Should You Buy NuScale While It's Below $15?

NuScale Power (NYSE: SMR) has a first-mover advantage as the only small modular reactor (SMR) company with a design approved by the U.S. Nuclear Regulatory Commission (NRC). Still, NuScale has a high cash burn rate and has not quite reached commercialization.

Given the stock's volatility, is it worth the risk for long-term investors? I'll dive in to find out.

Still holding on to a first-mover advantage

NuScale's advantage is NRC approval, which puts the company months, or perhaps years, ahead of competitors seeking the same milestone. This moat matters particularly at a time when utilities and data centers are desperately seeking reliable power sources.

NuScale's pipeline is also very impressive. It's working to deploy up to 6 gigawatts (GW) of SMR capacity with the Tennessee Valley Authority, alongside NuScale's commercialization partner, ENTRA1 Energy.

NuScale is also working on a Romanian initiative with RoPower Nuclear. The project's execution is phased, but if completed, it would be a huge win for NuScale investors. Both projects could generate substantial revenue for NuScale by the early 2030s.

Lastly, NuScale has about $900 million in cash reserves and short-term investments. This cash cushion provides the company with sufficient runway to continue advancing toward commercialization without the risk of further dilution or running out of money.

Image source: The Motley Fool.

No shortage of risks for NuScale investors

There are still real risks associated with the company. While NuScale cobbled together revenue of $31.5 million in 2025, net losses ballooned to $355.8 million. This was a 160% jump from the year before. In the first quarter of 2026, revenue plunged to nearly nothing.

Wall Street analysts responded negatively, with some lowering price targets or downgrading the stock altogether. The more bullish analysts understand that real revenue likely won't come for at least another few years.

A class action lawsuit is also weighing on the SMR company. The lawsuit alleges NuScale executives misled investors regarding the capabilities of ENTRA1. Not only could this lawsuit cause real financial damage, but the reputational injury may be difficult to rebound from.

Competition could also theoretically catch up to NuScale. Companies such as Oklo (NYSE: OKLO) pose a real threat, especially if NuScale isn't able to successfully deliver on its pipeline projects. Just this week, Oklo announced a partnership with Standard Nuclear to enhance its nuclear supply chain and further align with federal electricity goals in the artificial intelligence (AI) age.

All this said, shares of NuScale are quite volatile. The stock's beta is over 2, meaning it is more than twice as volatile as the market. The stock is down over 26% since the start of the year and well off the 52-week high of $57 per share.

Investors should have a decade of patience ready

The lawsuit is nerve-racking, but it doesn't negate the fact that NuScale has a design already approved and that its commercialization projects are still moving forward. The nuclear industry as a whole is also experiencing a global resurgence.

While this stock isn't appropriate for many investors, if you have a long-term horizon, are comfortable with considerable risk, and remain bullish on NuScale's innovative technology, there could be significant upside for investors who are willing to stick around for the next decade. In this bullish view, buying the stock at less than $15 per share is opportunistic.

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