NuScale Power’s AI data center strategy faces critical test as TVA talks loom

NuScale Power holds a distinction no other American company can claim: its small modular reactor design is the only one with full US Nuclear Regulatory Commission certification. That regulatory moat sounds impressive until you check the revenue line, which is essentially zero. The gap between certification and commercialization is where NuScale’s entire investment thesis lives or dies. The company’s exclusive partner, ENTRA1 Energy, is currently in negotiations with the Tennessee Valley Authority over a power purchase agreement that could unlock what would amount to the largest nuclear deployment program in US history. The target: 6-8 GW of capacity spread across multiple plants. The numbers behind the nuclear bet NuScale’s financial position is unusual for a pre-revenue company. As of June 30, 2026, the firm held $1.9 billion in cash and investments with zero debt on its books. The earliest reactor modules aren’t expected to come online until the early 2030s, meaning investors are looking at years before any meaningful revenue materializes. NuScale’s Power Module design can deliver up to 924 MW of capacity from a 12-module plant sitting on just 40 acres of land. That compact footp...