How Much Could You Lose In NuScale Power Stock?
NuScale Power (SMR) stock has lost 31% in the past month, while the S&P 500 gained 1.8%. The decline happened without any specific news from the company, though peer Oklo lost 15.0% over the same month. Investors are waiting for NuScale to sign a commercial contract for its reactors, and the company continues to spend cash while they wait. So how far has NuScale stock fallen in past market sell-offs?
NuScale Stock Dropped 72% When Bond Yields Hit 5%
That decline occurred between July and December 2023, a period when the S&P 500 fell 9.5%. It ranks as the deepest fall NuScale has taken in a market shock. The stock has only traded publicly since 2020, yet it has already been through five such shocks.
Across those five periods, NuScale fell 40.2% on average, compared with 13.4% for the S&P 500. That represents roughly three times the market’s loss. The company lost 40% in the 2025 tariff shock, landing right near that historical average. Over a longer stretch, the damage has been even steeper. From its 2022 peak to its 2024 low, the stock lost 87%.
Recovery times have varied. NuScale ultimately returned to its pre-shock high after all five falls, with a median wait from the low of 4.2 months. The longest wait came after the 2022 inflation shock, stretching to 21.0 months.
Can NuScale Afford To Wait For A Contract?
For now, the answer is yes. NuScale held about $1.9 billion in cash, cash equivalents and investments at the end of June, management said on the August 5, 2026 call. Operations used $0.8 billion of cash over the last twelve months, meaning the $1.9 billion stockpile would cover more than two years at the same pace. The company also carries almost no debt, whereas debt equals 21.4% of market value for the S&P 500.
The business itself brings in very little money. Revenue was just $0.1 million in the quarter ended June 30, 2026, against $8.1 million a year earlier. Management said the drop followed the completion in late 2025 of engineering design work for the RoPower project. Over the last twelve months, the operating loss reached $0.7 billion for a company the market values at $2.8 billion. Furthermore, the share count has risen 405.4% in three years.
Is NuScale Any Closer To A Signed Contract?
Not on paper, at least as of the August 5 call. Management described the commercial contract as the main catalyst for the company. NuScale partner ENTRA1 is currently in talks with the Tennessee Valley Authority toward a definitive power purchase agreement. Management said its understanding was that those talks were active and progressing. When asked what still stood in the way, management said only that it was encouraged by the conversations.
The other contract NuScale is waiting on is in Romania. Management said the RoPower project there will deploy six NuScale power modules at a former coal plant site. A new government was being seated in the country at the time of the call, and management said it was waiting for the green light to finalize its contract agreements.
Management also declined on that call to provide guidance on its operating costs for the coming quarters.
Does This Mean You Should Act On SMR?
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