NuScale sold $985 million of stock in six months. Last quarter's revenue: $75,000.
NuScale sold 89.7 million shares for $984.5 million in six months against $75,000 of quarterly revenue, and a fresh $750 million program is open. The balance sheet holds $1.9 billion and no debt; the payment schedule to its exclusive partner ENTRA1 holds the rest of the story.
Vincent Jiang · 3 min read
The share sales are the business
Between February 26 and June 2026, NuScale sold 89,727,165 Class A shares for $984.5 million net at an average $11.14, completing a $1 billion at-the-market program 1. Class A shares outstanding rose from 318.5 million at year-end to 410.4 million, and the diluted weighted count rose 173%, from 133.4 million to 364.5 million 1. A fresh program of up to $750 million opened on August 11, 2026 2. Shares still rose 4% to $8.07 on October 1, inside a 52-week range of $7.21 to $57.42 34.
The diluted weighted share count rose 173% in six months
Data
| Share count | |
|---|---|
| Class A outstanding, Dec 2025 | 318.5M |
| Class A outstanding, Jun 2026 | 410.4M |
| Diluted weighted, H1 2025 | 133.4M |
| Diluted weighted, H1 2026 | 364.5M |
The burn has a beneficiary
Second-quarter revenue was $75,000, down from $8.1 million a year earlier, on a $64.0 million operating loss 1. Half-year operating cash outflow reached $372.9 million, up from $56.1 million, which the filing attributes primarily to a $259.9 million payment to ENTRA1 Energy, NuScale's exclusive global commercialization partner 1. That is a slice of a $507.4 million Milestone Contribution 1, expensed under ASC 606 as consideration paid to a prospective customer after ENTRA1 signed a non-binding agreement covering 72 modules 1.
The next tranche, 35% of the total, falls due when ENTRA1 signs a binding power purchase agreement, roughly $1.2 billion at the current scope; a further 50% comes only with an actual order 12. ENTRA1 retains sole and full discretion over whether to select, contract with, or purchase from NuScale at all 1.
The class action names the partner
The amended Truedson complaint, filed July 10, 2026, in federal court in Oregon, adds ENTRA1 and its principal as defendants and alleges false statements about ENTRA1's "experience, qualifications and capabilities" as a developer of nuclear power plants, on behalf of buyers between March 3 and November 6, 2025 1. It separately alleges Fluor sold while holding material nonpublic information; NuScale says it cannot estimate the loss 1.
A full tank, and no debt
The ledger's other side is genuinely strong: $766.5 million of cash, $305.7 million of short-term investments and $820.8 million of investments at June 30, 2026, in the filing's words "with no debt", enough per management for 12 months and beyond 1.
NuScale's liquidity climbs in steps, and each step is a share sale
- Cash and cash equivalents
- Short-term investments
- Long-term investments
Data
| Cash and cash equivalents | Short-term investments | Long-term investments | |
|---|---|---|---|
| Dec 2024 | $401.6M | $40M | $0M |
| Jun 2025 | $297.7M | $123.1M | $69.2M |
| Dec 2025 | $836.4M | $417.8M | $33M |
| Mar 2026 | $341.1M | $549M | $118.6M |
| Jun 2026 | $766.5M | $305.7M | $820.8M |
The drain is scheduled, and priced
UBS went Sell at $6 on September 11, 2026, projecting about $700 million of negative free cash flow across 2026 through 2028, and analysts polled by S&P Global see closer to $1 billion 459. Polymarket's most liquid NuScale board pays 13.5 cents for a bankruptcy announcement by December 31, 2027, and 19.5 cents for one by the end of 2028 5. With no borrowings, no creditor can force a filing, and the runway estimates on offer, 2.5 to 4 years, point past the deadline 15.
Every buyer funds the next tranche
Who pays is the plainer question. The first binding customer triggers the next nine-figure payment 1. The exhausted program averaged $11.14 a share; the new $750 million program sells at the market price, near $8 13. Every buyer under it funds the next ENTRA1 tranche, and every existing holder's claim on the $1.9 billion shrinks as the count rises.
The sector's other door closed
On September 24, the Federal Energy Regulatory Commission rejected Oklo's complaint over PJM's decision to drop its 750 MW mixed-technology Virginia project from the interconnection study cycle, a withdrawal Oklo says delays it at least 18 months 8.
NuScale's next readings: any definitive Tennessee Valley Authority agreement, which starts the clock on the $1.2 billion tranche; RoPower project financing in Romania; and the quarterly cash line 13. A company with no debt cannot be pushed into bankruptcy; it can only decide to stop, and the filing puts that decision point with the partner, not before it.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
