NuScale Power Corporation (SMR) is joining forces with ENTRA1 Energy and the Tennessee Valley Authority (TVA) on a landmark project that will deliver 6 gigawatts of small modular reactor (SMR) capacity across the TVA region.
That’s the largest SMR deployment in U.S. history.
The rollout will cover TVA’s seven-state service territory and provide enough power for 4.5 million homes or roughly 60 new data centers, according to a TVA press release.
NuScale said the project will deliver carbon-free baseload electricity equivalent to powering the entire Dallas–Fort Worth metro area.
The backdrop is an energy market stretched by soaring demand.
Semiconductor fabs and AI data centers are fueling what TVA calls “unprecedented growth” in electricity needs, while Trump’s administration pushes to cement America’s energy dominance through nuclear power.
“A transformational moment”
NuScale CEO John Hopkins called the partnership historic.
“We are honored that ENTRA1 has selected NuScale’s U.S. NRC-approved SMR technology for this deployment. Together, we’re ready to meet America’s surging demand for reliable, carbon-free baseload power,” he said.
Meanwhile, Skip Alvarado, ENTRA1’s Chief Projects Officer, framed it in national security terms.
“Energy security is national security — and dependable electricity is the lifeblood of America’s future. Without abundant, affordable baseload power, innovation stalls and supply chains break,” he said.
SMR stock jumped 7.5% Tuesday and 8.5% Wednesday before plunging 10.9% Thursday, despite no news to explain the reversal.
Analysts weigh in
Wall Street is divided on how much upside remains. Canaccord Genuity analysts, led by George Gianarikas, raised their price target from $44 to $60 and stuck with a Buy rating.
In a client note, Gianarikas praised NuScale for “delivering on promises,” calling the TVA deal “a transformational moment” for the company and for U.S. nuclear power.
“A thrilling day for NuScale. A thrilling day for nuclear. A thrilling day for U.S. power,” he wrote.
But others are more cautious. Bank of America Securities, led by analyst Dimple Gosai, reiterated a Neutral rating with a $38 target. Gosai highlighted supportive policies and strong demand from AI-driven energy use but noted that NuScale’s $4.8 billion valuation already bakes in much of that optimism.
She also pointed out that NuScale’s first TVA deployment isn’t slated until 2030. “Further binding commercial steps will be critical for a more constructive view on the stock,” Gosai warned.
The bigger picture
For NuScale, the TVA deal is both validation and a test.
Nuclear’s comeback is being powered by policy shifts and data center demand, but the timeline to commercialization remains long. The hope is this “transformational moment” can translate into real revenue before the decade is out.
For now, NuScale stands at the center of America’s nuclear revival, with 6 GW of power, millions of homes, and the AI boom on the line.
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