NuScale Power (SMR) Weighs Independence as Fluor Exits Stake and Reactor Concerns Resurface

• In late December 2025, NuScale Power drew attention after a technical fault temporarily shut a unit at Finland’s Olkiluoto nuclear plant and Fluor moved to monetize and ultimately exit its large NuScale stake through conversion and sale agreements.
• Together, concerns around traditional large-scale reactors and Fluor’s plans to unlock value from its NuScale holding have sharpened focus on small modular reactor technology and NuScale’s future independence.
• We’ll now examine how Fluor’s planned exit from its NuScale stake could influence the company’s investment narrative and long-term outlook.

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NuScale Power Investment Narrative Recap

To own NuScale Power, you need to believe that small modular reactors can move from promising technology to commercial reality and secure long term customer contracts. The recent Olkiluoto fault appears more sentiment driven than fundamental, while Fluor’s planned exit is more likely to influence NuScale’s share trading and perceived independence than its core commercialization milestones. The most immediate swing factor still looks to be NuScale’s ability to fund and execute ENTRA1 and other early projects without excessive dilution.

The December 2025 approval to lift authorized Class A shares to 662,000,000 is the announcement most tied to today’s discussion. It formally gives NuScale room to raise additional equity for long dated projects like ENTRA1 and its manufacturing ramp, but it also reinforces dilution concerns at a time when Fluor is preparing to monetize its position and analysts are already focused on the share count and capital needs.

Yet behind the excitement around SMRs and Fluor’s exit, investors should be aware that NuScale’s reliance on future equity raises and complex project contracts could...

Read the full narrative on NuScale Power (it's free!)

NuScale Power's narrative projects $402.3 million revenue and $42.2 million earnings by 2028. This requires 121.5% yearly revenue growth and a $178.8 million earnings increase from $-136.6 million today.

Uncover how NuScale Power's forecasts yield a $36.58 fair value, a 124% upside to its current price.

Exploring Other Perspectives

Fifteen fair value estimates from the Simply Wall St Community span roughly US$1 to US$53 per share, underscoring just how far apart investor opinions can be. When you set that range against NuScale’s heavy dependence on future equity funding and timely ENTRA1 project execution, it becomes clear why many market participants are reaching very different conclusions about the company’s long term potential and risks.

Explore 15 other fair value estimates on NuScale Power - why the stock might be worth less than half the current price!

Build Your Own NuScale Power Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your NuScale Power research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.
• Our free NuScale Power research report provides 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.

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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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