NuScale Power's Remarkable 3-Year Trajectory: From Today's Perspective

When evaluating NuScale Power’s performance over the past 3 years from today’s vantage point, the numbers tell a compelling story. An investor who committed $1,000 to the company’s stock in early 2023 would have watched that position more than double to approximately $2,000 by late January 2026. This substantial appreciation reflects not just market enthusiasm, but a fundamental shift in how the energy sector views advanced nuclear technology.

The Nuclear Energy Renaissance Reshaping Markets

The backdrop for NuScale Power’s rise cannot be separated from a broader industry transformation. The nuclear power sector has experienced a remarkable revival in investor interest, driven by recognition of clean energy’s critical role in addressing global power demands. What once seemed like a mature, stagnant industry has become a focal point for growth-minded portfolios seeking exposure to next-generation energy solutions.

This sector-wide momentum gained particular momentum when regulatory environments began signaling support for innovative approaches. The embrace of advanced reactor technology among major energy players and policymakers fundamentally altered the investment calculus for companies like NuScale, which develop small modular reactors (SMRs) designed for efficiency and scalability.

Catalysts That Accelerated the Climb

Several pivotal moments over the past 3 years have fueled NuScale Power’s impressive trajectory. In September 2024, Constellation Energy’s landmark power purchase agreement with Microsoft—involving the restart of the Three Mile Island nuclear facility—sent reverberations through the advanced reactor space. The deal signaled that major tech companies would actively pursue nuclear energy to secure reliable power supplies for their data center operations, validating the entire sector’s premise.

The momentum intensified in May 2025 when federal policy shifted dramatically. New executive orders aimed at reducing regulatory barriers and expediting nuclear development created a favorable environment for startups advancing commercial-scale reactors. Market participants interpreted these policy signals as runway for companies positioned to capitalize on accelerated timelines, with NuScale Power among the primary beneficiaries.

What $1,000 Invested 3 Years Ago Actually Means

The doubling of an initial $1,000 investment over 3 years represents a compound annual growth rate that significantly outpaced broad market indices. As of late January 2026, NuScale Power had already surged 40% year-to-date—momentum that underscores continued investor optimism about the company’s path toward commercial operations.

However, this recent strength masks a critical reality: those who captured the full 3-year returns benefited from well-timed entry points and conviction during periods of uncertainty. The stock’s outperformance demonstrates that early believers in the nuclear energy thesis have been rewarded handsomely.

Commercial Operations: The Inflection Point Ahead

What distinguishes NuScale Power from mature energy companies is its current positioning: its advanced reactors have not yet entered commercial operation. This reality cuts both ways. On one hand, operational commencement represents a massive value inflection point, potentially driving substantial further appreciation. On the other hand, execution risk remains material.

The company operates in an environment where regulatory approval, construction challenges, and supply chain management could impact timelines. Nevertheless, market enthusiasm suggests investors view these risks as manageable, particularly given the tailwinds from policy and corporate demand for grid stability.

Evaluating Risk: The Critical Consideration

Those attracted to NuScale Power’s potential must honestly assess their risk tolerance. While 3 years of outperformance creates a compelling track record, the company’s transition from development-stage to operational entity introduces new variables. There is no guarantee that current market enthusiasm will persist once the rigors of actual commercial production begin.

Investors should view this opportunity through a realistic lens: the company offers substantial growth potential for those comfortable with volatility and the possibility of setbacks. This is not a low-risk, steady-income investment. It requires conviction in both the company’s execution capabilities and the broader nuclear energy thesis.

Looking Ahead: Beyond the 3-Year Mark

The next chapter for NuScale Power will likely determine whether the past 3 years represent a foundation for continued wealth creation or a peak of speculative enthusiasm. Success will hinge on achieving operational milestones, securing additional power purchase agreements, and proving the economic viability of its reactor designs at scale.

For those considering a position after observing NuScale Power’s 3-year performance, the question isn’t whether the stock will deliver further gains—it’s whether they possess the temperament to hold through inevitable volatility and operational challenges. The energy transition thesis driving investor interest remains compelling, but execution risk remains the paramount consideration moving forward.