NuScale Power SMR stock has fallen by more than 80% since last summer, even after a run of more than 1,800% from the start of 2024 to the summer of 2025. Ryan Vanzo, a The Motley Fool author, said he has no position in any of the stocks mentioned.
The stock’s swing reflects a company still trying to turn SMR designs into operating facilities. NuScale went public in 2022, and the path since then has been uneven enough that investors are now weighing approvals against delays in the pipeline.
NuScale Power and 2025 approval
NuScale received approval from the Nuclear Energy Commission for its SMR designs in 2020, then got another upscaled design approved in 2025. After that approval, NuScale described itself as the most near-term American SMR power solution. The company also has several projects in its pipeline, so the share price has been trading on expectations for what gets built next rather than on a mature operating base.
Bank of America analysts predict that nuclear energy will be a $10 trillion opportunity over the next couple of decades. That outlook helps explain why NuScale can rally sharply when investors think its plans are moving forward, and just as quickly lose ground when those plans slip.
Romania SMR timeline
One sign of the execution risk is the Romania SMR project. NuScale’s development there has seen its completion date pushed back from 2030 to 2034, a delay that stretches the company’s timeline before a project can move from design and approval into delivery.
NuScale’s projects have also suffered several delays and outright cancellations. Only a handful of SMR facilities currently operate worldwide, which leaves NuScale tied to a narrow set of developments and a stock price that can move hard on any change in the pipeline.
Tennessee Valley Authority project
The Tennessee Valley Authority project is described as a 6GW SMR project located in the eastern United States. A power purchasing agreement for that project could come as early as this December, but it is not expected to be built in the next three years.
NuScale is not expected to have any operational facilities by the end of this decade, so shareholders are still looking at a business whose value depends on future project commitments. For investors, the practical takeaway is simple: the stock is likely to keep swinging with every new sign of contract progress, and the Tennessee Valley Authority agreement is the near-term milestone most likely to matter.
