<div id="readability-page-1"><div> <h2>Key Points</h2><ul><li>NuScale Power is the only nuclear energy company in the U.S. with a government-approved design for a small modular reactor. </li><li>For this $12 stock to grow tenfold, the company will likely need to deploy dozens of reactors. </li><li>10 stocks we like better than NuScale Power ›</li></ul>Last October, NuScale Power (NYSE: SMR) stock hit an all-time high of about $57 a share. At that price, it carried a market cap of roughly $17 billion, despite generating only about $30 million in revenue through the first nine months of 2025. At that premium, it was trading at about 270 times sales -- more than 68 times the multiple of nuclear heavyweight Constellation Energy (NASDAQ: CEG).Fast-forward seven months, and NuScale's stock is down about 75% from that all-time high. At about $12 a share, the company still carries a $4 billion market cap -- not cheap by conventional standards.Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. Continue »The company, however, has been gaining momentum. It's closing in on its first project in Romania, and it could deploy up to 6 gigawatts (GW) of its small modular reactor (SMR) technology to the Tennessee Valley Authority, in partnership with ENTRA1 Energy.Things are looking up for NuScale. But can the momentum take its stock to $120? Let's look at the math.<img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2ODE2OC9zbXIuanBlZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="700" height="444" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2ODE2OC9zbXIuanBlZyZ3PTcwMA"/>Image source: Getty Images. <h2>The math behind a tenfold gain for NuScale is brutal</h2>For NuScale to climb from about $12 a share to $120, its market cap would likewise need to rise roughly tenfold from here. That would take its market cap from roughly $4 billion today to about $40 billion, assuming the share count stays about the same.That number alone isn't unheard of. Constellation has a market valuation of $115 billion, while GE Vernova is currently at about $290 billion. The difference, however, is that both Constellation and GE Vernova are profitable and raking in billions of dollars of revenue every quarter. Meanwhile, NuScale is burning cash and hasn't yet made an SMR sale.<img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzLzNlMmE2MDM5MjYxZjU3MWZjNzhjZDFjODJiYjg4MTAzLnBuZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="700" height="459" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzLzNlMmE2MDM5MjYxZjU3MWZjNzhjZDFjODJiYjg4MTAzLnBuZyZ3PTcwMA"/>Data by YCharts; TTM = trailing 12 months.Let's imagine, for the fun of it, that NuScale is at $120 a share. If we assume it's trading at 25 times sales, which is still a rich premium for a nuclear energy stock, then the company would need to generate roughly $1.7 billion in annual revenue to support a $40 billion market cap. That means NuScale would need to grow its 2025 revenue ($31.5 million) by about 54 times. Not a small commercial leap by any means.<h2>What would $1.7 billion look like in reactor revenue?</h2>NuScale expects its SMR to produce about 77 megawatts of power, with a target price of roughly $89 per megawatt hour. Assuming each module runs at 95% capacity over the course of a year, a single reactor could generate about $57 million in annual power revenue. In total, NuScale would need about 30 operating modules to generate $1.7 billion in annual revenue.Of course, this assumes that investors would support a $41.5 billion market cap on $1.7 billion in revenue. If they assign it a lower price-to-sales ratio (P/S), the revenue hurdle would climb quickly. For example, a P/S of 10 would require about $4 billion in annual revenue (73 modules). A multiple of 5 would require about $8.3 billion in annual revenue, or roughly 146 modules. And NuScale has yet to deploy a single SMR.This isn't to say that NuScale stock won't ever climb to $120; it certainly could. But investors will need to think in years -- possibly a decade -- before that price reflects a strong underlying business. As such, this stock remains speculative: It has the potential to 10x, but only if it can start deploying reactors soon.<h2>Should you buy stock in NuScale Power right now?</h2> Before you buy stock in NuScale Power, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and NuScale Power wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $471,827!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,319,291!* Now, it’s worth noting Stock Advisor’s total average return is 986% — a market-crushing outperformance compared to 207% for the S&amp;P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 10, 2026. Steven Porrello has positions in NuScale Power. The Motley Fool has positions in and recommends Constellation Energy and GE Vernova. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. </div></div>

NuScale Power, the only U.S. nuclear energy company with a government-approved small modular reactor design, has seen its stock drop 75% from an all-time high of $57 to $12. To reach $120, its market cap would need to rise to $40 billion, requiring a significant increase in revenue from its current $31.5 million. Analysts suggest that while growth is possible, it may take years for the stock to reflect a strong business foundation. The Motley Fool's Stock Advisor does not currently recommend NuScale Power, favoring other stocks instead.

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Is NuScale Power Going to $120?