Shares of NuScale Power rocketed 9.1% to $14.06 on June 2, extending a two-day rally of roughly 14% after reports surfaced that South Korea is in active talks to invest in the company's small modular reactor program and collaborate on a first commercial project. The move tests whether investors are buying a genuine inflection point — or simply trading on nuclear enthusiasm detached from financial reality.
South Korea Brings Manufacturing Muscle NuScale Desperately Needs. South Korea is exploring a potential investment and partnership in NuScale's SMR program as part of a broader bilateral trade agreement, including collaboration on a first small modular reactor plant in the Uljin region.
The deal sits within a reported $200 billion bilateral investment framework, which could matter for both credibility and capital access. Critically, Korean heavyweights like Doosan Enerbility and Samsung C&T would bring manufacturing depth and construction delivery capability — skills NuScale lacks as a design-focused startup.
The Financials Are Still Brutal. First-quarter revenue came in at just $565,000, down from $13.4 million a year earlier.
NuScale burned over $300 million in operating cash last quarter and posted free cash flow of roughly negative $316 million, yet still holds close to $1 billion in liquidity with no traditional debt. That cash cushion buys time, but the clock is ticking: NuScale is losing money and will likely continue to do so for years as it attempts to build a manufacturing business around SMRs.
No Signed Deal Exists Yet — That's the Central Risk. NuScale still doesn't have its first signed-on-the-dotted-line sale — an important fact as investors digest the South Korea headlines. The pipeline is growing — Tennessee's TVA program targets up to 6 GW of capacity, and Romania's RoPower project faces a mid-2026 "go/no-go" decision — but none have converted to binding contracts.
Insiders Aren't Buying the Rally. NuScale insiders have made 14 open-market trades in the past six months — all 14 were sales, zero were purchases. That pattern is worth noting when the stock trades at roughly $4.7 billion in market value against negligible revenue. Analysts project revenue quadrupling to $321 million by 2028 , but that target depends entirely on converting today's diplomatic conversations into real contracts. Until ink dries, this remains a story stock priced on potential.