Can NuScale Power Achieve Its Ambitious 2030 Nuclear Deployment Milestone?

The 6GW Initiative: Progress and Pathway Forward

NuScale Power Corporation is executing an expansive strategy to deliver 6 gigawatts of new nuclear capacity in partnership with ENTRA1 and the Tennessee Valley Authority (TVA). This initiative encompasses approximately 72 small modular reactor (SMR) units distributed across multiple locations, positioning it as America’s most significant SMR deployment project to date.

The flagship facility will begin commercial operations around 2030 with 12 reactor modules as its foundation. However, translating this objective from blueprint to reality requires coordinated execution across multiple critical workstreams: TVA and ENTRA1 must finalize site parameters, execute comprehensive engineering assessments, and convert preliminary term sheets into legally binding power purchase agreements (PPAs). While NuScale Power reports constructive progress in these negotiations, a definitive contract signature remains pending.

Simultaneously, the company is navigating the combined operating license (COL) application pathway with regulators—a prerequisite before physical construction can commence. NuScale Power is bankrolling preliminary activities through structured milestone payments. During Q3 2025, the company deployed $128.5 million against its first development milestone. With $753.8 million in available cash reserves, bolstered by recent equity market offerings, management asserts sufficient liquidity exists to fund pre-equipment procurement phases.

Whether the 2030 deployment timeline remains achievable hinges on synchronized advancement across engineering validation, regulatory approval pathways, supply chain maturation, and customer commitment finalization. Current momentum suggests the target is attainable, though unforeseen delays in PPA finalization, licensing procedures, or site preparations could necessitate schedule adjustments.

Competitive Landscape: NuScale Navigates a Dynamic Market

The SMR sector presents intensifying competitive dynamics. BWX Technologies and GE Vernova represent formidable challengers to NuScale Power’s market position. GE Vernova and Samsung C&T announced a strategic collaboration in September 2025 aimed at accelerating deployment of the BWRX-300 reactor design outside North America. This partnership emphasizes integrated supply chain development and enhanced project execution methodologies.

BWX Technologies strengthened its competitive positioning in October 2025 by establishing agreements with Rolls-Royce SMR for steam generator design and critical component manufacturing. These partnerships, combined with BWX’s nuclear sector manufacturing expertise and its expanded Canadian production facilities, fortify the company’s standing in the advanced reactor supply ecosystem.

Financial Performance and Market Valuation

NuScale Power’s equity has experienced substantial depreciation, declining 55.6% over six months while the broader Computer and Technology sector advanced 23.3%. From a valuation perspective, the company trades at a forward price-to-sales multiple of 105.38X, significantly exceeding the sector median of 6.62X.

The 2025 consensus earnings forecast reflects substantial losses of $1.64 per share—a material deterioration from the 46-cent loss projected 60 days earlier. This represents a striking contrast to the 42-cent earnings per share generated in the comparable year-ago period, illustrating mounting financial headwinds and market skepticism regarding profitability timelines.

The Path Ahead: Execution Remains Critical

NuScale Power’s success trajectory depends fundamentally on whether the corporation and its collaborative partners can sustain development velocity across all operational dimensions. The 6GW program represents the cornerstone of the company’s long-term expansion narrative. Industry observers will closely monitor PPA negotiations, regulatory approval milestones, and construction commencement timelines as key indicators of whether the organization can deliver on its ambitious 2030 objectives while navigating intense competitive pressures and demanding financial markets.