NuScale Power
🇺🇸 Portland, US · Founded 2007 · Active
NuScale Power is an Oregon company, listed on the New York Stock Exchange, that designs small modular reactors: factory-built pressurised water reactor modules that sit in a shared pool of water and are cooled by natural circulation. It grew out of research at Oregon State University funded by the Department of Energy from 2000, and Fluor took a majority stake in 2011. Its original 50 MWe-per-module design, the US600, was the first small modular reactor design certified by the US Nuclear Regulatory Commission, in a rule that took effect in February 2023; an uprated 77 MWe-per-module version, the US460, received NRC standard design approval on 29 May 2025. Neither approval is permission to build at a site. NuScale's first planned plant, the Carbon Free Power Project in Idaho for Utah Associated Municipal Power Systems, was cancelled in November 2023 after its estimated cost rose to $9.3 billion. No NuScale plant has been built.
- Sector
- Fission
- Technology
- Pressurised water reactor
- Fuel
- Low-enriched uranium
- Role
- Reactor developer
Its recorded equity, $2.9bn, is the 3rd largest of the 25 organisations with a priced round here. Not every round is on record, so this is not its total raised.
3 regulatory milestones are tracked here, all anchored to a docket reference in the regulator's own record.
Terms
- Pressurised water reactor
- Ordinary (light) water kept under high pressure so it heats without boiling, transferring heat to a separate steam loop; the water is both coolant and moderator. Fuel is low-enriched uranium oxide pellets in zirconium-alloy rods. The most common reactor type in service worldwide.
- Low-enriched uranium
- Uranium enriched to 5% uranium-235 or less, typically 3 to 5%: the range almost all power reactors use. Formally, anything below 20% is low-enriched; this site holds the band from 5% to just under 20% separately as HALEU, with its 5 to 10% part also tagged as LEU+. A fuel above 5% uranium-235 belongs in one of those, never here, whatever a developer's own materials call it.
Funding
- 2026-02-26Equity roundAt-the-market equity programme of up to $1.0 billion opened 26 February 2026 and completed in June 2026: 89,727,165 shares for $1.0 billion gross and $984.5 million net. A further programme opened in August 2026 has no reported sales and is not recorded.$984m
- 2025Equity roundAt-the-market equity sales during calendar 2025 across three programmes (the 2024, Q3 2025 and Q4 2025 programmes): 57,112,216 shares for $1,327.6 million gross and $1,299.7 million net. Reported by NuScale as one annual figure, so recorded as one record.$1.3bn
- 2024Equity roundAt-the-market equity sales during calendar 2024 under the 2023 and 2024 programmes: 21,527,146 shares for $210.1 million gross and $204.7 million net.$205m
- 2023Equity roundAt-the-market equity sales during calendar 2023: 1,737,378 shares for $10.4 million gross and $9.8 million net.$10m
- 2022-05SPAC mergerListing on the NYSE (SMR) by business combination with Spring Valley Acquisition Corp., completed in May 2022 (the 10-Q states shares outstanding immediately after the transaction on 3 May 2022). Recorded at $145.5 million, the cash that came from the SPAC trust after redemptions. The $235.0 million PIPE is a separate record. Transaction costs of $39.1 million were charged against both, for $341.5 million net in total; the costs are not split between trust and PIPE.$146m
- 2022-05Equity round$235.0 million PIPE (23,700,002 Class A shares) completed with the Spring Valley business combination in May 2022. Segmented from the SPAC trust proceeds.$235m
Designs
| Design | Developer | Approach | Electrical output per unit | Size class | Licensing stage |
|---|---|---|---|---|---|
| NuScale Power Module (US460) US460, NPM, VOYGR | NuScale Power | Pressurised water reactor | 77 MWe planned | Small modular reactor | Design approval or certification for the design · US Nuclear Regulatory Commission · 2025-05-29 |
Licensing
- 2020-09-11achievedDesign approval or certificationNRC standard design approval for the NuScale US600 design (50 MWe modules) · US Nuclear Regulatory CommissionDocket 52-048 · ADAMS ML20247J564
- 2023-02-21achievedDesign approval or certificationNRC design certification of the NuScale US600 design (10 CFR Part 52, Appendix G) · US Nuclear Regulatory Commission10 CFR Part 52 App. G · Docket 52-048 · 88 FR 3287
- 2025-05-29achievedDesign approval or certificationNRC standard design approval for the NuScale US460 design · US Nuclear Regulatory CommissionDocket 52-050 · ADAMS ML25129A004 (SDA), ML25086A073 (FSER)