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NuScale Power designs reactor modules that customers would combine into nuclear power plants; it does not build, own or operate the plants itself. Its core product is the NuScale Power Module, a light-water reactor designed for factory fabrication. Revenue so far comes from engineering, technology licensing and services rather than module deliveries. Its work includes licensing technology to Romania’s RoPower Nuclear and providing plant-design engineering for RoPower through a subcontract with Fluor.
NuScale has not delivered reactor modules or secured a binding customer contract to supply them. It plans to earn from technology licenses and sales of modules and related equipment, using outside manufacturers, then provide services through plant start-up and operation. Commercialization depends heavily on ENTRA1, which holds exclusive worldwide commercialization and development rights. ENTRA1 controls project selection and whether to buy from NuScale, while NuScale must fund certain project milestones even before it has a revenue-generating supply contract.
U.S. Nuclear Regulatory Commission approval of NuScale’s reactor design does not authorize customers to build or operate a plant: they still need site-specific licenses and approvals. Overseas deployment also requires approval in the destination country and U.S. nuclear export authorizations.
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NuScale’s commercialization hinges on ENTRA1 turning its exclusive development pipeline into firm projects and customers such as RoPower moving proposed plants into construction.
X-Energy competes with NuScale to supply modular nuclear reactors to customers seeking reliable low-carbon electricity and industrial heat. Progress on its first Dow and Amazon projects is worth watching as its Xe-100 reactors remain in development, rather than generating reactor sales.
Oklo competes with NuScale-based plants for customers seeking reliable low-carbon electricity and heat, but plans to own and operate its Aurora plants and charge customers for their output rather than sell reactor designs. Watch its planned electricity-and-heat sales model, which differs from NuScale’s expected reactor-module and lifecycle-service revenue.
Fluor pays NuScale for engineering work on Romania’s proposed RoPower plant, while NuScale’s share price also changes the reported value of Fluor’s investment and can swing its earnings. Watch the RoPower engineering work: higher revenue from that contract partly offset NuScale’s lower license revenue in 2025, but also raised its cost of sales.
Terrestrial Energy Inc. competes with NuScale for nuclear plant developers’ spending on reactor technology, major components and engineering services, rather than planning to own the plants itself. Watch whether its early-stage IMSR projects for mining, chemicals, data centers and grid power move beyond memoranda and letters of intent.
Deep Fission, Inc. offers a rival approach to NuScale’s pressurized-water nuclear generation for utilities, industrial users and other power customers, placing its planned Gravity Reactor deep underground. Its initial focus is hyperscale data centers, but it has deployed no commercial reactors and its design still needs regulatory approvals.
Nano Nuclear Energy Inc. competes with NuScale for advanced nuclear deployment opportunities through its modular reactor technologies, while also developing fuel and services for nuclear-industry customers. Watch progress on the acquired KRONOS and LOKI reactor technologies, rather than treating its small amount of Digihost consulting revenue as reactor sales.
Cameco’s stake in Westinghouse exposes it to reactor technologies competing with NuScale, alongside its uranium and nuclear-fuel services businesses.
Terra Innovatum Global N.V. competes with NuScale for customers buying on-site nuclear reactors and lifetime services, although its SOLO reactors target smaller installations. Its planned sales to industrial facilities, remote locations, healthcare facilities and data centers would be accompanied by service packages and periodic maintenance.
NuScale expects Curtiss-Wright to manufacture components for its reactor modules, making the company part of its planned equipment-delivery chain. Curtiss-Wright supplies engineered products and services mainly to aerospace and defense customers, so its commercial nuclear work is the relevant business to watch for NuScale.
Curtiss-Wright Corp. earningsCW
Curtiss-Wright’s report will show whether the commercial nuclear business of a supplier NuScale plans to rely on has orders and delivery activity.
If disclosed, read commercial nuclear orders or backlog alongside delivery and capacity updates; don’t rely on Curtiss-Wright’s overall results, which mainly reflect aerospace and defense. More nuclear work and advancing deliveries would support the view that suppliers are preparing for NuScale’s needs; weak activity would offer less evidence of readiness. Neither proves Curtiss-Wright has a firm NuScale order, so NuScale’s own purchase commitments remain the test.
NuScale Power Corporation earningsThis company
NuScale Power’s report will show whether plant engineering and licensing work is still bringing in revenue, and what it costs to do that work.
Read power-plant and module-related service revenue alongside licensing revenue and cost of sales. Rising service revenue without costs growing faster would show NuScale is earning from project work; if revenue falls as license revenue fades, or service costs outpace revenue, project work has not filled the gap. Then check for a binding module-delivery agreement: one would mark a step toward module sales; without one, revenue still does not prove that the modules have a buyer.
X-Energy, Inc. earningsXE
X-Energy’s report will show whether its Dow and Amazon projects are making tangible progress, revealing whether customers are advancing modular nuclear projects that compete for attention with NuScale’s.
Watch whether the Dow and Amazon projects move from development plans to concrete milestones; project interest is not reactor sales. Tangible progress would show customers putting resources behind another modular-reactor option, making the competition for project attention more real. If the projects remain at the development stage, there is less evidence of that progress. Neither outcome alone proves what NuScale’s own customers will do.
