NuScale Power Is Now Down 49% This Year: Is SMR Stock Dead Money or Due for a Bounce?
NuScale Power Is Now Down 49% This Year: Is SMR Stock Dead Money or Due for a Bounce?
David MoadelFri, October 9, 2026 at 6:58 PM UTC
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Allkindza / E+ via Getty Images (Allkindza / E+ via Getty Images)NuScale stock has shed nearly half its value this year while the broader market climbed, and now a massive new share sale is fueling a debate about whether patient investors will be rewarded or simply diluted into oblivion.Quick Read -
NuScale (SMR) has crashed 49% this year to $7.18 while reporting just $75,000 in quarterly revenue and filing to sell $750M in new shares.
Peer Oklo (OKLO) has fallen 52% alongside SMR, while the uranium ETF (URA) is down only 9%, exposing developer stocks as the weakest nuclear play.
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NuScale Power (NYSE:SMR) stock trades at $7.18, down 49% year to date, which puts it deep in the red alongside other reactor developers. Such a slide forces shareholders to decide whether the shares have become dead money or have fallen far enough to set up a bounce.
The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 14% year to date, so the broad market has posted solid gains while this corner has bled. Meanwhile, Oklo (NYSE:OKLO) stock is at $34.65, down 52% year to date, a slightly deeper drop than NuScale's.
At the same time, Centrus Energy (NYSEAMERICAN:LEU) stock trades at $143.98, down 41% year to date; this represents a smaller loss than either of the two aforementioned reactor developers has taken. Within the nuclear space, the Global X Uranium ETF (NYSEARCA:URA) is down only 9% year to date. That gap rests at the center of the dead-money debate.
Revenue Collapse Collides With a New Share Sale
NuScale reported quarterly revenue of $75,000 in August, a collapse from the prior-year period. The drop followed the completion of front-end engineering work that had been generating its billable scope. In the same month, NuScale filed to sell a further $750 million in shares through an at-the-market offering, on top of equity it had already issued during the first half of the year.
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NuScale is a pre-revenue developer designing small modular reactors it doesn't expect to deploy commercially until the early part of the next decade. Its interim income comes from irregular engineering, licensing and consulting work, and it has no power or equipment sales yet, so funding a decade of development without product revenue means issuing shares, which makes dilution a recurring feature of this story.
Oklo is the closest comparison, another pre-revenue reactor developer on a similar timeline. With a 52% year-to-date decline against NuScale's 49%, Oklo stock has moved almost in tandem with its rival.
Centrus is different in kind, since it enriches uranium and sells fuel today, and because it makes revenue now, Centrus stock trades on fuel demand, while both developers move on deployment schedules. Yet, its 41% year-to-date slide shows that selling fuel today hasn't fully protected shareholders either.
Dead Money or Bounce Candidate
Optimists could argue that the engineering revenue gap reflects contract timing and that new billable work can refill the line as projects advance. In that reading, a funded balance sheet buys the years small modular reactor technology needs, and with NuScale stock down 49% this year, much of the waiting may already be priced in.
Skeptics may counter that a company with no commercial deployment for years and an open share-issuance program asks holders to take dilution for a long time before any product exists. Every new share sold through the at-the-market offering spreads future value across a larger base. Pessimists can reasonably label NuScale stock dead money until revenue tied to an actual reactor appears.
What to Watch Now
Shareholders could look for signs that NuScale is landing new engineering, licensing or consulting work to refill its revenue line. Any update on how much of NuScale's $750 million at-the-market program has been used can also shape the dilution math.
The spread between the uranium fund and the two developers offers another signal, since a narrowing could hint that the category is finding favor. We mapped five ways to play the nuclear restart, utilities and fuel suppliers included, in a free report. Given the dilution risk, position sizes should stay modest enough that further share issuance doesn't strain broader portfolios.
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