NuScale 6 GW SMR Deal with ENTRA1/TVA for AI Data Centers; Q2 Challenges Highlight Pre-Revenue Risk

NuScale Power signed a 6 GW SMR deal with ENTRA1/TVA—the largest SMR pipeline in the US. NRC-approved design, island mode for data centers, $1.9B liquidity, and a September 2025 agreement target. This directly validates the AI-nuclear thesis and de-risks SMR deployment at scale. However, NuScale's Q2 2025 results showed only $75k revenue and a $64M loss, with RBC downgrade and dilution risk via ATM facility, highlighting the pre-revenue execution gap. Timeline risk remains a key concern.