NuScale, GE Vernova, and Bloom Energy position nuclear SMR, gas-bridge, and fuel-cell solutions for AI data center baseload power through 2028-30.

NuScale Power's stock has dropped over 80% in the past 12 months, and the company has weathered significant setbacks this year—including the exit of its largest shareholder, Fluor, and a $507.4 million milestone payment to commercialization partner ENTRA1 Energy. Delays in project timelines and skyrocketing operating losses amid declining revenue have prompted investors to exit the company. A class action lawsuit has also been filed against NuScale for allegedly misleading investors regarding ENTRA1's capabilities and experience.

Despite these headwinds, a critical catalyst may be on the horizon. NuScale's 6-gigawatt small modular reactor (SMR) project for the Tennessee Valley Authority, a major utility operator, could imminently receive a power purchase agreement (PPA). According to CEO John Hopkins, the company expects to secure a PPA by the end of 2026. A signed agreement would lock in revenue from a utility company for years or even decades, providing crucial stability to NuScale's operations and fundamentals.

The tailwinds for nuclear energy remain strong. AI-related power demand has been a substantial boon for the sector, and NuScale's SMR design was the first to receive full approval from the U.S. Nuclear Regulatory Commission—giving the company a genuine first-mover advantage in an increasingly competitive industry. With the stock now trading near its 52-week low at just under $9 per share, long-term investors bullish on the new age of nuclear power may see meaningful upside potential, though the risks remain substantial.