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>>> NuScale Power’s TVA Deal Puts Largest US SMR Fleet In View


Simply Wall St

February 6, 2026


https://finance.yahoo.com/news/nuscale-power-tva-deal-puts-001901267.html


NuScale Power (NYSE:SMR) has signed a memorandum of understanding with the Tennessee Valley Authority to deploy up to 6 GW of small modular reactor capacity across seven U.S. states.

The agreement represents the largest planned SMR deployment program in U.S. history.

NuScale is currently the only company with U.S. Nuclear Regulatory Commission certified SMR technology.

For investors tracking NYSE:SMR, this deal comes with the stock trading around $17.53 and mixed recent performance, with a 7.5% gain year to date but a 32.2% decline over the past year. Over a 3 year and 5 year horizon, the shares show gains of 63.8% and 55.3%, which highlights how sentiment around NuScale has shifted over time as the business moves through its development phase.

The TVA agreement indicates that NuScale is now linked to a concrete multi gigawatt deployment plan, rather than being focused solely on one off pilot projects. If the program progresses as outlined, investors are likely to pay closer attention to NuScale's ability to execute, secure funding structures, and convert this framework into contracted projects and future cash flows.

How NuScale Power stacks up against its biggest competitors

For NuScale, the TVA agreement moves the story from concept-stage interest to a defined multi-gigawatt rollout path, which matters in a nuclear space that also includes players like Oklo and BWX Technologies. A program targeting up to 6 GW across seven states creates the possibility of fleet-style deployment, which can support standardized designs, learning-curve benefits and a clearer line of sight on how NuScale’s NRC-certified SMR technology might compete against larger reactors and gas-fired power.

NuScale Power narrative, now with a large US fleet in view

The TVA plan lines up closely with the existing analyst narratives that already focus on NuScale’s partnership with ENTRA1, potential RoPower projects in Romania and rising demand from AI data centers. This deal effectively gives those narratives a US-based anchor project, tying NuScale’s regulatory head start and prior development spend to a framework that could support long-term deployment rather than a series of stand-alone pilots.

Risks and rewards to keep in mind

Largest planned SMR program in US history gives NuScale rare scale visibility if TVA projects move from memorandum of understanding to firm contracts.

Being the only company with NRC-certified SMR technology may help NuScale stand out against other advanced nuclear developers when utilities evaluate options.

Analysts have flagged that NuScale is still pre-revenue at scale, with no binding customer contracts yet, so the TVA program remains conditional rather than guaranteed.

Equity raises, partner concentration and prior project cancellations highlight financing and execution risks if costs, timelines or counterparties shift.

What to watch next

From here, the key milestones are whether TVA and ENTRA1 convert parts of this 6 GW framework into specific sites, firm offtake agreements and detailed construction timelines, especially as competitors like Oklo and traditional nuclear suppliers vie for capital and partners. If you want to see how other investors are thinking about these moving pieces, check out the community narratives on NuScale’s dedicated page and compare the bullish and cautious cases for yourself.

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