NuScale Power Corporation: Tech & regulatory leader with limited commercial traction; Reinstate at Neutral

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NuScale Power Corporation: Tech & regulatory leader with limited commercial traction; Reinstate at Neutral

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NuScale Power Corporation

Tech & regulatory leader with limited

commercial traction; Reinstate at Neutral

Reinstating Coverage: NEUTRAL | PO: 12.00 USD | Price: 11.33 USD

A step ahead of peers but facing execution challenges 22 May 2026

We reinstate NuScale Power (SMR) with a Neutral rating and $12 PO. Its first-mover Equity

regulatory advantage, as the only small modular reactor (SMR) with U.S. Nuclear

Regulatory Commission (NRC) Standard Design Approval, alongside its use of Rinny Singh Research Analyst

conventional low enrich uranium (LEU) fuel, provides a clear credibility lead versus peers. BofAS

Partnerships with Doosan, Fluor, and ENTRA1, which assumes project development and +1rinny.singh@bofa.com646 855 5729

execution risk, further support its positioning. However, revenues remain tied to Ross Fowler, CFA

services, first reactor power is not expected until the early 2030s, and converting Research Analyst

BofAS

agreements to firm deals has been slower than anticipated. Importantly, at a time when +1 646 855 1506

SMR deployment requires significant upfront capital and balance sheet backing, peers ross.fowler@bofa.com

have increasingly secured hyperscaler-supported agreements—an area where NuScale F. Paul Cole

Research Analyst

remains underexposed. At the same time, project costs are accelerating cash burn ahead BofAS

of manufacturing revenues, increasing near-term funding risk. Thus, at current levels, we +1 646 743 2122 paul.cole2@bofa.com

see limited near-term upside, with valuation already reflecting NuScale’s technology

Nicolas Woods

leadership and its execution and financing challenges. Research Analyst