NuScale押注许可改革销售SMR：美国首张认证、旗舰项目夭折、零合同

做的是什么生意

NuScale designs and sells small modular nuclear reactors: factory-built 77 MWe power modules that utilities and data centers can cluster into plants of up to 924 MWe.

启动资金：~$380M gross from its May 2022 SPAC listing; ~$1.9B cash and investments at June 30, 2026; DOE provided $575M+ in support since 2014

起因

NuScale was founded in 2007 in Portland, Oregon, and spent 15 years funding design and licensing work with venture money and $575M+ in Department of Energy support. It listed on NYSE via a SPAC merger in May 2022 (~$380M gross). Its bet: small, factory-built reactors would clear NRC licensing faster and cheaper than gigawatt plants, letting a startup sell nuclear power where big utilities could not.

经过

The NRC certified the 50 MWe design in January 2023 — the first SMR design ever cleared in the US — and approved the uprated 77 MWe design in May 2025. But the flagship UAMPS Carbon Free Power Project at Idaho National Laboratory was terminated in November 2023 for lack of subscriptions. The ADVANCE Act, signed July 9, 2024, cut NRC fees for advanced-reactor applicants and required faster, more predictable licensing reviews — a direct tailwind. NuScale then signed data-center deals: Standard Power (Oct 2023, ~1.8 GW planned for Ohio and Pennsylvania), an exclusive ENTRA1 partnership, and a September 2025 TVA/ENTRA1 6 GW program.

结果

As of August 2026 NuScale is pre-revenue and still standing: Q2 2026 net loss $47.5M on $75,000 revenue, ~$1.9B cash, and no binding PPA or final investment decision on its anchor projects (ENTRA1, TVA, Romania's RoPower); shares traded near $9.48.

可借鉴之处

监管批准是选择权，不是收入：首次认证和利好法律创造了机会，但业务仍需要以能覆盖成本的价格找到买家。