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SMRNuScale Power
First NRC-approved SMR design; the pure SMR bet if the technology actually scales.
Plate I — Pillar-Purity Score
7/ 10
Design-approved; commercialization unproven.
Methodology — How we score
Plate II — The Thesis
Why it’s on the list.
NuScale holds the only NRC-approved SMR design (VOYGR). The UAMPS project cancellation was the stress test; survival plus new utility contracts define the thesis from here. Pure SMR exposure with execution risk.
Plate III — Supply Chain
Upstream & downstream.
See the full chain plate for all 37 names.
Upstream — what feeds SMR
Downstream — where SMR feeds into
Plate IV — Thesis Breakers
What would invalidate this.
- Risk 01No commercial order by 2027
- Risk 02Competitor SMR wins dominance
Plate V — Also on the Power plate
Siblings by pillar.
- TLNScore 10Owns the Susquehanna nuclear and Cumulus data-center campus feeding AWS; post-bankruptcy compound.
- CEGScore 9Largest US nuclear fleet; Three Mile Island restart for Microsoft — the purest nuclear-for-AI trade.
- VSTScore 8Texas nuclear + gas generation signing hyperscaler PPAs; recent top-performing S&P utility.
- OKLOScore 8Small modular reactor pre-revenue moonshot; Sam Altman-chaired — speculative but on-thesis.
- GEVScore 7Gas turbines, grid equipment, offshore wind; multi-year backlog constraints are the bull case.
Close
Next earnings: 2026-05-12.
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Research only. Not investment advice. Do your own diligence.