How to Invest in NuScale Power Corporation (SMR)

NuScale Power (SMR) is a developer of small modular nuclear reactors (SMRs), aiming to commercialize compact, factory-built reactor modules as an alternative to large conventional nuclear plants. Its flagship design is a pressurized-water reactor module that can be deployed individually or in groups to scale capacity, and it is among the few SMR designs to receive design certification or approval from the US Nuclear Regulatory Commission, a notable regulatory milestone. The pitch for SMRs is safer, more standardized, lower-upfront-cost nuclear power that can provide carbon-free, always-on baseload electricity, including for data centers and industrial users with growing power needs. NuScale is majority-affiliated with Fluor, an engineering and construction firm, and works with utility and government partners. The company is early-stage and largely pre-revenue from operating plants: it has not yet brought a commercial SMR online, and an earlier flagship deployment project was cancelled, underscoring cost and timeline challenges. Headquartered in Portland, Oregon, NuScale is a speculative, long-horizon bet on whether small modular reactors achieve commercial scale and cost-competitiveness.

NuScale is early-stage and largely pre-revenue, with ongoing operating losses, so it depends on its cash and periodic capital raises that can dilute shareholders. It has not yet brought a commercial SMR online, and an earlier flagship deployment project was cancelled over cost concerns, a stark reminder that SMR economics are unproven at scale. Nuclear projects face long timelines, heavy regulation, financing hurdles, and public and political sensitivity. Competition includes other SMR developers and alternative clean-power sources. The stock is highly volatile and trades on milestone news, government policy, and energy and AI-power sentiment. An investment could lose substantial value if deployments do not materialize.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see NuScale Power Corporation's investor relations page or your broker.

• Revenue (TTM): ~minimal operating revenue (pre-commercial; verify)
• Profitability: Unprofitable; ongoing operating losses
• Cash burn: ~tens of millions-plus per year (verify latest)
• Cash position: Supported by capital raises; varies (verify current)
• P/E ratio: Not meaningful (no earnings)
• Dividend: None
• Regulatory status: NRC-reviewed reactor design; no commercial plant operating yet
• Market cap: ~highly variable with sentiment (verify)

NuScale cannot be valued on earnings because it has little operating revenue and runs losses. The market prices it on the option value of small modular reactors reaching commercial deployment years out, so the stock is very volatile and moves on regulatory milestones, project announcements, government policy, and energy and AI-power sentiment. Figures are approximate and change frequently; verify current cash, burn rate, and share count, which dilution can move materially.

These are the investment theses SMR naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.

Other names that show up alongside SMR in the same themes. Worth a look if you're thinking about diversification within a single thesis rather than concentration on one ticker.

There are three common ways to get SMR exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so SMR sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where SMR fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

NuScale Power (SMR) is a speculative, early-stage play on whether small modular reactors reach commercial scale. In a portfolio it behaves as a high-volatility, milestone-driven energy-technology position whose value depends on future deployments, regulatory progress, and financing, not current earnings. A cancelled flagship project highlighted the cost and timeline risk, so it is typically sized small relative to established holdings.