NuScale Power (SMR) Stock Jumps on Amazon Deal — One Bigger Catalyst Still Ahead

TLDR

• NuScale Power (SMR) stock jumped after Amazon signed agreements to use SMR technology to power AI data centers
• Romania’s Final Investment Decision in February cleared NuScale’s 462-megawatt project to move from planning to implementation
• Financing for the Romania project — estimated at up to $7 billion — is expected to take roughly six months from mid-February, pointing to a potential announcement by late August
• BofA reinstated coverage with a Neutral rating and a $12 price target, citing NuScale’s regulatory lead but slow deal conversion
• NuScale is the only company with a U.S. NRC Standard Design Approval for an SMR, giving it a credibility edge over competitors

NuScale Power (SMR) is trading around $11.40, down roughly 27% year-to-date, but a series of developments this spring have investors watching the summer closely.

NuScale Power Corporation, SMR

The stock popped last week after Amazon signed agreements to use small modular reactor technology to power its AI data centers. NuScale, as one of the most visible names in the SMR space, caught a wave of that momentum.

SMR trading volume hit 30.2 million on the day of the Amazon news, against an average of 28.9 million — a sign of how quickly sentiment can shift in this space.

The more structural catalyst, though, may be coming out of Eastern Europe.

In February, Romania’s minister of energy announced a Final Investment Decision for NuScale’s 462-megawatt SMR project in Doicești. The project would replace 600 MW of coal capacity with clean, stable energy using six NuScale modules.

That decision moved the project from the analysis phase into implementation. What’s still needed is financing.

Romanian Prime Minister Ilie Bolojan put the construction cost at up to $7 billion. He was cautious about timing, saying the funding formula hadn’t been finalised and that “the complexity of such projects and the technology being in early days” meant the investment wouldn’t happen immediately.

But Romania’s energy minister offered a more specific window: the financing phase would take roughly six months from mid-February. That math puts a potential announcement somewhere around mid-to-late August.

BofA Returns With a Neutral

Bank of America reinstated coverage of NuScale on May 22 with a Neutral rating and a $12 price target.

The analyst acknowledged NuScale’s edge — it’s the only SMR developer with U.S. Nuclear Regulatory Commission Standard Design Approval, which gives it a “clear credibility lead versus peers.”

But BofA also flagged some real constraints. Revenues are still tied to services rather than reactor construction. The first reactor power isn’t expected until the early 2030s. And the pace of converting signed agreements into firm deals has been slower than anticipated.

That last point is worth watching. NuScale has a pipeline of deals, including a 6-gigawatt agreement with ENTRA1 and the Tennessee Valley Authority for the eastern U.S. How many of those move to binding contracts will matter.

The SMR Case

NuScale’s pitch is straightforward: SMRs are faster and cheaper to build than conventional nuclear plants, and they’re modular — meaning capacity can be added over time.

In 2023, NuScale became the first U.S. company to receive NRC Standard Design Approval for an SMR. That’s a meaningful regulatory hurdle cleared before any competitor.

The 52-week range for SMR sits between $8.85 and $57.42 — a spread that reflects just how much sentiment has swung around this stock over the past year.

The next few months could be telling. If Romania’s financing lands on schedule, NuScale would have one of its largest pipeline projects with both regulatory approval and funding secured.

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