Key Takeaways
- NuScale Power shares rose 10% in the week to Nov. 12 after its third-quarter loss shrank, even with a 7.8% drop on the final day.
- Oklo and Constellation Energy rallied on their own earnings. On Nov. 12, NuScale and Oklo fell while Constellation kept climbing.
- There’s no binding order yet, but $1.9 billion of cash and investments covers most of NuScale’s market value.
- A binding deal between ENTRA1 and the Tennessee Valley Authority is the upside to watch.
NuScale Power (SMR) stock rose 10% from its Nov. 5 close to its Nov. 12 close, bouncing off a 52-week low on a report that showed it finally building hardware. The gain held even after a 7.8% drop on Nov. 12.
Oklo (OKLO) and Constellation Energy (CEG) rose 27% and 18% over the same stretch on their own quarterly reports.
A smaller loss, and a part in production
NuScale lost 11 cents a share in the third quarter, down from $1.85 a year earlier, when a one-time payment to its partner ENTRA1 swelled costs. Revenue was just $281,000, down from $8.2 million, because engineering work on Romania’s RoPower project wrapped up in late 2025. The bigger news came on Oct. 29, when Doosan Enerbility signed on to fabricate the most complex part of NuScale’s first module.
“This was a significant quarter for NuScale as we progressed from development to physical production of our first commercial NuScale Power Module,” CEO John Hopkins said.
Analysts expect revenue to go from almost nothing this year to $435 million by 2029:
All of it rests on orders nobody has signed yet.
The nuclear trade did the rest
Oklo posted a smaller-than-expected loss and lined up forging capacity for 27 reactors it hasn’t sold yet, the same bet NuScale is making with Doosan. Constellation beat on adjusted earnings ($5.06 a share against $3.89 expected) and raised its 2026 guidance on Nov. 9. That’s demand for nuclear power already on the grid. Can NuScale turn any of it into orders for new reactors?
On Nov. 11, Ontario Power Generation said its first BWRX-300 reactor will run late and over budget. The next day, NuScale fell 7.8% and Oklo 5.5%, while Constellation, which already runs reactors, rose 2.8%.
TIKR tracks 19 analysts on NuScale Power. How many say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on NuScale Power, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See NuScale Power’s Analyst Ratings
You’re mostly paying for the cash
NuScale ended September with $1.9 billion of cash and investments, against a market value of about $2.1 billion. The average analyst target of about $8.60 still sits nearly 80% above the stock. NuScale did sell $985 million of stock this year to build that cash, though.
At close to its cash, NuScale looks like a reasonable speculative bet, with a signed order as upside the price barely reflects. On the Nov. 5 call, Hopkins called ENTRA1 Energy’s talks with the Tennessee Valley Authority “a process,” adding, “It’s been lengthy, we know.” The next check is the full-year report, expected in late February.
So what is NuScale stock actually worth?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
