NuScale Power's Founding Backer Fluor Dumps Entire $159 Million Stake
NEW YORK, April 23 —
Fluor Corp sold every share it owned in NuScale Power — 13.5 million shares for $159.4 million — ending a backing relationship that began when NuScale was still in the lab.
- Fluor sold 13.5mn NuScale shares at roughly $11.81 avg. price, reducing its position to zero
- SMR trades at $13.57, a forward P/E of -31.6x on just $31mn TTM revenue
- Q1 earnings are imminent, with shares already up 16% on DOE nuclear loan signals
What Actually Happened
Fluor didn't trim. It didn't rotate. It liquidated its entire position at an average price of roughly $11.81 per share. SMR now trades at $13.57. The market swallowed a 13.5 million share block and kept bidding the stock higher.
The timing stands out. The Department of Energy recently signaled expanded loan guarantee support for nuclear projects, pushing SMR shares up 16%. Fluor watched its stake swell on that rally and chose to cash out. When a company's founding strategic backer sells into strength, that tells you how they model the next few years.
The Catch
The bull case is easy to recite: overhang removed, DOE backing nuclear, AI data centers hungry for baseload power, small modular reactors as the answer. All plausible. But NuScale has $31mn in trailing twelve month revenue. The forward P/E is negative 31.6x because there are no earnings. This is a stock priced on blueprints, not balance sheets.
Fluor knows NuScale's technology and execution risk better than any outside investor. It funded the R&D for years. If the most informed insider sees $11.81 as the right price for a full exit, retail buyers at $13.57 should ask what Fluor knows that they don't. The DOE can signal loan support all day — signals are not signed loan agreements, and loan guarantees are not revenue.
Bottom Line
Government enthusiasm is rising. Insider conviction is falling. That gap makes SMR a better debate than a trade right now. Growth investors who believe nuclear's moment has arrived will read the Fluor exit as clearing an overhang. Skeptics will see a founding partner taking the money and running at prices well below where the stock sits today.
Q1 earnings will matter, but not for the revenue line. Watch for concrete DOE loan commitments or signed plant agreements. Without those, SMR stays a story stock at a story price.
For a full breakdown of NuScale Power's financials, valuation, and risk profile, generate a free Basis Report on SMR.
Basis Report does not hold positions in securities discussed. This is not investment advice.