NuScale Nears Potential Construction Milestone for Landmark Small Modular Reactor Project

NuScale Power (NYSE: SMR), the Portland-based developer of small modular reactor technology, could be approaching a pivotal moment: the possible start of construction on what would be the world’s largest small modular reactor (SMR) nuclear facility.

NuScale occupies a distinctive position in the emerging SMR sector. The company is currently the only firm with U.S. regulatory clearance for an SMR design, giving it a head start as interest in advanced nuclear energy accelerates. Its flagship product, the NuScale Power Module, is a light water reactor capable of generating 77 megawatts of electricity, and plants can be built up from multiple modules as energy demand grows.

Why SMRs Are Drawing Attention

Small modular reactors differ from conventional nuclear plants in several ways. While they tend to carry a higher cost per megawatt than large-scale reactors, they can typically be built faster and with lower initial capital outlays. Their modular architecture also allows operators to expand generating capacity incrementally rather than committing to a massive single project upfront.

That combination of speed and scalability has made SMRs particularly interesting to the artificial intelligence industry. Data centers powering AI workloads require enormous and rapidly growing quantities of electricity, and technology companies have been searching for reliable, carbon-free power sources that can be brought online quickly. Nuclear energy, with its around-the-clock output, is increasingly viewed as one candidate to fill that gap.

Market Snapshot

Shares of NuScale closed at $9.77 in the previous session and were trading at $9.70, down 0.72%, giving the company a market capitalization of roughly $2.98 billion. The stock trades in the industrials sector, classified under specialty industrial machinery.

As with any pre-revenue-adjacent advanced energy company, NuScale’s trajectory depends heavily on translating regulatory approvals into concrete projects — securing customers, financing, and ultimately shovels in the ground. The potential start of construction on a large-scale SMR facility would represent a tangible step from design and licensing toward commercial deployment, a transition that has historically proven difficult for next-generation nuclear ventures.

The broader context matters as well: momentum in the nuclear sector has been building as utilities, industrial customers, and AI-driven data center operators explore long-term power agreements with advanced reactor developers. NuScale’s regulatory first-mover status positions it among the companies best positioned to benefit if that interest converts into firm contracts.

What to watch

• Any formal announcement or permitting update regarding construction of the proposed large-scale SMR facility
• Customer or power purchase agreements, particularly with data center or AI infrastructure operators
• NuScale’s upcoming quarterly earnings and any revisions to project timelines or guidance
• Regulatory developments affecting SMR approvals for competing reactor designs

Source: original release