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• Tesla for modular nuclear power plants
• SpaceX for modular nuclear power plants
• Vestas for small nuclear reactors

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• NuScale Power Module (NPM): A modular light water reactor capable of generating 77 megawatts of electricity (MWe).
• VOYGR Power Plants: Scalable power plants, including the VOYGR-12 (924 MWe), VOYGR-4, VOYGR-6, and other custom configurations, built using multiple NuScale Power Modules.

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NuScale Power (SMR) primarily sells its modular light water reactor nuclear power plants to other companies and governmental entities that require large-scale energy solutions for electrical generation, district heating, desalination, hydrogen production, and other process heat applications.

Its major identified customers (or entities with definitive agreements or advanced teaming agreements to deploy its technology) include:

• KGHM Polska Miedz S.A. (WSE: KGHM) - A major copper and silver producer in Poland that signed a definitive agreement with NuScale to deploy a VOYGR SMR power plant.
• Societatea Națională Nuclearelectrica S.A. (BVB: SNN) - Romania's state-owned nuclear power operator, which has a teaming agreement with NuScale to advance the deployment of VOYGR SMR power plants.

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• BWX Technologies (BWXT)
• Doosan Enerbility (034020.KS)
• Fluor Corporation (FLR)

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John L. Hopkins President and Chief Executive Officer

John L. Hopkins joined NuScale Power as CEO in December 2012. Before joining NuScale, he had a significant career at Fluor Corporation, starting in 1989, where he held numerous leadership positions in global operations and business development, serving as a corporate officer from 1999 until 2012. He also served as Fluor's group president for corporate development and new ventures from 2010 to 2013, overseeing strategic planning, global sales, and marketing. Hopkins was President and Chief Executive Officer of TradeMC, LLC, a strategic capital goods sourcing venture jointly owned by Fluor, IBM, and Royal Bank of Canada. He served as chairman of the board for Savannah River Nuclear Solutions, LLC, and is a senior energy policy advisor of I Squared Capital, New York.

Ramsey Hamady Chief Financial Officer

Ramsey Hamady became NuScale Power's Chief Financial Officer in August 2023. He previously served as CFO of Equify Financial and Western Magnesium Corporation. Prior to these roles, Hamady was the Director, Finance and Investments, of HG Global, a private asset management firm. He founded Gulf Capital Credit Opportunities, a special situations investment fund backed by sovereign wealth, multilateral, and private investors. Hamady began his career at Lehman Brothers as an emerging markets sovereign bond trader and later worked at J.P. Morgan, where he focused on special situations investments and sponsor-backed leveraged buy-outs for global private equity firms.

José N. Reyes, Ph.D. Chief Technology Officer & Co-Founder

José N. Reyes is a co-founder of NuScale Power, which was formed in 2007 from a university research project initiated in 2002.

Carl Fisher Chief Operating Officer

Carl Fisher joined NuScale Power as Chief Operating Officer in July 2023, overseeing operations, engineering, project management, quality assurance, information technology, and regulatory affairs. His career in the nuclear field began in the United States Naval Nuclear Propulsion Program. He spent 20 years with Framatome in various management roles, including Instrumentation & Control, Electrical Systems, Hardware and Product Modernizations, Engineering, and Customer Accounts & Government Affairs. His international experience includes managing energy commercial development and large-scale construction efforts for Duke Energy International in countries such as Australia, China, and Thailand.

Clayton Scott Chief Commercial Officer

Clayton Scott was promoted to Chief Commercial Officer in August 2023, having previously served as NuScale's Executive Vice President of Business Development. He joined NuScale in 2022, bringing over 40 years of professional experience in the nuclear sector and diverse global business development expertise.

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1. Lack of Commercialization and Significant Cash Burn: NuScale Power has not yet secured a completed commercial sale of its small modular reactors (SMRs), with potential projects facing significant financing hurdles and delays. This ongoing challenge directly results in the company consistently burning through its funds, generating minimal revenue, and experiencing substantial financial losses. As a pre-revenue company in a capital-intensive industry, its success is highly dependent on securing commercial contracts and managing its cash burn effectively.
2. Legal and Credibility Risks Related to Commercialization Strategy: NuScale Power is facing a class action lawsuit alleging misrepresentation of its key commercialization partner, ENTRA1 Energy. The lawsuit claims that ENTRA1 lacked significant prior experience in building, financing, or operating nuclear power generation projects, despite NuScale's statements to the contrary. This legal challenge and the associated scrutiny over a substantial payment to ENTRA1 have cast a shadow over NuScale's commercialization model and have negatively impacted investor confidence.
3. High Execution and Deployment Risk of SMR Technology: Beyond securing initial contracts, there are inherent complexities and potential for delays in the large-scale execution and deployment of NuScale's SMR technology. The company faces stiff competition within the nuclear energy industry and from growing renewable energy sources. There are also identified design and safety concerns by regulatory bodies, and cost estimates for projects have significantly increased, posing further challenges to widespread market adoption.

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The emergence of competing small modular reactor (SMR) technologies from other developers that may offer superior performance, lower costs, or enhanced safety characteristics compared to NuScale's light water reactor design.

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The addressable markets for NuScale Power's main products and services, which primarily revolve around Small Modular Reactors (SMRs) for various energy applications, are substantial and are projected to grow significantly in the coming years.

The global market for Small Modular Reactors (SMRs) was valued between approximately USD 5.84 billion and USD 6.42 billion in 2024. This market is projected to grow, with estimates ranging from USD 7.14 billion by 2030 to USD 13.8 billion by 2032. Some analyses suggest the market could reach between USD 150 billion and USD 300 billion by 2040.

Breaking down the market by application, NuScale Power's SMR technology addresses several key areas:

• Electrical Generation: This is currently the largest segment within the global SMR market, accounting for 76.8% of the market share in terms of installed capacity in 2024. It is also identified as the fastest-growing segment globally, expected to hold 40.57% of the market share in 2026. The demand for clean power from data centers due to the growth of artificial intelligence is a significant driver, with tech giants like Google and Amazon investing in SMR technology for this purpose. The European Union projects a potential SMR capacity for clean electricity generation between 17 GW and 53 GW by 2050.
• District Heating: SMRs are particularly well-suited for district heating networks, offering a clean and reliable alternative to combustion-based technologies, especially in regions like the Nordics and Europe. The European SMR strategy specifically envisages the use of SMRs for heat and steam in district heating.
• Desalination: This application holds a notable share of the SMR market, accounting for approximately 29% in 2025. SMRs are utilized in desalination technology, particularly in countries like Russia and China, driven by the need to address global water scarcity.
• Hydrogen Production: SMRs are well-positioned to enable the decarbonization of industries through low-carbon hydrogen production. The global hydrogen generation market as a whole is significant, projected to reach USD 226.37 billion by 2030, growing from an estimated USD 157.81 billion in 2025 at a CAGR of 7.5%. Within this, steam methane reforming (SMR), which can be powered by NuScale's reactors, holds the largest share of the hydrogen production market due to its cost-effectiveness and technological maturity.
• Other Process Heat Applications: Industrial process heat and steam applications are projected to experience rapid growth, with a compound annual growth rate (CAGR) of 50.5% through 2030. Industrial and petrochemical buyers are expected to increase their procurement of SMRs for decarbonizing operations, with a projected CAGR of 42.6% to 2030. SMRs can provide high-temperature heat for energy-intensive sectors such as steel, cement, and chemicals, enabling the replacement of fossil-fuel boilers.

Regionally, Asia-Pacific is a dominant force in the global SMR market, accounting for over 78% of the market share by 2025 (with capital expenditure exceeding US$4.6 billion). This region, including China and India, is expected to remain the largest market for SMRs. Europe is also showing strong momentum, with projected capital expenditure reaching US$1.9 billion by 2032, and a potential SMR capacity ranging from 17 GW to 53 GW by 2050. North America holds a significant share, estimated at 34% in 2025, and is expected to be a fast-growing market.

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NuScale Power (NYSE: SMR) is poised for future revenue growth over the next 2-3 years, driven by the advancement of key projects, expansion into new markets, and the commercialization of its small modular reactor (SMR) technology. While the company is currently in the early stages of commercialization, with revenues primarily stemming from engineering services and licensing agreements, several catalysts are expected to drive an increase in revenue.

Here are 3-5 expected drivers of NuScale Power's future revenue growth:

1. Progression and Final Investment Decision (FID) for the RoPower Project in Romania: The RoPower project, involving the deployment of NuScale’s SMR technology, is a crucial near-term revenue source. The Front-End Engineering and Design (FEED) 2 study, led by Fluor, continues to generate revenue for NuScale and is nearing completion. A final investment decision by RoPower shareholders, which is contingent on funding finalization, is anticipated in late 2026 or early 2027. While the first reactors are not expected to be operational until the early 2030s, the ongoing engineering, licensing, and pre-construction activities will contribute significantly to revenue in the coming years.
2. Strategic Partnership with ENTRA1 Energy and Tennessee Valley Authority (TVA): NuScale has established a landmark partnership with ENTRA1 Energy and the Tennessee Valley Authority (TVA) to deploy up to six gigawatts of SMR capacity, representing a significant nuclear power program in the U.S. A Partnership Milestone Agreement (PMA) with ENTRA1 is in place to expedite commercialization. Although the first TVA plants are projected to deliver power in the late 2020s to early 2030s, securing binding Power Purchase Agreements (PPAs) and reaching final investment decisions (expected in 2026) are critical milestones that will translate into future revenue from engineering studies, licensing, and firm contracts.
3. Expansion into New International Markets and SMR Tenders: Beyond existing projects, NuScale anticipates revenue growth from expanding its footprint in global markets. There is increasing international interest in NuScale's SMR technology, with countries such as Poland, the U.K., and Canada exploring modular reactor solutions. The company is actively focused on advancing partnerships with international stakeholders and securing contracts through international SMR tenders, which are key indicators for investors monitoring future growth.
4. Leveraging Regulatory Approvals for Commercial Deployment: NuScale is uniquely positioned as the first and only SMR technology provider to obtain design approval from the U.S. Nuclear Regulatory Commission (NRC) for its 77-megawatt electric standard design. This regulatory advantage strengthens NuScale's market position and fuels customer interest, laying the groundwork for accelerating commercial deployment. Continued progress in securing site-specific licenses and transitioning from design approvals to actual construction orders will be a significant driver of future revenue.
5. Diversification of Applications for SMR Technology: NuScale's modular light water reactors are versatile and capable of supplying energy for various applications beyond electrical generation, including district heating, desalination, hydrogen production, and other process heat applications. Collaborative efforts, such as the work with Oak Ridge National Laboratory to demonstrate SMR potential for chemical plants, highlight the technology's adaptability and expanding market potential across different industries, which can open new revenue streams.

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Share Repurchases

NuScale Power made no share repurchases over the last 3-5 years.

Share Issuance

• In February 2026, NuScale Power announced a new at-the-market (ATM) equity offering agreement, allowing the company to offer and sell up to $1 billion in Class A common stock.
• During the fourth quarter of 2025, NuScale Power sold 39.3 million shares through an at-the-market program, generating $750.0 million in gross proceeds.
• Stockholders approved an amendment in December 2025 to increase authorized Class A common shares from 332,000,000 to 662,000,000 to support future equity issuance for its small modular reactor (SMR) projects.

Inbound Investments

• NuScale Power recognized a $507.4 million Milestone Contribution 1 under its Partnership Milestone Agreement with ENTRA1 Energy in 2025.
• Mirae Asset Global Investments Co. Ltd. significantly increased its stake in NuScale Power in the third quarter (likely 2025), holding 609,450 shares valued at approximately $21.94 million.

Capital Expenditures

• Capital expenditures were $1.95 million in 2021, $2.33 million in 2022, $1.73 million in 2023, $0.04 million in 2024, and $0.51 million in 2025.