NuScale Power Corporation (NYSE: SMR) experienced a sharp rally on Tuesday, with shares climbing 7.6% to $12.27 in afternoon trading. The stock reached an intraday high of $12.66, marking one of the strongest performances among U.S.-listed advanced nuclear companies. The move came after reports that the U.S. Nuclear Regulatory Commission (NRC) is fast-tracking three rule changes designed to streamline the approval process for small modular reactors (SMRs).
The broader nuclear sector also benefited from the news. Oklo Inc. (NYSE: OKLO) gained 7.2%, while Nano Nuclear Energy Inc. (NASDAQ: NNE) rose 13.1%. In comparison, the SPDR S&P 500 ETF (NYSEARCA: SPY) was up 0.4%, and the Invesco QQQ Trust (NASDAQ: QQQ) advanced 1.5%.
Regulatory Catalyst
Regulatory delays have long been a significant bottleneck for SMR development. NuScale, which secured the first and only NRC design certification for an SMR, took approximately five to six years to achieve that milestone. The proposed NRC changes, as reported by Reuters Events, aim to expedite the review process, potentially reducing the time and cost associated with bringing new reactor designs to market.
Industry experts weighed in on the developments. Dr. Rita Baranwal of Radiant Nuclear described one proposal as "a bridge for data sharing," while Adam Stein of the Breakthrough Institute noted that Part 53 of the NRC regulations "could completely change" reactor licensing.
NuScale's Strategic Position
NuScale has long marketed its first-mover advantage in licensing. The stock tends to react strongly when Washington signals a more favorable regulatory environment for nuclear projects. On the company's May 7 earnings call, CEO John Hopkins emphasized that a streamlined NRC process could shorten combined license applications—the site-specific permits required to build and operate reactors—but stressed that "the rigor of safety and health is not going to go away." CFO Ramsey Hamady added that liquidity had risen to "over $1.2 billion" by early May.
NuScale's primary commercial focus remains its partnership with the Tennessee Valley Authority (TVA). In its first-quarter release, the company stated that ENTRA1 Energy, its exclusive global strategic partner, continues to collaborate with TVA on plans for up to 6 gigawatts of NuScale SMR capacity. Additionally, Romania's Nuclearelectrica has approved the next phase of RoPower's six-module project at Doicești.
Competitive Context and Fuel Supply
The nuclear sector also saw attention shift to fuel supply. Reuters reported that the U.S. has selected five companies, including Oklo, for advanced discussions on using Cold War-era plutonium as reactor fuel. Oklo CEO Jacob DeWitte called it a potential "bridge fuel" to "bring more reactors online sooner." While fuel access represents a different challenge from NuScale's design-approval focus, the headline kept attention on early-stage reactor supply chains.
Financial Realities and Risks
Despite the positive regulatory news, NuScale's financial position remains challenging. In its 10-Q filing, the company reported first-quarter revenue of just $565,000 and a net loss of $46.7 million. It also disclosed that $962.1 million of shares remain eligible for sale under an at-the-market program. The filing noted that the TVA project depends on securing one or more power-purchase agreements and revealed a shareholder lawsuit over ENTRA1-related statements for which the company cannot estimate a potential loss.
The stock's volatility reflects these uncertainties. Over the past 52 weeks, NuScale shares have traded between $8.85 and $57.42, illustrating how sharply investor sentiment has swung between policy optimism and commercialization doubts.
Looking Ahead
NuScale's next scheduled event is its annual shareholder meeting on May 29 at 4:30 p.m. EDT. For now, the most significant catalysts for the stock are not broad nuclear rallies but concrete steps: a definitive TVA-ENTRA1 agreement, project financing in Romania, or new evidence that customers are willing to pay for first-wave SMR power.
