After a prolonged period of quiet on the small modular reactor (SMR) front, NuScale Power (NYSE: SMR) has finally delivered a piece of news capable of lifting investor spirits. Romanian power company RoPower has made a formal decision to advance its planned nuclear plant—which is slated to become Europe’s first SMR-based facility—and intends to utilize NuScale’s reactor technology. The development suggests that NuScale, which is yet to sell a single commercial reactor since its inception, may be on the cusp of securing its “first true customer.”
Following the announcement, NuScale’s shares popped during intraday trading, with market sentiment appearing to preemptively validate the business model of this so-called “SMR pioneer.” However, level-headed investors must recognize the formidable hurdles that stand between project approval and grid connection—challenges that extend far beyond technology to encompass financing, engineering, and time.
Under its existing partnership with Fluor (NYSE: FLR), NuScale currently serves in an advisory capacity, assisting RoPower with preliminary feasibility studies. RoPower’s decision to push forward is undeniably a vote of confidence in NuScale’s technological blueprint. The proposed facility envisions six NuScale SMR units working in tandem, which, if realized, would mark Europe’s first commercial nuclear plant built on SMR technology.
But here’s the crux of the matter: RoPower has only made an investment decision; it has not yet secured the capital required for construction. The fundraising process alone could take six months or longer. If the financing falls through, NuScale’s much-anticipated “first customer” remains a concept on paper. For investors, this is the first critical checkpoint to monitor.
Even if the Romanian project successfully secures funding, NuScale still faces a monumental execution challenge. The company has never delivered a commercial SMR to any client. Its flagship demonstration project in Idaho—intended to be the first of its kind in the U.S.—collapsed due to spiraling costs and unfavorable power pricing, casting a long shadow over the market’s confidence in its ability to scale manufacturing and control expenses.
As of the end of 2025, NuScale reported liquidity of approximately $1.3 billion, suggesting no near-term solvency issues. However, nuclear reactor manufacturing is a capital-intensive endeavor. From supply chain development to construction and regulatory approval, each phase demands substantial time and money. Until the first SMR unit clears performance validation, NuScale remains, at its core, an R&D outfit with a compelling narrative—not a mature industrial manufacturer.
Much of the market enthusiasm for SMRs stems from their potential use cases: providing stable, low-carbon power to remote regions, industrial parks, or data centers. Yet industry forecasts temper this optimism. Precedence Research projects the global SMR market to reach only about $16 billion annually by 2034. Against this backdrop, NuScale’s current market capitalization of nearly $4 billion already reflects a fairly optimistic forward outlook.
Moreover, NuScale is far from the only player in the race. Competitors like Nano Nuclear Energy and Oklo are accelerating their own development efforts, and more entrants are likely to emerge. Even if NuScale captures a respectable slice of the market, replicating the 100x growth trajectory of an Amazon or Nvidia is a tall order. Investors hoping to turn a $10,000 stake into a seven-figure windfall may need to recalibrate their expectations.
For now, the Romanian milestone is a positive signal—but it is far from the finish line. Until NuScale actually delivers and operates a commercially viable reactor, skepticism remains the more prudent companion to its story.
