SMR

NuScale is the only U.S. NRC design-approved small modular reactor developer, down roughly 50% YTD 2026 even as AI-driven power demand makes SMRs one of the most talked-about capacity solutions in the market — a real rebound setup if its 6GW Tennessee Valley Authority deployment update (expected H2 2026) lands as a firm agreement. ⚠️ Survival risk needs to be named upfront: NuScale burned roughly $315M in operating cash in Q1 2026 alone against ~$890M in total liquidity — under 12 months of runway at that pace — and leans on an active ATM equity program that will keep diluting shareholders, especially with historic majority backer Fluor now exiting its stake. The bull case isn't 'ignore the burn' — it's that a firm TVA agreement would plausibly bring a strategic customer prepayment or co-investment that closes the funding gap on far better terms than another ATM sale, the way large nuclear megaprojects are typically financed. Aug 5 earnings is the near-term readout on burn rate and TVA commentary; the TVA update itself is the real moonshot catalyst.