NuScale Power Corporation (NYSE:SMR) ended Friday's trading session at $9.04, falling beneath the average price of $9.69 from its most recent at-the-market (ATM) equity offering. The decline signals a key technical level for investors as markets reopen on Monday.
According to NuScale's first-quarter filing, the company sold 22.36 million shares after March 31, raising $216.8 million before expenses. These sales are part of a $1 billion ATM program, of which $962.1 million remained unused as of March 31. The stock dropped 6.8% on Friday, with trading volume at 72% of its 65-day average, suggesting the move was not driven by heavy turnover.
Holtec Nuclear Files for IPO
Holtec Nuclear Corporation filed for a U.S. initial public offering on Friday, planning to list under the ticker HNUC. The company reported first-quarter net income of $17.8 million on revenue of $165.3 million, providing public market investors with a direct comparison to NuScale. Holtec intends to use some of the IPO proceeds to advance its SMR-300 small modular reactor program.
In contrast, NuScale posted Q1 revenue of just $565,000 and a net loss of $46.7 million. While the comparison is not perfectly aligned—Holtec generates significant revenue from existing nuclear equipment and spent-fuel services—it highlights the difference between a profitable, diversified player and a development-stage company without binding reactor orders.
Sector-Wide Pressure
NuScale was not alone in its decline. Shares of Oklo (NYSE:OKLO) fell 6.7% and X-Energy (NASDAQ:XE) dropped 7.6% during the holiday-shortened week, while the S&P 500 gained 1.2%. The sector's weakness reflects a broader discounting of future nuclear growth, as most sales remain years away and investor focus shifts to companies benefiting from current AI spending.
Short interest in NuScale stood at 72.27 million shares, or 21.55% of the public float, as of June 30, which could amplify any future price swings. CEO John Hopkins noted in May that the company ended Q1 with $1 billion in liquidity, citing its NRC-approved design and supply chain as providing a buffer for continued development.
Key Catalysts Ahead
This week brings significant macroeconomic events, including June CPI data on Tuesday and PPI on Wednesday, which could impact loss-making growth names if inflation shifts bond yields. NuScale's next earnings call is scheduled for August 5 at 5 p.m. ET. Near-term technical levels to watch include the $9.69 ATM average and the $8.55 52-week low.
Holtec's IPO read-across is limited, as most of its revenue comes from established service and equipment lines, and its Q1 margin benefited from a one-time $30 million contract adjustment with a Ukraine client. For NuScale, the risk is clear: without a major binding order, revenue remains thin, and ongoing ATM issuance could dilute existing shareholders. A significant order would quickly alter that outlook.
