Why NuScale Power Stock Fell 29% in the First Half of 2026

NuScale Power (SMR) dropped 29% in the first half of 2026 as the small modular reactor developer grapples with a stark reality: zero operating reactors and a seven-year wait until its first module ships in 2031. The stock's collapse reflects mounting investor skepticism over the company's ability to translate its technology lead into revenue.

The damage was quantifiable. NuScale posted a $690 million operating loss in Q4 2025 and made a $507.4 million milestone payment to commercialization partner ENTRA1 Energy. Q1 2026 revenue plummeted, though the company still holds $890 million in cash reserves. The exodus of major shareholder Fluor—which sold its entire stake—amplified concerns about the timeline and execution risk.

The core issue: NuScale lacks firm revenue-generating contracts despite being the only SMR company with U.S. Nuclear Regulatory Commission design certification. With its first customer delivery six years out and losses accelerating, the stock has become a pure speculation on nuclear's long-term resurgence.