NuScale Power (SMR) has drawn fresh attention after Curio and Framatome signed an MOU with the company to evaluate an integrated nuclear fuel solution for United States and international markets.

The latest share price of NuScale Power at US$9.29 comes after a 1 month share price return of 16.71%. However, the year to date share price return is down 43.04% and the 1 year total shareholder return is down 72.51%. Recent momentum has therefore picked up from a weaker longer term base as investors weigh the Curio and Framatome agreement alongside the US$750m at the market equity offering filed earlier in August 2026.

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NuScale Power now trades at a sizeable discount to analyst targets after a sharp recent rebound, while the business still reports modest revenue and a large loss. Is the market being too cautious, or simply realistic about the risks?

Most Popular Narrative: 91% Undervalued

According to the most followed NuScale Power narrative, a fair value of $100.00 sits far above the last close at $9.29, which creates a very wide valuation gap for investors to assess.

Small modular reactors solve the specific problems that made conventional nuclear uneconomical, factory manufacturing reduces construction risk, smaller footprint enables co-location with demand, modular deployment matches capital expenditure to actual need. NuScale holds the only SMR design currently certified by the Nuclear Regulatory Commission. That certification took years and hundreds of millions of dollars. It is a moat, not a footnote.

Want to see what drives a tenfold gap between market price and this fair value claim? The narrative leans heavily on aggressive revenue expansion and future profit margins that look more like established infrastructure leaders than an early stage nuclear developer.

Result: Fair Value of $100.00 (UNDERVALUED)

However, NuScale Power still faces clear risks, including ongoing heavy losses and the possibility that project costs or delays could weaken confidence in the SMR rollout.

Another View: SWS DCF Model On NuScale Power

While the popular NuScale Power narrative points to a fair value of $100.00, the SWS DCF model presents a very different picture. It estimates fair value closer to $2.50, which would make the current $9.29 share price look expensive rather than cheap. Which story do you trust more?

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out NuScale Power for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 52 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.

Next Steps

With such a wide range of views around NuScale Power, it helps to move fast and check the facts for yourself, then weigh the 1 key reward and 3 important warning signs

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.