Does Google Nuclear Deal Change The Bull Case For NuScale Stock (SMR)?

• Google and Constellation Energy signed a 20-year power purchase agreement tied to efficiency upgrades at 11 existing nuclear units, which in turn drew investor attention to nuclear technology developers including NuScale Power that focus on small modular reactors and long-term carbon free power solutions.
• The agreement highlights rising, long-duration electricity demand from data centers, a trend that could influence how NuScale Power frames small modular reactor deployment economics, contract structures, and its efforts to convert interest from partners such as ENTRA1 Energy and TVA into firm, revenue-generating commitments.
• We will examine how NuScale Power's investment narrative is shaped by growing long-term nuclear demand from data center power agreements.

Seize the nuclear momentum by reviewing hand-picked SMR and related infrastructure opportunities through the 16 nuclear energy infrastructure stocks.

NuScale Power Investment Narrative Recap

To own NuScale Power, you need to believe that its NRC certified SMR design can turn long running interest from utilities and partners into binding contracts. The immediate swing factor is still a first commercial project, where ENTRA1 and TVA sit at the center of the story. Without that, revenue remains small and losses stay heavy.

Google’s 20 year nuclear deal underlines demand for dependable power, but it does not shorten NuScale’s licensing path or close its funding gap. The main short term catalyst is still a firm PPA that allows a NuScale based project to start licensing. The biggest risk is liquidity strain if contracts and grants slip.

The clearest link to the current interest is NuScale’s status as the only SMR developer with an NRC certified design. That regulatory position gives NuScale something concrete to sell into the kind of long duration power needs that hyperscalers are signaling, even if the Google and Constellation agreement itself does not involve SMRs.

Attention now turns to the upcoming third quarter 2026 results call on November 5. For you, the key watchpoints are updates on ENTRA1 and TVA discussions, any progress on the RoPower project in Romania, and detail on cash burn and potential funding. Those datapoints matter far more to NuScale’s execution risk than short term share price swings.

NuScale Power's narrative projects US$415.6 million revenue and US$47.0 million earnings by 2029. This assumes very large yearly revenue growth of 238.8% and an earnings improvement of about US$462.7 million from a loss of US$415.7 million today.

Uncover why NuScale Power's fair value indicates a 56% potential upside to its current price, which could narrow quickly.

Exploring Other Perspectives

For NuScale Power, the lowest analysts focus on ENTRA1 execution risk rather than data center demand. They worry PPA delays keep revenue nearer US$151.3 million and earnings around US$17.2 million by 2029, even before factoring in Google’s nuclear deal. Use that more cautious storyline to stress test your own view.

Explore 10 other NuScale Power fair value estimates, including one that suggests as much as 65% downside from the current price!

The Verdict Is Yours

Don't just follow the ticker. Dig into the data and build a conviction that's truly your own.

• A great starting point for your NuScale Power research is our analysis highlighting 1 key reward and 3 important warning signs that could impact your investment decision.
• See our latest analysis for NuScale Power. The report includes a comprehensive fundamental analysis summarized in a single visual, the Snowflake, making it easy to evaluate NuScale Power's overall financial health at a glance.

Looking for more NuScale Power style investment ideas?

If the NuScale Power story has sharpened your interest in long term themes, it can help to widen the lens and compare it with other potential opportunities using the Simply Wall St Screener.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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