• NuScale Power and MillenniTEK recently produced first-of-a-kind boron-oxide pellets for NuScale’s passive emergency core cooling system, a step that supports commercialization of its NRC-approved small modular reactor design and highlights growing supply chain capabilities for next-generation nuclear components.
• The surge of interest in nuclear stocks tied to AI-driven power demand has pulled NuScale’s SMR technology into focus despite limited commercial revenue and the absence of binding power purchase agreements.
• Now we will look at how AI driven nuclear enthusiasm and NuScale’s regulatory lead reshape the company’s broader investment narrative.

Surf 91 nuclear energy infrastructure stocks that could also benefit if AI driven electricity demand continues to funnel attention and capital toward nuclear infrastructure plays.

NuScale Power Investment Narrative Recap

To own NuScale Power, you need to think the NRC approved SMR design can turn into real projects with paying customers. The big near term swing factor is still a long term power purchase agreement, particularly with TVA through ENTRA1 Energy. Without that, the fabrication win with MillenniTEK does not change the core risk that NuScale has limited commercial revenue today and no binding PPAs. It does show progress on manufacturability and safety systems, which supports the story, but the immediate pressure on cash burn, dilution and funding timelines remains largely intact.

The announcement that NuScale plans to roll out nuclear specific AI tools with Nuclearn and NPX’s AtomAssist platform connects directly to the commercialization challenge. Faster engineering cycles could help move projects like RoPower in Romania and potential TVA deployments through design and licensing stages more efficiently. That may matter for timing of module orders and future revenue, especially as AI driven power demand keeps utilities exploring new baseload options. The risk side is clear. Q2 revenue fell sharply, there is no major replacement work yet, and a US$750m at the market offering signals ongoing dilution pressure.

Even so, once you weigh that regulatory lead against the dilution, the missing PPAs, and one more issue that often gets skipped...

Read the full NuScale Power narrative to see the case behind these numbers.

NuScale Power's current narrative assumes revenue could reach US$442.0 million and earnings US$49.7 million by 2029, based on analysts' estimates of roughly 245.8% yearly top line growth. That earnings path indicates a shift from a loss of US$415.7 million today to a profit of US$49.7 million, an earnings change of about US$465.4 million over that period.

NuScale Power's forecasts place fair value at $12.63 versus a $10.81 share price. This implies a 17% upside to its current price that could narrow fast.

Exploring Other Perspectives

One alternate story around NuScale Power leans hard into the TVA and ENTRA1 program as the real catalyst. In that version, bullish analysts were pencilling in about US$637.3 million of revenue and US$71.6 million of earnings by 2029, far above consensus. Those estimates all pre date the MillenniTEK pellet news, so you should expect opinions to move as new information lands.

If you want a broader read on where investors think NuScale Power should trade, compare it with 10 other fair value estimates for NuScale Power.

Form Your Own Verdict

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so consider your own analysis and judgment.

• A great starting point for your NuScale Power research is our analysis highlighting 1 key reward and 3 important warning signs that could impact your investment decision.
• See our latest analysis for NuScale Power. The report includes a comprehensive fundamental analysis summarized in a single visual, the Snowflake, making it easy to evaluate NuScale Power's overall financial health at a glance.

Looking For More Investment Ideas Beyond NuScale Power?

If NuScale Power has sharpened your interest in how specific themes and fundamentals shape long term returns, it can help to scan a wider field of stocks that share some of the qualities you care about while avoiding the ones you do not.

• If stability and downside protection matter most to you, consider starting with a 80 resilient stocks with low risk scores that score well on resilience and risk controls.
• If you prefer companies with cleaner balance sheets and fewer funding pressures, filter for businesses on the list of solid balance sheet and fundamentals (24 results) to see who stacks up well on debt and liquidity.
• If you are hunting for under followed opportunities with room for the story to develop, widen your search using 17 high quality undiscovered gems that combine quality fundamentals with less crowded ownership.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.