NuScale Power (NYSE: SMR) entered a three-way Memorandum of Understanding in August 2026 alongside Curio and Framatome to evaluate integrated nuclear fuel cycle solutions using Curio’s NuCycle recycling technology.
The agreement aims to support both U.S. and international next-generation nuclear deployments by exploring ways to turn recovered materials from used fuel into advanced fuels and products.
The collaboration positions NuScale as a potential player in a more sustainable and secure nuclear fuel supply chain, extending its relevance beyond reactor design into the broader fuel ecosystem.
For investors, the core question remains whether NuScale’s first commercial small modular reactor projects, including those with ENTRA1, TVA, and RoPower, will convert from expressions of interest into firm, long-term contracts.
The Curio and Framatome fuel cycle collaboration may support NuScale’s long-term positioning, but it does not change the near-term catalyst around landing binding power purchase agreements.
The most consequential recent development alongside the Curio MOU is NuScale’s $750 million at-the-market equity offering filed in August 2026, signaling continued dependence on fresh capital while revenue remains minimal.
That equity raise reinforces both the importance of future contract wins as a catalyst and the risk that extended commercialization timelines could require further dilution before NuScale reaches meaningful cash inflows.
Analyst projections for NuScale’s financial trajectory vary widely, with some forecasts projecting $367.3 million in revenue and $41.3 million in earnings by 2029, requiring 170.0% yearly revenue growth.
That earnings outlook would represent a $427.1 million improvement from the current figure of negative $385.8 million, a target that demands near-flawless execution on commercialization over the next three years.
More cautious analysts have projected as little as $134.0 million in revenue and only $15.0 million in earnings by 2029, a figure that underscores how much uncertainty surrounds NuScale’s path to profitability.
Those bearish estimates suggest that any slippage in converting ENTRA1 and TVA interest into firm power purchase agreements could meaningfully challenge even the lower end of the revenue forecast range.
One set of projections places NuScale’s fair value at $14.57 per share, representing approximately 55% upside to where the stock was trading at the time of the analysis.
However, other valuation estimates suggest the stock could be worth less than half its current price, reflecting the wide divergence in how analysts interpret NuScale’s commercial and financial risks.
The advanced fuel recycling collaboration with Curio and Framatome adds a new dimension to NuScale’s long-term story, but the near-term investment case still hinges on contract conversions and capital discipline.
Until binding agreements materialize and the cash burn trajectory improves, the MOU represents strategic optionality rather than a fundamental shift in NuScale’s financial outlook.
