NuScale Power Has Lost 67% of Its Value in 2026. Is It Finally Time to Buy?

NuScale Power's stock has plummeted by 67% since the beginning of 2026, leaving investors questioning whether it's a wise time to invest. The company's market value has dropped below $3 billion, yet it's focused on a multi-trillion-dollar opportunity presented by the soaring demand for artificial intelligence (AI) power. However, the future of NuScale's stock remains uncertain due to several key factors.

Firstly, nuclear power generation capacity in the U.S. has been stagnant since the late 1980s, and domestic electricity demand has shown little growth since 2005. High costs, social opposition, regulatory obstacles, lengthy construction times, and minimal electricity demand growth have deterred utilities from constructing additional nuclear power plants.

Yet, the AI industry is transforming this landscape. JPMorgan Chase projects the U.S. electrical grid will need to add the equivalent of more than 20 New York Cities by the early 2030s to meet the increasing demand for power, primarily driven by AI data centers. Consequently, SMRs, such as those produced by NuScale, are gaining renewed attention due to their low-carbon power generation capabilities and lower upfront costs compared to traditional nuclear power plants.

NuScale went public via a reverse merger in 2022 at roughly $10 per share, and its stock price surged to above $50 in 2025 due to heightened enthusiasm for AI. However, recent declines in AI enthusiasm have sparked concerns about NuScale's stock price. Bloomberg reports a potential AI market collapse, and signs suggest sentiment may continue to deteriorate.

The absence of company-specific catalysts has also contributed to NuScale's stock decline. The most significant potential catalyst is a potential power purchase agreement (PPA) for its largest SMR project with ENTRA1 and the Tennessee Valley Authority. However, key partners have yet to commit financially by signing a long-term PPA, and no word has been received on a signed PPA since August.

NuScale's upcoming third-quarter earnings call on November 5 could provide some much-needed positive news if a potential PPA is announced. However, the overall AI market's future remains uncertain, and NuScale's stock price may continue to suffer if a PPA is not secured. The AI industry's future build-out is still in question, and a more controlled approach might allow for conventional energy sources like natural gas, wind, and solar.

Ultimately, NuScale's SMR technology is most attractive in an environment where AI companies are willing to pay a premium for quick power generation.