NuScale Power Targets AI Data Centers Amid Financial Losses

NuScale Power is positioning its small modular reactor (SMR) technology to meet the surging electricity demands of the artificial intelligence industry and its associated data centers. As the only developer to receive Standard Design Approvals from the U.S. Nuclear Regulatory Commission, the company has secured agreements with the Tennessee Valley Authority and the government of Romania to deploy its modular plants. The Tennessee Valley Authority project is planned as the largest nuclear power deployment program in U.S. history.

Despite these technical milestones, the company faces severe financial headwinds. After reaching a market capitalization of nearly $9 billion in 2025, its stock has fallen more than 75% to under $10 per share, reducing its market cap to below $3 billion. NuScale reported a net loss of approximately $355 million in 2025 and expects continued losses and shareholder dilution until its first plant becomes operational, which is not anticipated until at least 2030.

Bank of America research indicates that SMRs offer advantages in safety and affordability over conventional plants, noting that nuclear energy may be a critical solution for AI-driven power needs. Market analysts also suggest that a potential initial public offering of Space Exploration Technologies Corp. and its plans for orbital data centers could increase investor interest in innovative energy sources like NuScale's technology.