NuScale Power Stock Is Down 75% in 12 Months. Here's Why.

NuScale Power (SMR) has crashed 75% over the past 12 months as the company's small modular reactor technology remains stuck in pre-commercial limbo. Despite securing design certification—a regulatory milestone—NuScale has failed to deploy a single commercial reactor, and timeline projections still stretch years into the future.

Early investor optimism tied to AI and data center power demand has evaporated. Tech companies initially seen as natural customers for NuScale's SMR systems are now pursuing alternative power solutions, including fuel cells, rather than waiting for nuclear deployments that remain on the drawing board.

The collapse underscores the gap between regulatory approval and commercial viability in the nuclear space. While NuScale holds a certified design, the lengthy lead times and capital requirements for actual reactor construction have left the company without revenue-generating assets as competitors offer faster-to-market alternatives.