NuScale Power 주가가 폭락하면서, 소형 모듈식 원자로(SMR) 회사가 데이터센터 애플리케이션을 겨냥한 원전 기술의 상용화 차질에 직면하고 있다.

NuScale Power stock plummeted 13.5% Friday through 2 p.m. ET following a downgrade from UBS analyst Jon Windham. The Swiss bank rerated the company from neutral to sell and slashed its price target to $6 from $10, a dramatic reversal from the previous day's $10 valuation.

Windham's reasoning centers on NuScale's deteriorating competitive position. While rivals are approaching the point where they can begin constructing nuclear power plants, NuScale faces a critical constraint: its estimated 5+ year build timeline combined with a lack of firm customer commitments threatens to leave it behind. In the best-case scenario, Windham projects NuScale might begin a single construction project by 2028.

The more immediate concern is cash runway. UBS estimates that NuScale will burn $700 million in negative free cash flow between 2026 and 2028—consuming roughly 65% of its cash reserves. Other analysts tracked by S&P Global Market Intelligence paint a bleaker picture, estimating cash burn closer to $1 billion over the same period, which would nearly deplete the company's liquidity.

Relief may eventually arrive. Windham forecasts revenue will climb from today's $11 million to $185 million by 2028. However, the central challenge for NuScale remains unchanged: reaching profitability before exhausting its cash reserves.