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NuScale Power vs. Nano Nuclear: Which Nuclear Stock Has an Edge Now?
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Key Takeaways
SMR's 6GW TVA project faces delays as key PPAs and financing remain pending.
Nano Nuclear advances KRONOS reactor with plans for NRC filing and 2030 prototype.
NNE trades at 1.78X P/B vs SMR's 3.47X, offering more attractive valuation.
NuScale Power (SMR - Free Report) and Nano Nuclear Energy (NNE - Free Report) are both important companies in the nuclear energy industry. NuScale Power focuses on building small modular reactors for clean energy projects, while Nano Nuclear develops microreactors that aim to provide clean, portable and scalable nuclear power.
According to a report from Fortune Business Insights, the global small modular reactor market was valued at $5.96 billion in 2025. This is expected to reach $8.77 billion by 2034 from $6.13 billion in 2026, witnessing a CAGR of about 4.59%. Both NuScale Power and Nano Nuclear are well-positioned to benefit from this growth because their technologies can help meet rising demand for safe, reliable and carbon-free nuclear energy.
From an investment point of view, one stock offers a more favorable outlook than the other right now. Let’s break down their fundamentals, growth prospects, market challenges and valuation to determine which stock offers a more compelling investment case.
The Case for SMR Stock
NuScale Power is progressing on a large potential deployment opportunity through the ENTRA1 Energy and Tennessee Valley Authority (TVA) program. TVA has announced an agreement to purchase power from ENTRA1 through a planned 6-gigawatt (6GW) nuclear program. The program could involve the deployment of 72 NuScale Power Modules deployed across six plants in TVA’s seven-state service region.
This represents one of the largest nuclear development programs in the United States and could support rising electricity demand from industries, such as AI data centers and advanced manufacturing. ENTRA1 and TVA are continuing discussions toward a definitive PPA. Project teams have conducted site visits and engineering evaluations, and potential locations for the first plant have been identified.
During the fourth quarter, management stated that ENTRA1 is also assembling a project infrastructure team that includes engineering firms, construction contractors, investors and legal advisers to support project execution. Financing discussions are also progressing. Management said several major financial institutions are working with ENTRA1 on the project financing structure, and one major institution has already signed a multibillion-dollar term sheet. These discussions are expected to support the funding required for the development of the small modular reactor power plants under the TVA program.
However, certain risks remain. NuScale Power is still in the early stage of commercializing its small modular reactor technology, where some large opportunities are still in the development stage. For instance, the potential 6GW program involving TVA is progressing through important early steps, where key agreements such as power purchase agreements (PPAs) are still pending.
Securing PPAs is important because it defines how electricity from future nuclear plants will be sold and is also a key requirement for securing project financing. As of now, the project cannot move forward until the PPAs and financing are finalized, which shows that one of the company’s largest potential opportunities is still dependent on agreements that have not yet been completed.
The Case for NNE Stock
NANO Nuclear Energy is focused on advancing its KRONOS micro modular reactor. The company is positioning KRONOS as its core product, which is a 15-megawatt electric reactor and can be deployed across multiple units at a single site to meet larger power needs. The design is intended to support applications across data centers, industrial users, military sites and other energy-intensive operations.
KRONOS is based on high-temperature gas-cooled reactor technology using TRISO fuel, helium coolant and graphite. These components have prior proven operating history, which eliminates the need to develop new or experimental reactor technology and allows the company to integrate existing systems into a modular format. The reactor's passive safety features allow its core to shut down without active systems, which should simplify operations and support regulatory approval.
KRONOS is designed for factory fabrication and repeatable construction, which should support faster deployment timelines and cost efficiencies over time. The reactor can be deployed behind the meter or off-grid, allowing customers to generate power directly at their site. Nano Nuclear is seeing interest from data center, industrial and military customers, and has signed a feasibility study to evaluate deploying multiple KRONOS units to provide up to 1 gigawatt of power for an AI data center and manufacturing campus.
On the execution side, Nano Nuclear has completed site characterization work at the University of Illinois and plans to submit a construction permit application to the U.S. Nuclear Regulatory Commission in the coming months. Construction is expected to begin around 2027 and the full-scale prototype is expected to be online around 2030.
How Do Earnings Estimates Compare for SMR & NNE?
The Zacks Consensus Estimate for NuScale Power’s 2026 bottom line is pegged at a loss of 59 cents per share. The current estimate has narrowed from a loss of 62 cents per share projected 30 days ago. The estimate for 2027 bottom line is pegged at a loss of 43 cents per share, widened from a loss of 40 cents projected 60 days ago.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Nano Nuclear Energy’s 2026 bottom line is pegged at a loss of $1.40 per share. The current estimate has narrowed from a loss of $1.66 per share projected 60 days ago. The estimate for 2027 bottom line is pegged at a loss of $2.06 per share, narrowed from a loss of $2.19 projected 60 days ago.
Image Source: Zacks Investment Research
SMR vs. NNE: Price Performance and Valuation
In the past six months, shares of SMR and NNE have plunged 74.6% and 53.5%, respectively.
6-Month Price Return Performance
Image Source: Zacks Investment Research
In terms of trailing 12-month Price/Book, SMR shares are trading at 3.47X, higher than NNE’s 1.78X. NNE’s reasonable valuation makes it more attractive for investors looking for value and stability.
TTM 12-Month P/B Ratio
Image Source: Zacks Investment Research
Conclusion: NNE Has an Edge Over SMR
Both SMR and NNE are poised to benefit from the nuclear energy boom. However, SMR’s 6GW project is still in the early stages and depends on key agreements like power purchase agreements and financing, which are not yet finalized.
NNE, on the other is also progressing toward regulatory approvals and has a clearer near-term development timeline. NNE’s reasonable valuation offers downside protection as well, making it a better choice for investors looking for stability and steady upside.
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NuScale Power vs. Nano Nuclear: Which Nuclear Stock Has an Edge Now?
Key Takeaways
NuScale Power (SMR - Free Report) and Nano Nuclear Energy (NNE - Free Report) are both important companies in the nuclear energy industry. NuScale Power focuses on building small modular reactors for clean energy projects, while Nano Nuclear develops microreactors that aim to provide clean, portable and scalable nuclear power.
According to a report from Fortune Business Insights, the global small modular reactor market was valued at $5.96 billion in 2025. This is expected to reach $8.77 billion by 2034 from $6.13 billion in 2026, witnessing a CAGR of about 4.59%. Both NuScale Power and Nano Nuclear are well-positioned to benefit from this growth because their technologies can help meet rising demand for safe, reliable and carbon-free nuclear energy.
From an investment point of view, one stock offers a more favorable outlook than the other right now. Let’s break down their fundamentals, growth prospects, market challenges and valuation to determine which stock offers a more compelling investment case.
The Case for SMR Stock
NuScale Power is progressing on a large potential deployment opportunity through the ENTRA1 Energy and Tennessee Valley Authority (TVA) program. TVA has announced an agreement to purchase power from ENTRA1 through a planned 6-gigawatt (6GW) nuclear program. The program could involve the deployment of 72 NuScale Power Modules deployed across six plants in TVA’s seven-state service region.
This represents one of the largest nuclear development programs in the United States and could support rising electricity demand from industries, such as AI data centers and advanced manufacturing. ENTRA1 and TVA are continuing discussions toward a definitive PPA. Project teams have conducted site visits and engineering evaluations, and potential locations for the first plant have been identified.
During the fourth quarter, management stated that ENTRA1 is also assembling a project infrastructure team that includes engineering firms, construction contractors, investors and legal advisers to support project execution. Financing discussions are also progressing. Management said several major financial institutions are working with ENTRA1 on the project financing structure, and one major institution has already signed a multibillion-dollar term sheet. These discussions are expected to support the funding required for the development of the small modular reactor power plants under the TVA program.
However, certain risks remain. NuScale Power is still in the early stage of commercializing its small modular reactor technology, where some large opportunities are still in the development stage. For instance, the potential 6GW program involving TVA is progressing through important early steps, where key agreements such as power purchase agreements (PPAs) are still pending.
Securing PPAs is important because it defines how electricity from future nuclear plants will be sold and is also a key requirement for securing project financing. As of now, the project cannot move forward until the PPAs and financing are finalized, which shows that one of the company’s largest potential opportunities is still dependent on agreements that have not yet been completed.
The Case for NNE Stock
NANO Nuclear Energy is focused on advancing its KRONOS micro modular reactor. The company is positioning KRONOS as its core product, which is a 15-megawatt electric reactor and can be deployed across multiple units at a single site to meet larger power needs. The design is intended to support applications across data centers, industrial users, military sites and other energy-intensive operations.
KRONOS is based on high-temperature gas-cooled reactor technology using TRISO fuel, helium coolant and graphite. These components have prior proven operating history, which eliminates the need to develop new or experimental reactor technology and allows the company to integrate existing systems into a modular format. The reactor's passive safety features allow its core to shut down without active systems, which should simplify operations and support regulatory approval.
KRONOS is designed for factory fabrication and repeatable construction, which should support faster deployment timelines and cost efficiencies over time. The reactor can be deployed behind the meter or off-grid, allowing customers to generate power directly at their site. Nano Nuclear is seeing interest from data center, industrial and military customers, and has signed a feasibility study to evaluate deploying multiple KRONOS units to provide up to 1 gigawatt of power for an AI data center and manufacturing campus.
On the execution side, Nano Nuclear has completed site characterization work at the University of Illinois and plans to submit a construction permit application to the U.S. Nuclear Regulatory Commission in the coming months. Construction is expected to begin around 2027 and the full-scale prototype is expected to be online around 2030.
How Do Earnings Estimates Compare for SMR & NNE?
The Zacks Consensus Estimate for NuScale Power’s 2026 bottom line is pegged at a loss of 59 cents per share. The current estimate has narrowed from a loss of 62 cents per share projected 30 days ago. The estimate for 2027 bottom line is pegged at a loss of 43 cents per share, widened from a loss of 40 cents projected 60 days ago.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Nano Nuclear Energy’s 2026 bottom line is pegged at a loss of $1.40 per share. The current estimate has narrowed from a loss of $1.66 per share projected 60 days ago. The estimate for 2027 bottom line is pegged at a loss of $2.06 per share, narrowed from a loss of $2.19 projected 60 days ago.
Image Source: Zacks Investment Research
SMR vs. NNE: Price Performance and Valuation
In the past six months, shares of SMR and NNE have plunged 74.6% and 53.5%, respectively.
6-Month Price Return Performance
Image Source: Zacks Investment Research
In terms of trailing 12-month Price/Book, SMR shares are trading at 3.47X, higher than NNE’s 1.78X. NNE’s reasonable valuation makes it more attractive for investors looking for value and stability.
TTM 12-Month P/B Ratio
Image Source: Zacks Investment Research
Conclusion: NNE Has an Edge Over SMR
Both SMR and NNE are poised to benefit from the nuclear energy boom. However, SMR’s 6GW project is still in the early stages and depends on key agreements like power purchase agreements and financing, which are not yet finalized.
NNE, on the other is also progressing toward regulatory approvals and has a clearer near-term development timeline. NNE’s reasonable valuation offers downside protection as well, making it a better choice for investors looking for stability and steady upside.
Currently, NNE carries a Zacks Rank #2 (Buy), making the stock a better pick over SMR, which has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.