NuScale & the Atomic Hustle

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The market, as always, is a curious beast. A certain ONCE Capital Management, a fund name redolent of fleeting opportunity, has seen fit to acquire a further 254,600 shares in NuScale Power. A modest increase, one might say, but in the world of atomic energy, even a pebble can start an avalanche. Though, naturally, the value of their holdings dipped a bit – a mere $716,841, a sum easily lost in the labyrinthine corridors of high finance. One suspects the market, like a seasoned gambler, is merely hedging its bets.

This ONCE Capital now holds 1.3160% of the fund’s assets in SMR. A percentage small enough to be dismissed, yet large enough to warrant a raised eyebrow. It’s a bit like investing in a perpetual motion machine – the potential is thrilling, the probability… less so. Still, one must admire the audacity.

As of February 9, 2026, NuScale shares were trading at $17.68, a price point that suggests either cautious optimism or a particularly convincing sales pitch. Over the past year, they’ve enjoyed a 35.62% ascent. A respectable climb, though one wonders if it’s built on solid rock or merely hot air.

Let’s be clear: NuScale Power is peddling miniature atomic power plants. Small Modular Reactors, they call them. A charmingly deceptive term, suggesting something one might assemble in the garden shed. The company boasts about scalable solutions and low-carbon energy, phrases that sound suspiciously like a politician’s promises. They aim to provide power for utilities and industry, a noble ambition, assuming they can avoid turning the landscape into a glowing, uninhabitable wasteland.

The company’s revenue, a modest $63.90 million, is currently dwarfed by its losses – a staggering $379.94 million. A deficit, one might say, that would make even the most seasoned speculator blanch. Still, one must concede that building atomic reactors isn’t cheap. It’s a bit like commissioning a portrait – expensive, time-consuming, and with a high probability of ending up looking like a distorted caricature.

Here’s a glimpse of ONCE Capital’s portfolio, a veritable treasure trove of speculative ventures:

  • NASDAQ: NVDA: $104,813,000 (26.4% of AUM)
  • NASDAQ: ASTS: $57,414,015 (14.5% of AUM)
  • NASDAQ: RKLB: $38,786,560 (9.8% of AUM)
  • NASDAQ: AMD: $26,834,248 (6.8% of AUM)
  • NASDAQ: CRWD: $23,906,760 (6.0% of AUM)

The current mania for Artificial Intelligence, with its insatiable appetite for electricity, has, of course, fueled this interest in NuScale. Data centers, those modern cathedrals of computation, require a reliable power source. And intermittent renewables, as any sensible engineer will tell you, simply won’t do. It’s a bit like trying to run a locomotive on wishful thinking.

NuScale’s strategy – factory-built, modular reactors – is undeniably clever. It promises lower upfront costs and greater flexibility. The idea is to avoid the bureaucratic nightmares and cost overruns that plague traditional nuclear projects. A noble goal, though one suspects that even a miniature atomic plant will attract the attention of every regulator, inspector, and lobbyist within a thousand miles.

For investors, the key isn’t grand pronouncements about the future of energy, but concrete milestones. Regulatory approvals, binding contracts, and a clear path to profitability. Until NuScale can demonstrate that its reactors are not only technically feasible but also economically viable, it remains a fascinating, yet decidedly risky, proposition. It’s a bit like betting on a long shot in a horse race – thrilling, perhaps, but likely to leave you considerably lighter in the wallet.

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2026-02-26 00:15