NuScale Power (NYSE: SMR) — one of the most popular nuclear stocks on the market today — is entering a critical period in its exciting growth journey. Long term, the company is chasing a $10 trillion opportunity. Over the next five years, there are three specific catalysts I’ll be tracking closely.
1. Can NuScale Power finally get a nuclear plant online?
NuScale was the first company to obtain approval from the Nuclear Regulatory Commission for an SMR design in the U.S. Later, regulators approved an upscaled version of its designs for manufacture. While 74 SMR projects are currently under development worldwide, only one company — NuScale — is currently permitted to build one in the U.S.
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Early approval gives NuScale an advantage over the competition. The company could, at least on paper, get its plants built and online before its peers catch up, allowing it to establish critical proof points related to real-world costs and operating metrics. But so far, NuScale has yet to build an operating plant. Some of its biggest projects, including a prospective SMR plant in Romania that was agreed to more than five years ago, have faced continuous delays.
According to the latest projections, NuScale may not get its first plant operational until 2030 at the earliest. Other projections say 2032, or even later, is a more realistic estimate. Note that in 2019, the company believed it would achieve this milestone by 2027 — an overly optimistic prediction that will not come to pass.
2. What will happen with NuScale’s deal with TVA?
One of the most exciting projects in NuScale’s pipeline is a 6-gigawatt utility-scale project for the Tennessee Valley Authority, a major public utility serving a number of states. It is currently the largest SMR project in development in the U.S. Construction is slated to begin by late 2028, with a project completion date sometime in 2032.
This would be a game changer for NuScale if it can deliver the project as expected. But NuScale has experienced cancellations of large orders in the past, and for now, the market seems to be in a “wait-and-see” mode. In short, NuScale has several very exciting growth levers that may be realized over the next five years, but whether those catalysts actually come to pass is under legitimate question.
3. NuScale’s financials may be a bumpy ride
Because its project pipeline has lacked meaningful real-world traction, NuScale’s losses have continued to mount. In 2025, the company posted a net loss of $664 million — the biggest in its history.
