SMR Stock Forecast & Price Target

NuScale Power is positioned favorably because its 77 MWe proprietary SMR platform combines well-established nuclear principles with passive safety, simpler system integration, and a scalable path to carbon-free baseload power. The investment case is strengthened by tangible commercialization progress: ENTRA1’s discussions with TVA could unlock a 6-8 GW opportunity, Romania’s Doicesti project targets six NPMs and 462 MW, and supply-chain initiatives with Framatome, Curio, and Paragon support fuel readiness and final design completion. Financially, the company ended 2Q26 with about $1.9B in cash, cash equivalents, and investments, no debt, and a stronger balance sheet despite only ~$0.1M in quarterly revenue, giving it flexibility to fund deployment and commercialization.

NuScale Power is challenged by a highly uncertain commercialization path, as project development and construction can take longer and cost more than expected, while regulatory approvals, policy support, and customer financing remain critical but not guaranteed. Despite an NRC-approved design and early lead, the company is still effectively pre-revenue, with profitability and cash flow dependent on ramping small-scale nuclear plants and securing firm orders that appear delayed and uncertain. Its downside case assumes revenue reaching about $3bn with 25% gross margins from FY2027-FY2035E, yet near-term reliance on equity funding and an ATM program raises dilution risk amid supply chain and competitive pressures.