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Is SMR a good stock to buy? We came across a bullish thesis on NuScale Power Corporation on MTC’s Substack. In this article, we will summarize the bulls’ thesis on SMR. NuScale Power Corporation’s share was trading at $11.67 as of April 21st.
Photo from NuScale Power’s website
NuScale Power Corporation provides small modular reactor technology solutions. SMR is a highly speculative but compelling pure-play on small modular reactors, positioned to benefit from the long-term structural shift toward clean, reliable baseload power. The SMR market is supported by decarbonization goals, rising electricity demand from AI-driven data centers, and increasing policy support, particularly in North America where growth is expected to accelerate.
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Within this backdrop, NuScale stands out as a first mover with a key regulatory advantage, having secured U.S. Nuclear Regulatory Commission approval for its light-water SMR design—an important barrier that many competitors have yet to cross.
The company’s ENTRA1 program targets a fleet of 72 modules, representing approximately 6 GW of capacity by 2030, highlighting the scale of its long-term opportunity. While NuScale remains pre-profitability with significant cash burn and negative margins, this reflects the early-stage nature of the industry rather than a lack of potential, as commercialization timelines in nuclear are inherently long and capital-intensive.
Despite recent stock volatility and cautious analyst sentiment, the upside remains substantial if the company can secure binding power purchase agreements and move projects toward execution. Policy tailwinds, combined with growing demand for stable, carbon-free energy, reinforce the strategic importance of SMRs, positioning NuScale as a leveraged bet on the future of nuclear energy. If execution improves and project visibility increases, the company has the potential for significant rerating, offering an asymmetric risk/reward profile for investors willing to underwrite near-term uncertainty.
Previously, we covered a bullish thesis on NANO Nuclear Energy Inc. (NNE) by Charly AI in May 2025, which highlighted the company’s vertically integrated micronuclear platform, proprietary microreactor portfolio, and positioning across the nuclear value chain. NNE’s stock price has depreciated by approximately 8.78% since our coverage due to investor concerns around the company’s pre-revenue status, ongoing cash burn, and dilution risk. MTC shares a similar view but emphasizes on NuScale’s regulatory advantage and scalable SMR deployment strategy.