NuScale Power and GE Vernova are two prominent players in the rapidly evolving nuclear energy sector, each focusing on innovative small modular reactor (SMR) technology. NuScale is dedicated to the development of SMRs designed for large-scale energy applications, while GE Vernova, in partnership with GE Hitachi, is advancing its own BWRX-300 SMR design and enhancing nuclear fuel services.
According to a recent report by Fortune Business Insights, the global SMR market is projected to grow from $5.81 billion in 2024 to $8.37 billion by 2032, representing a compound annual growth rate (CAGR) of 4.98% from 2025 to 2032. This presents significant growth opportunities for both NuScale Power and GE Vernova, as their technologies are set to meet the increasing global demand for safe, reliable, and clean nuclear energy.
NuScale Power has recently made headlines by securing its second approval from the U.S. Nuclear Regulatory Commission (NRC) for its 77-megawatt SMR design in the second quarter of 2025. This achievement bolsters its competitive edge and attracts greater customer interest in the SMR sector. Moreover, NuScale has broadened its partnership network, collaborating with both technology firms and financial institutions to enhance its standing in the sustainable energy landscape. Notably, in September, NuScale supported ENTRA1 Energy’s landmark agreement with the Tennessee Valley Authority to deploy its SMR technology, targeting the delivery of up to 6 gigawatts of carbon-free baseload electricity. This initiative is expected to cater to growing energy demands from sectors such as artificial intelligence, data centers, and semiconductor manufacturing.
On the other hand, GE Vernova is also making strides in the nuclear energy market with its 300-megawatt SMR. The company recently announced a partnership with Samsung C&T to promote the BWRX-300 SMR in global markets beyond North America, including the potential deployment of five units in Sweden. This collaboration aims to develop the necessary supply chains and project delivery solutions for their SMR technology. Furthermore, the NRC has accepted the Tennessee Valley Authority’s application for an SMR at the Clinch River site, signaling the commencement of the formal construction process, with more customer announcements expected later in 2025.
Both companies have demonstrated impressive stock performance, with NuScale Power shares surging by 151.1% and GE Vernova’s by 97.1% year-to-date. While NuScale benefits from its advancements in SMR technology, GE Vernova faces challenges in its wind energy segment, including increased service costs and tariffs affecting its offshore wind operations, along with declining revenues in the nuclear space.
In terms of current valuations, both SMR and GEV stocks are considered overvalued, with a trailing price-to-sales ratio of 93.71X for NuScale and 4.37X for GE Vernova. Earnings projections for 2025 show a consensus estimate loss of 46 cents per share for NuScale Power, while GE Vernova’s earnings estimate is at $7.67 per share, reflecting a year-over-year increase despite a recent decline.
In conclusion, while both NuScale Power and GE Vernova are positioned to capitalize on the expansion of the nuclear energy market, NuScale’s advancements in SMR technology and diverse partnerships make it a leading contender in the pursuit of sustainable, carbon-free energy solutions. Meanwhile, GE Vernova navigates tariff-related challenges which may impact its growth trajectory in the coming years. Currently, NuScale Power holds a Zacks Rank #3 (Hold), indicating it may be the more promising investment option compared to GE Vernova, which has a Zacks Rank #4 (Sell).