{"slug":"nuscale","name":"NuScale Power","name_en":"NuScale Power","ticker":"SMR","updated_at":"2026-07-12T03:54:59.471+00:00","canonical":"https://valuechain.wiki/nuscale","same_as":["https://finance.yahoo.com/quote/SMR","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1822966"],"citable":"밸류체인 그래프 기준 NuScale Power의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 3곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, NuScale Power is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 3 companies within two hops; the links are backed by 8 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"뉴욕증시 · SMR 소형모듈원자로 · ENTRA1·TVA 6GW","kicker_en":"NYSE · SMR small modular reactor · ENTRA1/TVA 6GW","lead":"미국 SMR 기업으로 NRC 설계 인증을 받은 모듈로 유틸리티·데이터센터 전력을 노린다. 상업화 파트너 ENTRA1을 통해 TVA와 최대 6GW 배치(미 역사상 최대 SMR 프로그램)를 추진하고, 데이터센터 사업자와도 협의 중이다. 2025년 말 유동성 $13억. 오클로와 함께 SMR 축.","lead_en":"A US SMR firm with an NRC-certified module targeting utility and datacenter power. Via its commercialization partner ENTRA1 it pursues up to 6GW with the TVA (the largest SMR program in US history) and is in talks with datacenter operators. $1.3B liquidity at end-2025. With Oklo, an SMR axis.","segments":{"parts":[{"desc":"NRC 설계 인증 77MWe 모듈 — 두산에너빌리티가 주기기(원자로 모듈·단조품) 제작.","name":"SMR 모듈(NRC 인증)"},{"desc":"ENTRA1 통해 TVA 최대 6GW($25B)·데이터센터 겨냥 — 상업가동 전 프리레비뉴.","name":"발전 서비스"}],"total":"ENTRA1·TVA 최대 6GW","concentration":"데이터센터·유틸리티 SMR. 상업가동 전."},"segments_en":{"parts":[{"desc":"NRC-approved 77 MWe module — Doosan Enerbility fabricates the major equipment (reactor modules, forgings).","name":"SMR module (NRC-certified)"},{"desc":"Targets up to 6 GW ($25B) with TVA and datacenters via ENTRA1 — pre-commercial, pre-revenue.","name":"Power services"}],"total":"ENTRA1/TVA up to 6GW","concentration":"Datacenter/utility SMR; pre-commercial."},"returns_yearly":{"2023":-67.9,"2024":445,"2025":-21,"2026":-36.2},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"quanta-services","name":"Quanta Services","name_en":"Quanta Services","tier":1,"returns_yearly":{"2021":59.5,"2022":24.6,"2023":51.7,"2024":46.6,"2025":33.7,"2026":56.1}},{"slug":"doosan-enerbility","name":"두산에너빌리티","name_en":"Doosan Enerbility","tier":1,"returns_yearly":{"2021":57,"2022":-5.6,"2023":-7.5,"2024":54.8,"2025":279.1,"2026":-13.8}},{"slug":"doosan-bobcat","name":"두산밥캣","name_en":"Doosan Bobcat","tier":2,"returns_yearly":{"2021":25.7,"2022":-2.3,"2023":48.5,"2024":-1,"2025":25.1,"2026":8.5}}],"analysis":"NRC 설계 인증(77MWe)을 받은 모듈로 유틸리티·데이터센터 전력을 겨냥하는 미국 SMR 기업으로, 상업가동 전 단계라 실적보다 수주·인증 이정표가 주가를 움직인다. 상업화 파트너 ENTRA1을 통해 TVA와 최대 6GW($25B 규모, 미 역사상 최대 SMR 프로그램)를 추진하고 데이터센터 사업자와도 협의 중이며, AI 전력 수요가 SMR 서사의 핵심 동력이다. 리스크는 상업 매출이 없는 프리레비뉴 단계라는 점과 인허가·공기 지연이며, 2025년 말 유동성 $13억으로 버틴다. 그래프상 주기기(원자로 모듈·단조품)는 두산에너빌리티(제작 파트너 겸 지분투자 ~$104M), EPC는 플루어·콴타서비스가 담당하는 공급 구조다.","analysis_en":"A US SMR firm with an NRC-approved (77 MWe) module targeting utility and datacenter power, where — being pre-commercial — order and licensing milestones move the stock more than earnings. Via commercialization partner ENTRA1 it pursues up to 6 GW with the TVA (a ~$25B, largest-ever US SMR program) and is in talks with datacenter operators, with AI power demand the core engine of the SMR story. Risks are the pre-revenue stage and licensing/schedule slippage, cushioned by $1.3B liquidity at end-2025. On the graph, major equipment (reactor modules, forgings) comes from Doosan Enerbility (fabrication partner and ~$104M equity investor) and EPC from Fluor and Quanta Services.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"유틸리티·데이터센터·TVA (SMR)","counterparty_slug":null,"confidence":"high","metric":null,"note":"TVA·유틸리티·데이터센터에 SMR 전력(ENTRA1 통해 최대 6GW).","note_en":"SMR power to TVA, utilities and datacenters (up to 6GW via ENTRA1).","sources":[{"stance":"confirms","publisher":"NuScale","publisher_en":"NuScale","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://www.nuscalepower.com/press-releases/2026/nuscale-power-reports-fourth-quarter-and-full-year-2025-results","title":"NuScale FY2025 실적","title_en":"NuScale FY2025 results","excerpt":"TVA·유틸리티·데이터센터에 SMR 전력(ENTRA1 통해 최대 6GW).","excerpt_en":"SMR power to TVA, utilities and datacenters (up to 6GW via ENTRA1)."},{"stance":"confirms","publisher":"StockTitan","publisher_en":"StockTitan","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.stocktitan.net/news/SMR/","title":"NuScale, ENTRA1·TVA 6GW SMR","title_en":"NuScale ENTRA1/TVA 6GW SMR program","excerpt":"TVA·유틸리티·데이터센터에 SMR 전력(ENTRA1 통해 최대 6GW).","excerpt_en":"SMR power to TVA, utilities and datacenters (up to 6GW via ENTRA1)."},{"stance":"confirms","publisher":"NuScale Power","publisher_en":null,"kind":"news","lang":"en","published_at":"2025-10-29","url":"https://www.nuscalepower.com/press-releases/2025/nuscale-power-proudly-supports-entra1-energys-25-billion-agreement-to-deploy-large-scale-power-infrastructure-assets-across-the-united-states","title":"NuScale Supports ENTRA1's $25B Agreement (TVA up to 6 GW)","title_en":null,"excerpt":"NuScale Supports ENTRA1's $25B Agreement (TVA up to 6 GW)","excerpt_en":""},{"stance":"confirms","publisher":"SEC EDGAR (NuScale 8-K)","publisher_en":null,"kind":"filing","lang":"en","published_at":"2025-05-29","url":"https://www.sec.gov/Archives/edgar/data/1822966/000182296625000096/a2025-05x29xnuscalerecei.htm","title":"NuScale 8-K — NRC Standard Design Approval (77 MWe); ENTRA1 exclusivity","title_en":null,"excerpt":"NuScale 8-K — NRC Standard Design Approval (77 MWe); ENTRA1 exclusivity","excerpt_en":""}]},{"direction":"cost","counterparty":"두산에너빌리티 (단조·모듈)","counterparty_slug":"doosan-enerbility","confidence":"high","metric":null,"note":"두산에너빌리티가 NuScale SMR 주기기(원자로 모듈·압력용기·대형 단조품) 제작 파트너(창원)이자 지분투자자(~$104M).","note_en":"Doosan Enerbility is NuScale's main module/forging manufacturer (reactor modules, pressure vessels, large forgings) and an equity investor (~$104M).","sources":[{"stance":"confirms","publisher":"에너지경제신문","publisher_en":"Energy Economy","kind":"news","lang":"ko","published_at":"2025-09-03","url":"https://m.ekn.kr/view.php?key=20250903024453069","title":"두산에너빌리티, 뉴스케일 SMR 주기기 제작 파트너","title_en":"Doosan Enerbility named manufacturing partner for NuScale SMR main equipment","excerpt":"두산에너빌리티, 뉴스케일 SMR 주기기 제작 파트너","excerpt_en":""},{"stance":"confirms","publisher":"뉴스와이어","publisher_en":"Newswire","kind":"news","lang":"ko","published_at":"2022-04-26","url":"https://www.newswire.co.kr/newsRead.php?no=943459","title":"두산중공업, 뉴스케일 SMR 원자로 상부 단조품 제작","title_en":"Doosan Heavy Industries to manufacture upper forgings for NuScale SMR reactor","excerpt":"두산중공업, 뉴스케일 SMR 원자로 상부 단조품 제작","excerpt_en":""}]},{"direction":"cost","counterparty":"Quanta Services","counterparty_slug":"quanta-services","confidence":"mid","metric":null,"note":"SMR 플랜트 전기·시공을 콴타서비스 등에 발주.","note_en":"Contracts SMR-plant electrical construction to Quanta and others.","sources":[{"stance":"confirms","publisher":"Nasdaq","publisher_en":"Nasdaq","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.nasdaq.com/articles/quanta-biggest-winner-data-center-power-demand","title":"Quanta, 데이터센터 전력 수요 최대 수혜","title_en":"Quanta, biggest winner from datacenter power demand","excerpt":"SMR 플랜트 전기·시공을 콴타서비스 등에 발주.","excerpt_en":"Contracts SMR-plant electrical construction to Quanta and others."}]},{"direction":"revenue","counterparty":"정부·해외 (SMR·FEED)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"미 정부 시범사업·루마니아 등 해외 FEED.","note_en":"US pilot program and overseas FEED (Romania).","sources":[{"stance":"confirms","publisher":"Harian Basis","publisher_en":"Harian Basis","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://www.harianbasis.co/en/nuscale-power-drives-small-modular-reactor","title":"NuScale, SMR 르네상스 주도","title_en":"NuScale drives the SMR renaissance","excerpt":"미 정부 시범사업·루마니아 등 해외 FEED.","excerpt_en":"US pilot program and overseas FEED (Romania)."}]},{"direction":"cost","counterparty":"단조·EPC·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"모듈 단조·EPC(플루어)·R&D.","note_en":"Module forging, EPC (Fluor) and R&D.","sources":[{"stance":"confirms","publisher":"NuScale","publisher_en":"NuScale","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://www.nuscalepower.com/press-releases/2026/nuscale-power-reports-fourth-quarter-and-full-year-2025-results","title":"NuScale FY2025 실적","title_en":"NuScale FY2025 results","excerpt":"모듈 단조·EPC(플루어)·R&D.","excerpt_en":"Module forging, EPC (Fluor) and R&D."}]}]}