

These lawsuits create ongoing legal expense and management distraction, and represent a potential liability of hundreds of millions of dollars.

⚑ High-Risk Investment

NuScale is a high-risk, pre-revenue nuclear developer. Key risks:

1. No construction started on any VOYGR plant after 17 years as a company
2. First project (CFPP) cancelled with massive cost overrun
3. Class action lawsuits (UAMPS and ENTRA1)
4. Management credibility issues post-CFPP
5. Stock down 70%+ from 2025 highs
6. Cash burn; reliant on equity markets for survival
7. Competition from better-capitalized or further-along competitors (Oklo, Kairos, TerraPower)

NuScale vs. Competitors for Data Center BTM

NuScale’s VOYGR is most relevant as a grid-connected SMR for regional data center power (via long-term PPAs with utilities or direct industrial customers), rather than true behind-the-meter co-located deployment. Comparison:

Key differentiator NuScale has: NRC SDA (regulatory head start). Key disadvantage: No first construction; UAMPS failure; financial fragility.

Key People

John Hopkins — President & CEO

• CEO since 2022; prior to NuScale, career in nuclear energy finance and project development
• Tasked with rebuilding credibility post-CFPP cancellation and finding new customers

Tom Mundy — Former CEO / EVP (prior to Hopkins)

• Led the company during CFPP development; departed following CFPP challenges

Chris Colbert — Chief Nuclear Officer

• Nuclear engineering background; responsible for reactor design and NRC regulatory engagement
• Key interface with NRC on SDA maintenance and new license applications

People — Last Reviewed: 2026-04-25

Watch List

• Standard Power construction start: Any announcement of groundbreaking or COLA submission for Ohio or Pennsylvania sites would be the most significant near-term catalyst
• TVA/ENTRA1 resolution: Litigation outcome and project clarity; if TVA directly commits to NuScale capacity, this is a strong signal
• Securities lawsuits: Settlement or adverse judgment will affect cash and management capacity
• Liquidity runway: Monitor ATM program use; heavy dilution signals survival risk
• HALEU-free advantage: If HALEU supply constraints delay Oklo, NuScale’s standard LEU fuel advantage increases — watch Oklo fuel supply developments

Cross-Links

• BTM overview: /research/datacenters/behind-meter-power/
• Oklo BTM (most advanced SMR for data center co-location): /research/datacenters/behind-meter-power/oklo-btm/
• Kairos Power BTM (Google’s SMR choice): /research/datacenters/behind-meter-power/kairos-power-btm/
• Energy section — nuclear overview: /research/energy/nuclear/