NuScale Power Corp (NYSE: SMR) is a nuclear energy technology company that designs and licenses small modular reactor (SMR) technology based on its proprietary NuScale Power Module (NPM). The company's revenue model centers on licensing its NPM technology and related engineering services rather than building or operating power plants directly. NuScale has not yet delivered NPMs to customers as of the FY2025 10-K filed February 26, 2026, and has incurred significant losses since inception. The NPM design integrates a reactor core, steam generators, and pressurizer into a single factory-built vessel, scalable from one to twelve modules per installation, with configurations of 308 MWe (four-module), 462 MWe (six-module), and 924 MWe (twelve-module). NuScale's commercialization strategy relies on its relationship with Fluor and strategic partner ENTRA1 under a Project Management Agreement. The company does not pay cash dividends and is incorporated in Delaware, operating as NuScale Power Corporation with NuScale Power, LLC as its primary operating subsidiary.

Revenue model

Technology licensing and engineering services fees tied to the NuScale Power Module SMR design. No NPMs have been delivered to customers as of the filing date (10-K, filed 2026-02-26). Revenue-generating commercial activities are not yet established at scale.

Products and services

NuScale Power Module (NPM): a factory-built small modular reactor vessel integrating reactor core, steam generators, and pressurizer. Scalable SMR plant configurations: four-module (308 MWe), six-module (462 MWe), and twelve-module (924 MWe). Natural-circulation reactor design eliminating reactor coolant pumps and large bore piping.

Customers and end markets

Prospective customers include electric utilities, data center operators, hyperscale computing providers, and industrial energy users seeking carbon-free baseload power. ENTRA1 is a named strategic partner with a pipeline targeting data center and AI electricity demand. End markets include U.S. and international power generation, national security applications, and domestic manufacturing onshoring.

Value-chain role

Nuclear technology licensor and SMR design developer. Sits upstream of plant construction and operation. Relies on Fluor for engineering, procurement, and construction and on ENTRA1 for commercial project development.

Geographic exposure

Primarily U.S.-focused based on NRC regulatory approval and national security framing in the filing. Subject to U.S. export and import laws and regulations for international markets. No specific international revenue breakdown disclosed in the excerpts.

Source: SEC 10-K, filed 2026-02-26

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