NuScale nuclear stock crashes 75% in a year; no customer contracts yet

NuScale Power arrived at a critical moment: tech giants and utilities are actively seeking reliable, low-carbon energy to power AI data centers without abandoning carbon-emission goals, and small modular reactors fit that profile well. The company's SMR design has already cleared U.S. Nuclear Regulatory Commission approval and production has started, which are substantial milestones. Yet the stock's collapse from $57.42 to under $10 reflects three hard commercial realities. First, despite the energy demand being real, NuScale has zero binding customer contracts—the core thesis of the investment was that tech giants and utilities would lock in multi-year deals. Second, its partnership structure with ENTRA1 is unusual: ENTRA1 acts as the exclusive commercialization partner globally, but NuScale receives only milestone fees, not revenue, when modules are used. ENTRA1 itself has not signed binding power purchase agreements, leaving the revenue chain broken. Third, even if everything proceeds without delay, NuScale does not expect to deliver its first units before 2031. These gaps have prompted investor class action lawsuits. The company's technology may fill a genuine global energy gap, but until it proves the business model works by securing actual binding contracts with customers, the stock remains a speculative bet on a future that is many years away.