NuScale Power Is Down 38% This Year: Here's What the Next 5 Years Could Look Like

NuScale Power (SMR) has dropped 38% year-to-date in 2025, weighed down by a timing mismatch that puts revenue years out of reach. The company holds the only Nuclear Regulatory Commission-approved small modular reactor design and has locked in 6 gigawatts of capacity from Tennessee Valley Authority, but none of its projects will generate revenue until 2030—well after the current AI data center buildout peak.

The company is burning cash at a steep clip, posting negative free cash flow of $750 million against negligible revenue. That combination leaves SMR dependent on capital markets to fund operations through a multi-year commercialization runway with no near-term catalysts to stabilize the stock.

The NRC approval and TVA contract validate the technology, but the gap between signed deals and operating reactors creates sustained pressure on the equity. Investors pricing in a 2025-2026 data center energy squeeze have little reason to hold a name that won't deliver kilowatt-hours until the end of the decade.