Can NuScale Power Stock Jump 50%

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NuScale Power (SMR) stock closed at $5.44 on November 9, 2026. A 50% jump from there would not be new for this stock. In four of the last five calendar years, it rose 50% or more within the year. For the business, the question is whether its commercial partner, ENTRA1 Energy, orders NuScale's reactor modules for a TVA project. So how close is NuScale to that first order?

NuScale Power's First Order Still Waits On TVA

An order has yet to materialize. During its November 5, 2026 call, management said supporting a power purchase agreement between ENTRA1 and TVA remains its immediate priority. Management also outlined the sequence that would follow that agreement: NuScale handles the engineering and licensing work first, and then proceeds with the sale of modules through a separate supply agreement with ENTRA1.

NuScale is moving ahead with manufacturing before securing that agreement. The company agreed with Doosan Enerbility to build its first production NuScale Power Module, a move management described as a step from development to physical production. NuScale also holds an NRC design certification, and management estimates that 50% to 60% of the licensing work completed for an earlier customer can be reused for a new one.

Does NuScale Power Have Enough Cash To Keep Building?

Management says it does. On the call, it said NuScale has adequate liquidity to fund the Doosan work and its engineering and licensing ahead of an agreement with ENTRA1. NuScale ended September with $933 million of cash and short-term investments and almost no debt. It used $608 million in free cash flow over the twelve months to September, though only $28.7 million of that in the September quarter. Most of the rest went out in the quarters ended December 2025 and March 2026, at $204 million and $316 million. Management also said the money going into modules is inventory, not factories.

An order would go to the unit that brings in nearly all of NuScale's revenue, and that revenue is tiny today. Power plant and module services made up 95.5% of NuScale's revenue in fiscal 2025. Revenue in the September quarter was $0.3 million, against $8.2 million a year earlier, when NuScale had engineering and design work for the RoPower project, management said.

The stock fell 83.2% in the year to November 9, 2026, while the S&P 500 returned 13.7%. At that close, NuScale carried a market value of $2,233 million, which is more than twice its cash. The price appears to put more value on NuScale's business than on the cash it holds.

No Date Or Margin Yet From NuScale Power

NuScale has not provided a date for an order. When the timing of a commercial agreement came up during the November 5 call, management said the process is ongoing and pointed to what it can control: building its capacity to deliver.

You also cannot yet see whether a module will be profitable. Management said NuScale will have further clarity on margins once it secures an order and establishes a supply agreement. Until then, no customer is paying for the first module, but management expects to recover those component costs through payments under a future supply agreement.

By management's account, NuScale possesses the cash to continue building its first module with Doosan Enerbility, but it has no order to pay for that module yet. The event to watch is whether ENTRA1 and TVA sign the power purchase agreement that precedes an order, with NuScale's next report expected in February 2027.

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