Haverhill Financial Research · October 12, 2026
Summary: Haverhill price target $7.60 (12 months)
NuScale owns the only small modular reactor (SMR) design the US Nuclear Regulatory Commission has approved, and it has $1.89 billion of cash and investments to carry it to first orders. What it lacks is a binding customer: revenue was $75,000 last quarter, and its main sales channel, partner ENTRA1 Energy, is still negotiating a power deal with the Tennessee Valley Authority. A signed deal would also trigger a large payment from NuScale to ENTRA1, which limits how much of the good news reaches shareholders. At $7.20 the stock sits close to our 12-month price target of $7.60, about 6% above the price, so we rate the shares Hold.
NuScale filings through the Q2 2026 Form 10-Q; Haverhill Financial Research model; price as of NYSE close Oct 9, 2026
The licensing lead is real. NuScale holds NRC design certification for its 50 MWe module and Standard Design Approval for the uprated 77 MWe module (May 2025), which it says no other SMR developer has.
Good news comes with a bill. NuScale paid ENTRA1 $507.4 million after a nonbinding deal covering 72 modules. On our reading of the agreement, a binding power deal for those modules would cost about $1.18 billion more.
Our view: the cash buys time, with underlying burn near $58 million a quarter. But the share count rose 27% in six months, and the ENTRA1 terms mean the next win likely brings more dilution.
