NuScale Power (SMR)

SMR developer (NuScale) — modular light-water reactors (early commercialization)

AI exposure 80% — derived from reported segment revenue, not asserted.

Where it sits

Energy Supply & Critical Minerals → Small Modular Reactors (SMRs) · figures rebased to Q2 2026, reported 2026-08-05

VOYGR small modular reactor design + engineering services (NRC-approved 50/77MW modules) is 100% of revenue, so Small Modular Reactors (SMRs) is effectively the whole company rather than one leg of it.

Reported segments

• SMR technology & engineering (VOYGR) — 100% of revenue

NuScale Power ($75K Q2 2026, -99.1% YoY after the Fluor RoPP completion) — first NRC-approved SMR design (VOYGR, 50/77MW modules). Sells reactor technology + engineering (works with Entra1, ENTRA). Data-center power interest. Primary B4 Small Modular Reactors. The AI-power-future play. Will supply SMR tech for data-center power; competes OKLO/other SMR developers; partners with utilities/foundries (Doosan).

How the 80% is built

• SMR technology & engineering (VOYGR) — 100% of revenue × 80% AI-driven (estimate). NuScale's commercial pipeline and industry narrative are now centered on data-center power, though revenue is still minimal and early-stage

Investment read

Moat. Sole NRC Standard Design Approval, covering both the 50 MWe and 77 MWe modules — a 2-4 year regulatory lead on Oklo, TerraPower and Kairos, since a customer can reference an approved design in its licence application. Backed by 12 modules in production stages and >50% of 60+ suppliers under contract. Still a licensing and supply-chain lead, not a commercial position: no signed PPA, no operating plant.

Bottleneck / pricing power. No pricing power and, more tellingly, no disclosed price — NuScale still declines to guide $/MWh or $/module, and the 2023 UAMPS cancellation came at cost escalation to ~$89/MWh. Q2 2026 revenue was $75K.

Role in the AI stack. The would-be modular-reactor layer — early commercialization.

Connected companies

• Oklo (OKLO) — SMR competes with: Two leading pure-play SMR developers — Oklo microreactor/recycled fuel vs NuScale light-water
• Cameco (CCJ) — SMR competes with: SMR design overlap — NuScale VOYGR vs Westinghouse, to which Cameco has indirect 49% exposure
• BWX Technologies (BWXT) — SMR is supplied by: BWXT Canada engaged on the upper reactor pressure vessel and steam generator for the NuScale Power Module

Others in Small Modular Reactors (SMRs)

• Oklo (OKLO)

All 174 companies · What moved this quarter · How the map is built