NuScale Power's Founding Backer Fluor Dumps Entire $159 Million Stake
NEW YORK, April 23 —
Fluor Corp sold every single share it owned in NuScale Power, cashing out 13.5 million shares for $159.4 million.
- 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 sold everything. That's a founding backer walking away from a company it incubated, at an average price of roughly $11.81 per share. The stock now trades at $13.57, which means the market absorbed a 13.5 million share block and then kept buying.
The timing is notable. The Department of Energy recently signaled expanded loan guarantee support for nuclear projects, which sent SMR shares up 16%. Fluor watched its position gain value on that pop and decided: this is the exit. When a company's biggest strategic insider sells into strength, it tells you something about how they model the next few years.
The Catch
The bull case writes itself too easily. Overhang removed, DOE backing nuclear, AI data centers need baseload power, small modular reactors are the future. All true in theory. But NuScale has $31mn in trailing twelve month revenue. The forward P/E is negative 31.6x because there are no earnings to speak of. This is a company trading on what it might build, not what it has built.
Fluor knows NuScale's technology and execution risk better than any outside investor. It spent years funding the R&D. If the biggest insider with the most information sees $11.81 as fair value for a full exit, retail buyers at $13.57 should at least 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
This is a classic divergence trade. Government enthusiasm up, insider conviction down. The stock is more interesting as a debate than as a position. Growth investors who believe nuclear's moment has arrived will see the Fluor exit as clearing the overhang. Skeptics will see the company's founding partner taking the money and running at prices well below where the stock trades today.
Q1 earnings will matter, but not for the revenue number. Watch for any concrete DOE loan commitments or signed plant agreements. Without those, SMR remains a story stock trading 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.