Majority Shareholder Sells 15 Million NuScale Power (SMR) Shares for $605 Million

Fluor Corp. (NYSE:FLR) sold 908,761 shares of NuScale Power Corp. (NYSE:SMR) in open-market transactions on Oct. 7, 2025 and Oct. 8, 2025. The sales complete a 15 million Class A common stock share sale, according to a Flour news release.

Transaction summary

Transaction value is based on the SEC Form 4 weighted average purchase price ($40.57 per share on 2025-10-08).

Key questions

What proportion of Fluor's direct holdings did this sale represent?
This transaction represented a disposition of Class A common stock that was converted in August 2025.

How does the transaction size compare to previous insider sales?
This final sale of 908,761 shares is the smallest of the six open-market sales since August 2025, with prior transactions as large as 4,567,320 shares (on 2025-09-23).

What was the market environment at the time of the transaction?
NuScale shares have appreciated by more than 300% since Fluor helped take it public in May 2022.

Does the transaction affect indirect holdings or only direct ownership?
Fluor continues to hold 111 million NuScale Class B units and associated NuScale Class B shares, representing about 39% of NuScale's equity.

Company overview

Company snapshot

NuScale Power develops and sells modular light water reactor nuclear power plants, including the NuScale Power Module and VOYGR series, for electricity generation, district heating, desalination, and hydrogen production.

The company generates revenue by designing, licensing, and delivering advanced small modular reactors and related nuclear energy solutions to utility and industrial clients.

NuScale develops and sells modular nuclear reactor technology for clean energy applications.

Foolish take

Fluor was an early investor in NuScale Power and has taken some profits. NuScale stock has soared in recent months, and Fluor decided to take advantage of that surge.

Fluor has quadrupled its initial investment in NuScale Power, and said it plans to use most of the proceeds from this sale to bolster an ongoing share repurchase program.

Neither Fluor nor NuScale Power shareholders should read anything into this strategic move. Upon exiting its Class A share holdings, Fluor still retains a majority 39% in NuScale Power's equity.

Fluor management reassured its investor base by stating the company "continues to develop ways for Fluor shareholders to benefit more directly from its NuScale investment."

Fluor also spread out its share sales to minimize market disruption. The company said about $364 million of proceeds from NuScale sales will be included in its reported cash level as of the end of Q3.

Glossary

Form 4: A required SEC filing disclosing insider trades of company stock by officers, directors, or large shareholders.
Open-market transaction: The purchase or sale of securities on a public exchange, not through private or negotiated deals.
Insider sale: The sale of company stock by executives, directors, or significant shareholders, typically reported to regulators.
Disposition: The act of selling or otherwise transferring ownership of an asset or security.
Direct ownership: Shares or securities held in an individual's or entity's own name, not through intermediaries or funds.
Indirect holdings: Securities owned through another entity, such as a subsidiary or investment fund, rather than held directly.
Weighted average purchase price: The average price paid per share, weighted by the number of shares bought or sold at each price.
Total return: The investment's price change plus all dividends and distributions, assuming those payouts are reinvested.
TTM: The 12-month period ending with the most recent quarterly report.
Small modular reactor: A compact nuclear reactor designed for scalable, flexible energy generation, often factory-built and transported to site.
Desalination: The process of removing salt and impurities from seawater to produce fresh water.

Howard Smith has no position in any of the stocks mentioned. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.