Can NuScale Power Stock Grow 10x?

NuScale Power (NYSE:SMR) might be one of the riskiest nuclear stocks out there. But it could also be one of the biggest winners over the next decade.

Here’s why investors are paying attention.

NuScale is the only company in the world with two U.S. Nuclear Regulatory Commission approvals for small modular reactor designs. Its 50 MWe design was approved in 2023. Its larger 77 MWe version followed in 2025. No other advanced SMR company in the U.S. has cleared that hurdle yet.

And still, the stock trades around $11 with a market cap of roughly $3.88 billion.

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The business itself is still tiny. NuScale generated just $31.5 million in revenue in 2025. Q1 2026 revenue came in at only $565,000 as older engineering contracts rolled off. The company also posted a $46.7 million net loss in the quarter.

But it has one big advantage: cash. NuScale ended Q1 with about $1 billion in liquidity. That gives it time to survive while projects move forward.

See how NuScale’s financials compares to its peers, GE Vernova, BWX Technologies, Oklo, Nano Nuclear Energy, and Constellation Energy.

And the pipeline is getting interesting.

ENTRA1 Energy and the Tennessee Valley Authority are collaborating on plans to deploy up to 6 gigawatts of NuScale SMR capacity across seven states. That could become the biggest SMR rollout in U.S. history. For context, 6 GW could power roughly 60 large data centers.

In Romania, the RoPower project is moving ahead with plans for six NuScale reactor modules at a former coal plant site. A final investment decision is expected between mid-2026 and early 2027.

These are not major revenue contracts yet. But they are the kind of projects that could drive serious revenue in the 2030s.

The industry backdrop also helps. One forecast sees the global SMR market reaching $53.8 billion in construction revenue by 2036. The IEA expects annual SMR investment to rise from $5 billion today to more than $25 billion by 2030.

AI data centers are a huge driver. Electricity demand is exploding. Renewables alone cannot provide reliable baseload power. Nuclear can. And SMRs are smaller, faster to build, and cheaper than traditional nuclear plants.

So can the stock really 10x?

For that to happen, NuScale would need to grow from a $3.88 billion market cap to roughly $38.8 billion. That sounds aggressive, but not impossible.

If TVA and Romania move forward, and NuScale eventually reaches around $1 billion in annual revenue by 2034 or 2035, a premium valuation could get it there. At 35 to 40 times revenue, the math starts to work. Analysts already expect revenue growth of roughly 49% annually over the next three years.

But the risks are massive.

Projects keep getting delayed. Romania’s timeline has already slipped from 2027-2028 closer to 2030, with some analysts expecting 2033 or 2034. Delays mean more cash burn and likely more dilution.

Competition is heating up, too. GE Hitachi, Rolls-Royce, and Westinghouse are all pushing into SMRs globally.

The next 12 months matter a lot. Investors should watch the RoPower final investment decision, TVA progress, DOE funding support, and new international deals.

NuScale is basically a bet on three things happening at once: nuclear demand surging, SMRs becoming mainstream, and NuScale turning its regulatory lead into real commercial success.

If all three happen, this stock could look very different by 2036.

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