Industry: Nuclear Technology – Small Modular Reactors (SMRs)

About Company:

NuScale designs, develops, and markets small modular nuclear reactors (SMRs). Its VOYGR platform—including the 77 MWe modules VOYGR-4 and VOYGR-6 and future 12-module VOYGR-12—is the only SMR design currently approved by the U.S. Nuclear Regulatory Commission (NRC). The company aims to deliver scalable, factory-built reactors up to ~924 MWe with passive safety and simplified deployment especially suitable for off‑grid data centers, municipalities, and industrial clients.

Company History:

• Founded in 2007 by José N. Reyes Jr. and Paul Lorenzini, with roots in DOE-supported SMR development at Oregon State University and Idaho National Laboratory.
• Completed a SPAC merger in May 2022, listing on NYSE as SMR after raising ~$380 M.
• In May 2025, received NRC certification for its uprated 77 MWe module design, unlocking commercial viability in the U.S.

Company Advantage Over Competitors:

• First‑mover advantage: Only U.S. SMR design to be fully NRC‑certified (as of May 2025), offering a strong competitive edge in domestic deployment.
• Proven modularity and scalability: VOYGR systems use passive safety, natural circulation cooling, and factory‑built modules designed for phased deployment.
• Expanding international pipeline: Projects are in advanced planning stages in Romania, Ghana, and Poland; tech companies are exploring SMRs to power AI data centers.

Risk Factors You May Want to Consider:

• Financial losses and high cash burn: 2024 operating loss was approximately $138 M; net loss reached ~$348 M. Revenue remains in early stages.
• Revenue still limited: Q1 2025 revenue stood at ~$49M, but operating expenses exceeded $168M in that quarter alone.
• Valuation remains stretched: Trading around $43/share with a basic fair-value model suggesting ~30% premium over ~$33 intrinsic estimate. Market cap is several billion against modest revenue.
• Regulatory & execution risk: Despite NRC approvals, deployment timelines depend on complex licensing, construction and financing timelines. Residual regulatory and public opposition risks remain.

What Makes This Company Special or a Good Investment?

• Pioneering commercial SMR: As the first certified U.S. SMR, NuScale has a clear path to real power plant construction and revenue generation.
• Rising sector momentum: Renewed government support (IRA incentives), hyped interest from Amazon, Google and data center operators, and growing national clean‑energy agendas fuel sector tailwinds.
• Strategic industry positioning: Recognized as a leader by global nuclear energy players; expected to deliver first U.S. operational SMR by the end of decade if projects proceed.
• Financial flexibility: Maintains substantial cash reserves and access to capital markets to support 2025 commercialization roadmap.