SMR

NuScale Power designs small modular nuclear reactors based on proven light-water reactor technology, scaled down to factory-fabricable modules. Each NuScale Power Module (NPM) produces 77 MWe of baseload electricity using passive safety systems that require no operator action or external power to shut down safely. A full VOYGR plant configures six modules for 462 MWe — enough to power a large data center campus or replace a retiring coal plant. The company went public via SPAC merger in 2022 and trades on the NYSE under ticker SMR.

The company's regulatory position is genuinely unique. NuScale received its first NRC Standard Design Approval in 2020 for the 50 MWe design, becoming the only SMR technology ever certified by the US nuclear regulator. In mid-2025, the NRC approved the uprated 77 MWe design ahead of schedule and under budget — NuScale's second NRC certification and still the only SMR company to hold any. This dual certification creates a meaningful head start over competitors like X-energy, Kairos Power, and GE Vernova, all of whom are years away from their own NRC approvals.

The commercial story, however, is more complicated. NuScale's flagship Carbon Free Power Project (CFPP) with Utah Associated Municipal Power Systems (UAMPS) was cancelled in November 2023 after cost escalations pushed the levelized cost of electricity above $89/MWh, well above competitive thresholds. Subscriber utilities dropped out as costs rose, and the project never reached the 80% subscription threshold needed to proceed. This cancellation was a body blow to NuScale's credibility and forced a strategic pivot toward a partnership-driven commercialization model.

That pivot centers on ENTRA1 Energy, a company NuScale designated as its exclusive global strategic partner for SMR commercialization. In August 2025, NuScale signed a Partnership Milestones Agreement (PMA) with ENTRA1 that triggered a $507M milestone payment when ENTRA1 signed a non-binding MOU with the Tennessee Valley Authority (TVA) for up to 6 GW of NuScale SMR capacity. This deal — and ENTRA1 itself — has become the central controversy surrounding NuScale. Short-seller Iceberg Research questioned ENTRA1's legitimacy, noting the company operated from a WeWork office shared with NuScale and had minimal public track record. Guggenheim Securities found "no information regarding the company's history, management team, size or capitalization" and identified just "3 employees and 1 investor." Multiple securities fraud class actions have been filed alleging NuScale misrepresented ENTRA1's capabilities. The stock has dropped from $57 to ~$13 as this controversy unfolded.