New York, February 27, 2026, 06:08 EST — Premarket
- NuScale Power shares slipped roughly 6% in U.S. premarket action after the company set up a fresh $1 billion at-the-market share sale program.
- The company closed out the year with $1.3 billion in liquidity, having pulled in $750 million during Q4 through its previous ATM.
- Investors want more clarity around dilution risk and specifics on moving those “nonbinding” agreements to formal contracts.
Shares of NuScale Power Corp dropped 5.6% to $12.58 before the bell Friday, following news the company launched a fresh $1 billion at-the-market equity offering. The stock ended Thursday at $13.33, up 1.1%. 1
Timing is key here: the offering hands NuScale a major tool to pull in more cash at a stage when costs are heavy—think engineering, licensing, lining up partners—long before any reactors are actually delivered. But even if the company’s finances look solid, investors tend to see new equity capacity as a red flag for possible dilution.
An at-the-market offering—ATM for short—lets companies drip freshly issued shares into the market, typically using brokers and matching whatever price is on the tape. The setup is flexible. But it can weigh on a stock, since unexpected sales might hit on low-liquidity days.
NuScale disclosed in a filing that it’s inked a sales deal with UBS, B. Riley, Canaccord Genuity and Tuohy Brothers, paving the way to offer as much as $1 billion in Class A common stock. Sales agents stand to collect commissions of up to 2%. The company also noted it ended its previous ATM program as it shifted to the new setup. 2
NuScale wrapped up 2025 holding $1.3 billion in cash, cash equivalents, plus short- and long-term investments. During the fourth quarter, the company raised $750 million in gross proceeds by selling 39.3 million shares under its earlier ATM program. Revenue for 2025 landed at $31.5 million, down from $37.0 million the previous year. Chief executive John Hopkins described 2025 as “a breakthrough year,” highlighting a “nonbinding” deal with partner ENTRA1 and the Tennessee Valley Authority, along with U.S. nuclear regulator approval for its uprated 77-megawatt electric module design. 3
NuScale posted a net loss of $664.5 million for 2025 in its annual report, widening from a $348.4 million loss in 2024. As of Feb. 20, the company counted about 318.6 million Class A shares outstanding. At Thursday’s close, offloading the entire $1 billion would mean selling around 75 million shares, not factoring in fees. 4
After the results hit, the stock tumbled over 7% in after-hours trade Thursday, then steadied before Friday’s session kicked off. 5
NuScale stands out among U.S.-listed small modular reactor stocks, with its factory-built units designed for onsite assembly. It’s a crowded field, packed with early-phase developers alongside larger nuclear suppliers. These stocks usually move on funding news and project schedules rather than actual revenue.
Still, progress comes one deal at a time. If NuScale ramps up stock sales during a downturn, dilution risk climbs. Any delays with initial projects? That could sour sentiment once more.
A fresh securities fraud class action is in play, law firm Bleichmar Fonti & Auld said in a new notice—turning up the headline risk once more. 6
Up next, management heads out for a pair of investor conferences. According to the company’s events calendar, NuScale will take the stage at the Jefferies Flagship Power, Utilities, Clean Energy & Energy conference in New York on March 3, then present at Cantor’s Global Technology & Industrial Growth conference a week later, on March 10. 7
