Key Takeaways
- NuScale Power stock rose 7% today after it hired Doosan Enerbility to build the first upper reactor coolant system for its power module, outpacing Oklo and BWX Technologies.
- The contract starts turning NuScale’s NRC-approved design into hardware.
- NuScale still has no binding order, and its revenue was $75,000 in the second quarter of 2026.
- The Nov. 5 third-quarter report is the next check on the TVA talks.
NuScale Power (SMR) stock is up 7% today after it signed a contract with Doosan Enerbility (KRX: 034020) to build the upper reactor coolant system for its power module in Changwon, South Korea. Neither company disclosed the contract’s value or a customer.
Other nuclear names rose less: Oklo (OKLO) gained about 2%, and BWX Technologies (BWXT) rose 3%.
NuScale Goes From Blueprint to Hardware
The two companies have worked on the manufacturing since 2019. This contract moves them from preparation into production of the first unit.
“This agreement is a meaningful step in converting our approved design into deliverable modules,” NuScale CEO John Hopkins said in the company’s release.
The NRC approved NuScale’s 77-megawatt module design in May 2025. Long-lead material for 12 modules was already in production at Doosan, carried at $68.6 million at June 30, 2026.
Oklo is further from revenue. Analysts expect losses of $0.98 a share in 2026 and $1.05 in 2027, and its Nov. 6 report is the next update on its licensing timeline.
BWX Technologies is building its own commercial business. Its Commercial Operations revenue rose 72% to $302.5 million in the second quarter of 2026. Its July 1 purchase of Precision Components Group gave it a U.S. base for making commercial nuclear components. Its Nov. 2 report will show whether small-reactor work is reaching it.
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Now NuScale Needs a Buyer
NuScale’s revenue was $75,000 in the second quarter of 2026, down from $8.1 million a year earlier. It sells through ENTRA1, its exclusive partner, and ENTRA1 is still negotiating a definitive agreement with the Tennessee Valley Authority. That deal covers up to 6 gigawatts, about 72 modules, but it isn’t binding yet.
Analysts expect revenue to reach $236 million in 2028:
That ramp needs a signed order, and today’s contract isn’t one, so I don’t expect it to lift the estimates.
NuScale had about $1.9 billion of cash and investments at June 30, 2026, so it can afford to wait. But it has paid for that in stock: Class A shares plus Class B units rose to 429.7 million from 231.4 million at the end of 2023. It has also paid ENTRA1 $507.4 million, the last of it in the first quarter of 2026, after ENTRA1’s non-binding TVA agreement triggered the first milestone.
A binding power purchase agreement would trigger the next milestone payment, even before ENTRA1 places a module order with NuScale. If it covers all 72 modules, that payment would be about $1.2 billion, much of NuScale’s $1.9 billion.
What NuScale Has to Show on Nov. 5
Today’s contract starts turning NuScale’s approved design into hardware, and the stock deserves the bounce. To go further, it needs TVA to sign with ENTRA1, and then ENTRA1 to turn that into a binding module order. The third-quarter call on Nov. 5 is the next chance to hear whether either is closer.
So What Is NuScale Power Stock Actually Worth?
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