NuScale and Oklo Compete to Disrupt Nuclear Energy Market
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3 days ago
0mins
Should l Buy SMR?
Source: Fool
- Market Competition: Both NuScale and Oklo aim to disrupt the nuclear energy market with small modular reactors (SMRs) and microreactors, with NuScale's stock plummeting nearly 80% since last year while Oklo's has only declined 20%, indicating differing market expectations for the two companies.
- Technological Advantages: NuScale's SMR design has received Standard Design Approval from the U.S. Nuclear Regulatory Commission and is set to be used in a 462 MWe plant in Romania, while Oklo's microreactors start at 1.5 MWe, offering greater flexibility for deployment in remote areas.
- Revenue Outlook: Analysts expect NuScale's revenue to rise from $31 million to $287 million between 2025 and 2028, despite its first reactors not coming online until the early 2030s, while Oklo anticipates generating $16 million in revenue in 2027, highlighting the differences in their growth trajectories.
- Valuation Analysis: Oklo's market cap stands at $9.7 billion, trading at over 600 times its projected 2027 sales, while NuScale's market cap is $3.9 billion, with a more reasonable valuation at 19 times its 2027 sales, reflecting the market's differing valuation strategies for the two firms.
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Analyst Views on SMR
Wall Street analysts forecast SMR stock price to rise
13 Analyst Rating
5 Buy
6 Hold
2 Sell
Hold
Current: 12.160
Low
18.50
Averages
32.77
High
60.00
Current: 12.160
Low
18.50
Averages
32.77
High
60.00
About SMR
NuScale Power Corporation is a provider of proprietary advanced small modular reactor nuclear technology. The NuScale Power Module, the Company's SMR technology, is a small pressurized water reactor that can generate 77 megawatts of electricity (MWe) or 250 megawatts thermal (gross) and can be scaled to meet customer needs through an array of flexible configurations of up to 924 MWe (12 modules) of output. In addition to the sale of NPMs, it offers a diversified suite of services throughout the development and operating life of the power plant. The Company's suite of services is planned to include licensing support, testing, training, fuel supply services and program management, among others. It serves a range of customers consisting of governments, political subdivisions, state-owned enterprises, investor-owned utilities and other technology and industrial companies, both in domestic and international markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
NuScale Power Advances Small Modular Reactor Development
- Nuclear Market Opportunity: Research from Bank of America estimates a $10 trillion market opportunity for nuclear energy, with NuScale Power's small modular reactor (SMR) technology at the forefront of this renaissance, indicating significant commercial potential.
- Unique Technology: NuScale is the only U.S. company with an SMR design approved by the Nuclear Regulatory Commission (NRC), and while it has yet to make its first sale, its unique technology positions it favorably in the future market.
- Project Progress: NuScale is advancing its potential first SMR project in Romania and is in talks with the Tennessee Valley Authority to deploy up to 6 gigawatts of SMR capacity across seven states, demonstrating its commitment to market expansion.
- Financial Challenges: Despite the promising technology outlook, NuScale is currently operating at a net loss and has not yet achieved profitability, with the lack of a first sale making its revenue growth timeline uncertain, prompting investors to assess risks carefully.
See More
NuScale Power Receives Positive News on SMR Project
- Nuclear Project Progress: RoPower's decision to advance its nuclear power plant project in collaboration with NuScale Power signifies a potential first customer for NuScale, although financing is still required to achieve construction goals.
- Financing Challenges: RoPower's investment decision is merely the first step, as it now needs to secure funding to support the power plant's construction; failure to do so could turn NuScale's good news into a disappointment.
- Business Model Uncertainty: Despite NuScale's estimated liquidity of approximately $1.3 billion by the end of 2025, its business model faces challenges, particularly as the delivery and scalability of SMRs remain untested.
- Technology Validation Critical: The delivery of NuScale Power's first SMR will be crucial for proving its technology; only upon successful validation can it attract more commercial customers, making it currently suitable for aggressive investors only.
See More
NuScale Power Partners with RoPower for Modular Reactors
- Partnership Progress: NuScale Power has partnered with Romanian power company RoPower to utilize six small modular reactors, marking a significant advancement in the European market for NuScale, although financing is still required to realize the project.
- Business Model Challenges: While NuScale Power's revenue primarily comes from services provided to Fluor, its true business model hinges on successfully delivering its first commercial SMR, which has yet to be achieved, posing significant profitability challenges.
- Financing Risks: RoPower's investment decision is merely the first step, as it now needs to secure sufficient funding to construct the nuclear power plant; failure to do so could turn NuScale's positive news into a setback, impacting its market outlook.
- Liquidity Status: As of the end of 2025, NuScale Power estimates it has approximately $1.3 billion in liquidity, indicating ample cash on hand, but the ability to execute and deliver the first SMR remains critical in determining whether future commercial customers will emerge.
See More
US Nuclear Energy Faces Increased Risks from Foreign Uranium Dependency
- Uranium Import Dependency: The United States currently imports approximately 95% of its uranium, leaving its nuclear fleet almost entirely reliant on foreign fuel, which heightens national security risks.
- Policy Support for Domestic Production: In January 2026, the White House formally designated uranium as a national security risk, paving the way for potential import restrictions, price floors, and direct federal support for domestic miners to strengthen the uranium supply chain.
- Eagle's Market Entry: Eagle Nuclear Energy Corp. began trading on NASDAQ in February 2026, marking its entry as a U.S.-focused uranium development company, with its flagship Aurora project considered the largest conventional uranium deposit in the U.S., containing 32.75 million pounds of indicated uranium.
- Investment Decisions in the Industry: Denison Mines announced a Final Investment Decision to proceed with the construction of the Phoenix uranium mine, with site preparation set to begin in March 2026 and first production targeted for mid-2028, signaling a new era for Canadian uranium mining.
See More
U.S. Uranium Supply Security Policy Upgrade
- Uranium Import Dependency: The U.S. currently imports about 95% of its uranium, making its nuclear fleet almost entirely reliant on foreign fuel, significantly raising national security risks and prompting a policy shift to support domestic uranium production.
- Policy Support: In January 2026, the White House issued a Section 232 proclamation designating uranium as a national security risk, paving the way for import restrictions, price floors, and direct federal support for domestic miners, which is expected to enhance the domestic uranium supply chain.
- Project Advancements: Eagle Nuclear Energy Corp. announced its membership in the Uranium Producers of America, highlighting its commitment to strengthening U.S. uranium supply, while its Aurora project boasts 32.75 million pounds of uranium reserves, indicating significant potential in the domestic market.
- Industry Investment: Centrus Energy was awarded $900 million by the DOE to expand its uranium enrichment facility, expected to create 1,000 construction jobs and 300 new operating roles, further revitalizing the U.S. nuclear fuel supply chain.
See More
NuScale Executives Sued for Securities Fraud Amid Stock Plunge
- Lawsuit Background: NuScale Power Corporation and its executives are facing a class action lawsuit for alleged misrepresentations about ENTRA1, resulting in a stock price drop of over 12.4% within two days, from $32.46 to $28.43 per share, indicating severe investor concerns regarding the company's financial transparency.
- Financial Misrepresentation: On November 6, 2025, NuScale disclosed a staggering increase in general and administrative expenses from $17 million to $519 million, primarily due to a $495 million payment to ENTRA1 for services, raising significant doubts about the company's financial health among investors.
- ENTRA1's True Situation: While NuScale claimed ENTRA1 had extensive experience in power project development, it was revealed that ENTRA1, established only three years ago, had never built, financed, or operated any significant projects, leading to a crisis of trust in NuScale following this disclosure.
- Legal Consequences: Investors are encouraged to apply to lead the lawsuit by April 20, 2026, with claims based on Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, indicating that the legal accountability of NuScale executives could have profound implications for the company's future operations.
See More
NuScale Power Advances Small Modular Reactor Development
- Nuclear Market Opportunity: Research from Bank of America estimates a $10 trillion market opportunity for nuclear energy, with NuScale Power's small modular reactor (SMR) technology at the forefront of this renaissance, indicating significant commercial potential.
- Unique Technology: NuScale is the only U.S. company with an SMR design approved by the Nuclear Regulatory Commission (NRC), and while it has yet to make its first sale, its unique technology positions it favorably in the future market.
- Project Progress: NuScale is advancing its potential first SMR project in Romania and is in talks with the Tennessee Valley Authority to deploy up to 6 gigawatts of SMR capacity across seven states, demonstrating its commitment to market expansion.
- Financial Challenges: Despite the promising technology outlook, NuScale is currently operating at a net loss and has not yet achieved profitability, with the lack of a first sale making its revenue growth timeline uncertain, prompting investors to assess risks carefully.
See More
NuScale Power Receives Positive News on SMR Project
- Nuclear Project Progress: RoPower's decision to advance its nuclear power plant project in collaboration with NuScale Power signifies a potential first customer for NuScale, although financing is still required to achieve construction goals.
- Financing Challenges: RoPower's investment decision is merely the first step, as it now needs to secure funding to support the power plant's construction; failure to do so could turn NuScale's good news into a disappointment.
- Business Model Uncertainty: Despite NuScale's estimated liquidity of approximately $1.3 billion by the end of 2025, its business model faces challenges, particularly as the delivery and scalability of SMRs remain untested.
- Technology Validation Critical: The delivery of NuScale Power's first SMR will be crucial for proving its technology; only upon successful validation can it attract more commercial customers, making it currently suitable for aggressive investors only.
See More
NuScale Power Partners with RoPower for Modular Reactors
- Partnership Progress: NuScale Power has partnered with Romanian power company RoPower to utilize six small modular reactors, marking a significant advancement in the European market for NuScale, although financing is still required to realize the project.
- Business Model Challenges: While NuScale Power's revenue primarily comes from services provided to Fluor, its true business model hinges on successfully delivering its first commercial SMR, which has yet to be achieved, posing significant profitability challenges.
- Financing Risks: RoPower's investment decision is merely the first step, as it now needs to secure sufficient funding to construct the nuclear power plant; failure to do so could turn NuScale's positive news into a setback, impacting its market outlook.
- Liquidity Status: As of the end of 2025, NuScale Power estimates it has approximately $1.3 billion in liquidity, indicating ample cash on hand, but the ability to execute and deliver the first SMR remains critical in determining whether future commercial customers will emerge.
See More
US Nuclear Energy Faces Increased Risks from Foreign Uranium Dependency
- Uranium Import Dependency: The United States currently imports approximately 95% of its uranium, leaving its nuclear fleet almost entirely reliant on foreign fuel, which heightens national security risks.
- Policy Support for Domestic Production: In January 2026, the White House formally designated uranium as a national security risk, paving the way for potential import restrictions, price floors, and direct federal support for domestic miners to strengthen the uranium supply chain.
- Eagle's Market Entry: Eagle Nuclear Energy Corp. began trading on NASDAQ in February 2026, marking its entry as a U.S.-focused uranium development company, with its flagship Aurora project considered the largest conventional uranium deposit in the U.S., containing 32.75 million pounds of indicated uranium.
- Investment Decisions in the Industry: Denison Mines announced a Final Investment Decision to proceed with the construction of the Phoenix uranium mine, with site preparation set to begin in March 2026 and first production targeted for mid-2028, signaling a new era for Canadian uranium mining.
See More
U.S. Uranium Supply Security Policy Upgrade
- Uranium Import Dependency: The U.S. currently imports about 95% of its uranium, making its nuclear fleet almost entirely reliant on foreign fuel, significantly raising national security risks and prompting a policy shift to support domestic uranium production.
- Policy Support: In January 2026, the White House issued a Section 232 proclamation designating uranium as a national security risk, paving the way for import restrictions, price floors, and direct federal support for domestic miners, which is expected to enhance the domestic uranium supply chain.
- Project Advancements: Eagle Nuclear Energy Corp. announced its membership in the Uranium Producers of America, highlighting its commitment to strengthening U.S. uranium supply, while its Aurora project boasts 32.75 million pounds of uranium reserves, indicating significant potential in the domestic market.
- Industry Investment: Centrus Energy was awarded $900 million by the DOE to expand its uranium enrichment facility, expected to create 1,000 construction jobs and 300 new operating roles, further revitalizing the U.S. nuclear fuel supply chain.
See More
NuScale Executives Sued for Securities Fraud Amid Stock Plunge
- Lawsuit Background: NuScale Power Corporation and its executives are facing a class action lawsuit for alleged misrepresentations about ENTRA1, resulting in a stock price drop of over 12.4% within two days, from $32.46 to $28.43 per share, indicating severe investor concerns regarding the company's financial transparency.
- Financial Misrepresentation: On November 6, 2025, NuScale disclosed a staggering increase in general and administrative expenses from $17 million to $519 million, primarily due to a $495 million payment to ENTRA1 for services, raising significant doubts about the company's financial health among investors.
- ENTRA1's True Situation: While NuScale claimed ENTRA1 had extensive experience in power project development, it was revealed that ENTRA1, established only three years ago, had never built, financed, or operated any significant projects, leading to a crisis of trust in NuScale following this disclosure.
- Legal Consequences: Investors are encouraged to apply to lead the lawsuit by April 20, 2026, with claims based on Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, indicating that the legal accountability of NuScale executives could have profound implications for the company's future operations.
See More
