Investors eyeing the emerging small modular reactor (SMR) sector face a critical choice between NuScale Power and Nano Nuclear Energy, two firms at different stages of development with distinct financial and operational trajectories. This analysis examines their current valuations, project milestones, and long-term growth potential.
- NuScale Power has received NRC design approval for its 60-MW SMR, a first for commercial SMRs in the U.S.
- The UAMPS Carbon Free Power Project, with $1.8 billion in total cost and $1.4 billion in financing, targets startup in 2028.
- NuScale’s 2026 market cap is $1.1 billion with $230 million in cash; Nano Nuclear Energy has a $380 million market cap and $85 million in cash.
- Nano Nuclear Energy secured a $15 million DOE ARDP grant and plans a 10-MW prototype for deployment in New Mexico by 2027.
- Analysts project NuScale could reach $250 million in revenue by 2030, while Nano Nuclear may achieve $120 million in revenue by 2031, contingent on milestones.
- NuScale stock rose 58% YTD through January 2026; Nano Nuclear surged 120%, reflecting speculative investor interest.
NuScale Power and Nano Nuclear Energy represent two contrasting approaches in the small modular reactor (SMR) space, each with unique technical strategies and financial profiles. NuScale, headquartered in Oregon, has secured a regulatory milestone with the U.S. Nuclear Regulatory Commission (NRC) approval for its 60-megawatt (MW) SMR design, marking the first such endorsement for a commercial SMR in the United States. As of early 2026, the company reported $230 million in cash and equivalents, with a market capitalization of approximately $1.1 billion. Its lead project, the Utah Associated Municipal Power Systems (UAMPS) Carbon Free Power Project, is progressing toward a 2028 startup target, with a $1.8 billion total project cost and $1.4 billion in secured financing. Nano Nuclear Energy, based in Texas, is a newer entrant with a focus on compact molten salt reactor (MSR) technology. The company has not yet received formal NRC design approval, but has announced a prototype development timeline targeting 2027. As of January 2026, Nano Nuclear reported $85 million in cash and a market cap of $380 million. It has secured $42 million in private funding, including a $15 million grant from the U.S. Department of Energy’s Advanced Reactor Demonstration Program (ARDP), and is advancing a 10-MW pilot unit planned for deployment in New Mexico. The divergence in project timelines and regulatory readiness significantly affects investor risk profiles. NuScale’s NRC-validated design and active construction in Utah suggest lower technical risk and earlier revenue potential, while Nano Nuclear’s higher growth leverage is tied to successful demonstration and regulatory progression. Analysts project NuScale could generate $250 million in revenue by 2030 if the UAMPS plant operates as scheduled. Nano Nuclear, if its prototype achieves milestones, could unlock $120 million in revenue by 2031, but this depends on sustained funding and regulatory support. Market sentiment reflects this dichotomy. NuScale’s stock has seen a 58% year-to-date increase through January 2026, outperforming the broader clean energy sector. Nano Nuclear’s shares have surged 120% over the same period, driven by speculative interest in next-generation nuclear. Institutional ownership remains low for both, with over 70% of shares held by retail investors in Nano Nuclear and about 60% in NuScale, indicating heightened volatility and sensitivity to news.