NuScale Power Bets on Small Modular Reactors as AI Drives a New Wave of Electricity Demand

What happened

According to an SEC filing dated February 10, 2026, ONCE Capital Management, LLC increased its position in NuScale Power Corporation (SMR 1.86%) by 254,600 shares. The quarter-end value of the fund’s SMR holding fell by $716,841, a figure that includes both new purchases and changes in the stock price.

What else to know

This was a buy; SMR now accounts for 1.3160% of ONCE Capital Management, LLC’s 13F AUM

Top five holdings after the filing:

• NASDAQ: NVDA: $104,813,000 (26.4% of AUM)
• NASDAQ: ASTS: $57,414,015 (14.5% of AUM)
• NASDAQ: RKLB: $38,786,560 (9.8% of AUM)
• NASDAQ: AMD: $26,834,248 (6.8% of AUM)
• NASDAQ: CRWD: $23,906,760 (6.0% of AUM)

As of February 9, 2026, shares were priced at $17.68. The one-year price change was roughly 35.62%.

Company overview

Company snapshot

NuScale Power is a leading provider of advanced small modular reactor (SMR) technology, offering scalable nuclear power solutions for utility and industrial clients. The company leverages proprietary reactor designs to address global demand for reliable, low-carbon energy. With a focus on modularity and safety, NuScale positions itself as a key innovator in the renewable utilities sector.

NuScale Power develops and sells modular light water reactor nuclear power plants, including the NuScale Power Module and VOYGR series, for energy generation and industrial applications.

The company generates revenue primarily through the sale and deployment of its modular nuclear reactor systems, tailored to utility-scale and industrial customers seeking clean, reliable power solutions.

NuScale serves electric utilities, industrial operators, and government entities seeking advanced, scalable nuclear energy infrastructure.

What this transaction means for investors

NuScale Power’s stock has risen as investors reconsider nuclear energy to meet growing electricity demand. AI-driven data centers and electrification are increasing the need for reliable, continuous power that intermittent renewables cannot supply alone.

NuScale develops small modular nuclear reactors based on established light-water technology, with modules designed for factory fabrication and phased deployment. This approach aims to lower upfront capital requirements compared with traditional large-scale nuclear plants and lets utilities or industrial operators add capacity over time. That flexibility appeals to large power users seeking reliable baseload power. However, the commercial model’s success will depend on securing the necessary permits, meeting construction timelines, and delivering projects within projected cost targets.

For investors, progress must be shown through concrete project milestones rather than general optimism about nuclear energy. This includes regulatory approvals, binding customer agreements for VOYGR deployments, and clear visibility into construction costs and financing. As electricity demand from data centers and industrial users increases, NuScale’s investment case depends on advancing from design validation to a fully funded first plant, proving its reactors are competitive in reliability and economics over the long term.