NuScale is a nuclear technology company developing small modular reactors (SMRs). Its core product is the NuScale Power Module (NPM), a compact light water reactor capable of generating 77 MWe per unit. Unlike traditional nuclear plants, the NPM is factory-built, scalable, and designed with passive safety systems requiring no operator intervention or external power to shut down safely. NuScale is not a power plant developer or operator — it sells NPMs and related services to its exclusive global commercialization partner, ENTRA1, which develops, finances, and operates power plants housing NuScale's modules, then sells power to utilities, data centers, industrial companies, and government entities via long-term PPAs. NuScale's most significant competitive asset is regulatory: it is the only SMR developer to have received NRC design approval, having done so twice (most recently in May 2025 for its 77 MWe design). No other SMR developer has even applied for NRC approval, giving NuScale a multi-year lead in the U.S. market. NuScale's approved design also allows a site-boundary emergency planning zone, enabling co-location with industrial facilities and data centers. Today, NuScale is pre-commercial, generating minimal revenue from engineering and licensing work on a 6-module project in Romania (RoPower). The company's primary near-term commercial opportunity is a potential program with ENTRA1 and Tennessee Valley Authority to deploy up to 72 modules across six plants in the southeastern U.S., targeting first operation around 2030.