NuScale Power's share price has experienced a significant contraction in 2025, declining from its October peak of $57.42 to approximately $13—a 77% drop that reflects broader market concerns about the small modular reactor (SMR) sector's near-term viability. The decline stems from multiple headwinds, including third-quarter earnings misses, shareholder dilution, and the departure of major investor Fluor Corporation, which had previously supported the company's development efforts. These factors have prompted investors to recalibrate expectations regarding the commercial timeline and return potential of advanced nuclear technologies.
Despite the valuation compression, NuScale achieved a notable milestone with regulatory approval for its first commercial project in Romania through a partnership with Nuclearelectrica. This international approval represents tangible progress in validating the company's small modular reactor technology and demonstrates market interest beyond its home market. However, the project's expected commercial operation date of 2033 underscores the extended capital and development cycles inherent in the nuclear sector.
Analysts view the current stock level as presenting a high-risk, high-reward proposition. The company's ability to transition from approved projects to sustained commercial revenue generation remains dependent on regulatory advancement, project financing, and broader energy market conditions. Investors considering exposure should assess their risk tolerance carefully, as the path to profitability involves substantial execution risks and extended timelines.